HomeHubsAmazonAmazon will not pay the federal taxes for the second year in a row

Amazon will not pay the federal taxes for the second year in a row

Reader's Pick

The US-based e-commerce giant and one of the wealthiest company in the world by its market value, will not be paying taxes to the federal for its second consecutive year.

Quoting to the US-based Institute on Taxation and Economic (ITEP) reports, Fortune Magazine reported said that “Amazon Inc, will not pay any cent in federal taxes for the second year in a row, even after the profit of Amazon has doubled from $5.6 billion in 2017 to $11.2 billion in 2018.”

“Even at this, Amazon reported a $129 million in 2018 federal income tax rebate which was making its tax rate to -1%,” the report added.

On March last year, President Trump on Twitter blasted on Amazon for its limited state taxes, which affected the company shares by 9%, but ITEP stated that the non-existent federal tax payment is a result of the Trump Administration’s Corporate-friendly tax cuts.”

- Advertisement -

The think tanks reported that “the 2017 tax cuts and Jobs Act not only decreased the corporate tax rates from 35% to 21% but this did not close a slew of tax loopholes that allow the profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits.


Stay on top of Budget 2023 with our newsletter

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

1Win App: Review India Apk for Android and iOS

The company 1Win has been successfully operating in the markets of many countri...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

NASA astronauts to carry first ever all-female spacewalk on 29 March

Two NASA astronauts are scheduled to carry out the first ever all-female spacew...

Logistics 4.0: Creating a value chain through smart interconnected technologies

Businesses are keeping up with the changing digital environment to stay competi...

Budget 2022-23: Technology, SaaS, AI & ML Sector Reactions

Technology market reaction on Budget 2022-23: As Finance Minister Nirmala Sitha...

Budget 2023 Should Fouse On Increasing Research Grants to Promote Innovation in Ayurveda: Ameve Sharma of Kapiva

As the Union Finance Minister Nirmala Sitharaman, is all set to present the Ind...