As we prepare to file our taxes this year and hopefully avoid any surprise tax bills, corporations continue to avoid paying tax – thanks to a combination of tax credits, loopholes, and exemptions.
Amazon’s profits soared from $5.6 billion in 2017 to $11.2 billion last year. Despite doubling its profits, they have paid zero dollars in federal tax for two consecutive years. This is far from paying the statutory 21% income tax rate.
In fact, “if you paid the $119 annual fee to become an Amazon Prime member, you paid more to Amazon than it paid in taxes”, as Senator Bernie Sanders recently tweeted, publicly criticizing Amazon.