Amazon Made $11 Billion, Will Pay $0 In Federal Income Taxes, Gets $129 Million Refund
The Institute on Taxation and Economic Policy (ITEP) reports that Amazon nearly doubled its profits to $11.2 billion in 2018 from $5.6 billion in 2017, but will not pay any federal income taxes.
Amazon’s income tax disclosure reveals that it will not be paying the corporate tax rate of 21 percent, but rather receiving a refund of $129 million, thanks to unspecified “tax credits” as well as a tax break for executive stock options.
“Tax credits” are a form of government socialism, but no Republican or any Fox News host has spoken out against this form of socialism for Amazon.
Amazon did not pay federal corporate income taxes on $5.6 billion in U.S. income for 2017, thanks again to corporate welfare in the form of tax credits.