Are You Paying More Federal Income Tax Than Amazon?

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.

 

 

OWM provides financial planning, investment management, and retirement coaching to affluent individuals, business owners, and families.