The American e-commerce giant Amazon doubled its profits in 2018 with respect to the previous year. This was from 5.6 billion dollars to 11.2 billion. In those two years he in fact has not paid a single penny of federal income taxes. The Institute of Taxation and Economic Policy reported.
The agency refers to Amazon business documents that reveal that the company did not pay in those two years the legal rate of 21% on US revenues. in addition, in the last year, it requested a refund of 129 million dollars. This translates into a negative tax rate of 1%.
Aside from claiming “tax credits”, Amazon also wants taxes on executive stock options to be lowered. This however, is a legal vacuum that allows profitable corporations to bypass federal and state income taxes in almost half of their profits.