Tech Giant Amazon To Pay $0 In Taxes for 2018

Tech Giant Amazon To Pay $0 In Taxes for 2018
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According to a newly released report, the Jeff Bezos run tech giant Amazon is set to pay zero dollars in federal income tax for the second year in a row. As Yahoo News reports: 

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), Amazon’s federal tax responsibility is 21% (down from 35% in previous years). But with the help of tax breaks, according to corporate filings, Amazon won’t be paying a dime to Uncle Sam despite posting more than $11.2 billion in profits in 2018.

How is that possible?

“It’s hard to know exactly what they’re doing,” said Steve Wamhoff, ITEP’s Director of Federal Tax Policy. “In their public documents they don’t lay out their tax strategy. So it’s unclear exactly which breaks [the company is taking advantage of]. They vaguely say tax credits. One could think of many different ways a corporation could do this, like the depreciation breaks which were expanded under TCJA.”

Bezos has long been an outspoken liberal opponent of President Trump. How is he getting away with this?

 Source: American Update

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