Amazon’s Amazing Tax Bill: Nothing! By Brian Simpson

     The capitalist/corporate communist system has been set up so the big players pay no tax at all. Look at Amazon:
  https://news.yahoo.com/amazon-taxes-zero-180337770.html?fbclid=IwAR1O4vF_KQjrk2odgechveIMdedtvmdFx37jfZa6l8md3QgbISfVpbjcnOk

“While some people have received some surprise tax bills when filing their returns, corporations continue to avoid paying tax — thanks to a cocktail of tax credits, loopholes, and exemptions. 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.”

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., listens during a discussion at the Air Force Association's Air, Space and Cyber Conference in National Harbor, Maryland, U.S., on Wednesday, Sept. 19, 2018. Though Amazon might have taken advantage of new breaks and loopholes available under TCJA, this isn’t the first year that Amazon has avoided paying federal tax. The company reported $5.6 billion in U.S. profits in 2017 and paid $0 last year as well. "Amazon pays all the taxes we are required to pay in the U.S. and every country where we operate, including paying $2.6 billion in corporate tax and reporting $3.4 billion in tax expense over the last three years," an Amazon spokesperson said in a statement. According to Wamhoff, the company’s apparently nonexistent tax bill highlights that there have always been issues with corporate tax liability. “The thing we would need to know is would they have had positive corporate income tax liability were it not for TCJA?” Wamhoff asked. “Maybe. It’s hard to tell.”

     It is much the same in Australia too. The joke, as always is on us. Meanwhile Amazon bans all matter of books which offend political correctness. That is why I have banned Amazon myself, and do not buy from them, however good the price. Anyway, who can afford books nowadays? The best that most of us can do is read the online reviews, then guess the contents, which given the dreary sameness of books today, is as good a methodology as any. The song for their supper, always remains the same.

 

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Tuesday, 02 March 2021
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