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Amazon will pay $0 in taxes on $11,200,000,000 in profit for 2018
yahoo.com
While some people have received some surprise tax bills when filing their returns, corporations continue to avoid paying tax â thanks to a cocktail of tax credits, loopholes, and exemptions.
According to a report from the Institute on Taxation and Economic Policy (ITEP), Amazon (AMZN) will pay nothing in federal income taxes for the second year in a row.
Thanks to the new Tax Cuts and Jobs Act (TCJA), Amazonâs federal tax responsibility is 21% (down from 35% in previous years). But with the help of tax breaks, according to corporate filings, Amazon wonât be paying a dime to Uncle Sam despite posting more than $11.2 billion in profits in 2018.
How is that possible?...
Though Amazon might have taken advantage of new breaks and loopholes available under TCJA, this isnât the first year that Amazon has avoided paying federal tax. The company reported $5.6 billion in U.S. profits in 2017 and paid $0 last year as well.
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