Stalin
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Few if any corporations in the United States better exemplify the rigged nature of the nation's tax code than the e-commerce behemoth Amazon, which throughout its history has made use of cavernous loopholes to avoid taxation and build massive wealth for its top executives—including founder Jeff Bezos.
In a new report titled "Amazon and Our Rigged Tax System," a coalition of advocacy organizations details how "corporate tax advantages have been essential to the company's rapid growth and increasing market dominance"—and examines how Republican plans for another round of tax cuts could further benefit the corporation and Bezos.
The report from the Institute for Policy Studies, Athena Coalition, and PowerSwitch Action notes that Amazon—described as a "perfect case study in what is wrong with our tax code"—has "used credits and loopholes to avoid paying even the sharply reduced" 21% statutory corporate tax rate established in 2017 by the Tax Cuts and Jobs Act (TCJA), which President Donald Trump signed into law early in his first term.
If Amazon had paid the 21% statutory corporate tax rate between 2018 and 2021, the company's federal tax bill during that period would have been $12.5 billion higher, the groups estimated.
But in 2018, the first year the TCJA was in effect, Amazon received more in federal tax credits than it paid in taxes, giving the company a negative federal tax rate.
Amazon is a perfect case study in what is wrong with the US tax code. Unfair tax benefits that flow
to multinational corporations and wealthy executives have allowed Amazon to grow into a
behemoth that is able to squash independent small business, demand tax subsidies from
counties and states, send armies of lobbyists to DC, and treat its workers poorly. The public
bears the costs.
This rigged system not only leaves the wealthy even wealthier — it comes at the expense of
public investments needed for national economic prosperity into the future.
the report
comrade stalin
moscow
In a new report titled "Amazon and Our Rigged Tax System," a coalition of advocacy organizations details how "corporate tax advantages have been essential to the company's rapid growth and increasing market dominance"—and examines how Republican plans for another round of tax cuts could further benefit the corporation and Bezos.
The report from the Institute for Policy Studies, Athena Coalition, and PowerSwitch Action notes that Amazon—described as a "perfect case study in what is wrong with our tax code"—has "used credits and loopholes to avoid paying even the sharply reduced" 21% statutory corporate tax rate established in 2017 by the Tax Cuts and Jobs Act (TCJA), which President Donald Trump signed into law early in his first term.
If Amazon had paid the 21% statutory corporate tax rate between 2018 and 2021, the company's federal tax bill during that period would have been $12.5 billion higher, the groups estimated.
But in 2018, the first year the TCJA was in effect, Amazon received more in federal tax credits than it paid in taxes, giving the company a negative federal tax rate.
Amazon is a perfect case study in what is wrong with the US tax code. Unfair tax benefits that flow
to multinational corporations and wealthy executives have allowed Amazon to grow into a
behemoth that is able to squash independent small business, demand tax subsidies from
counties and states, send armies of lobbyists to DC, and treat its workers poorly. The public
bears the costs.
This rigged system not only leaves the wealthy even wealthier — it comes at the expense of
public investments needed for national economic prosperity into the future.
How Amazon Exemplifies a Right-Wing Tax Code Rigged for Oligarchs Like Jeff Bezos | Common Dreams
A new report makes clear "what's at stake by detailing the numerous ways Trump's tax code is designed to favor Amazon and its executives."
www.commondreams.org
the report
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ips-dc.org
comrade stalin
moscow
