Apr 15, 2019
Amazon had profits of 11 BILLION dollars in 2018. How much did it pay in taxes? Nothing at the federal level. Instead, the company ended with a tax credit of more than 100 million dollars to use against taxes owed in future years.
Amazon was hardly the only beneficiary of the corporate tax changes passed last year. Sixty of the top corporations in the U.S., like General Motors, Delta Airlines, Netflix, and Chevron, also ended up paying no federal taxes.
Last year’s new tax policies lowered what corporations were supposedly paying, from 21% down to 7%. And a bunch of corporations had already figured out how to pay nothing in federal taxes before the new tax policy.
Tax refunds would be a lot higher on average than $1,900 if all taxpayers were paying at a rate of 7% for federal taxes. Instead, the news just confirms who, or what, is served by government policies, whether from the president, the Congress, or the judiciary: U.S. corporations.