Amazon Will Pay $0 in Taxes on Multi-Billion Dollar Profits
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Amazon will pay $0 in taxes on the multi-billion dollar profits it made last year, according to a report from the Institute on Taxation and Economic Policy (ITEP).
Via the ITEP report:
Amazon, the ubiquitous purveyor of two-day delivery of just about everything, nearly doubled its profits to $11.2 billion in 2018 from $5.6 billion the previous year and, once again, didn’t pay a single cent of federal income taxes.The company’s newest corporate filing reveals that, far from paying the statutory 21 percent income tax rate on its U.S. income in 2018, Amazon reported a federal income tax rebate of $129 million. For those who don’t have a pocket calculator handy, that works out to a tax rate of negative 1 percent. The fine print of Amazon’s income tax disclosure shows that this achievement is partly due to various unspecified “tax credits” as well as a tax break for executive stock options.This isn’t the first year that the cyber-retailing giant has avoided federal taxes. Last year, the company paid no federal corporate income taxes on $5.6 billion in U.S. income.
Amazon was created in the 1990s by Jeff Bezos, who is currently the richest person in the world. Bezos also owns the Washington Post, which has become one of the most vocal critics of President Trump since he ran for office.
The web giant has achieved a commanding position in online retail, and is also moving into physical retail with its takeover of grocery chain Whole Foods.
It is particularly well-known as a book retailer. Amazon accounts for nearly 64 percent of online physical book sales and 83 percent of e-book sales in the U.S. As I reported earlier in the year, the tech giant is abusing this market power to act as a digital book-burner, banning books on the basis of their political viewpoint.
Are you an insider at Amazon or any other corporation who wants to confidentially reveal wrongdoing or political bias at your company? Reach out to Allum Bokhari at his his encrypted, 2FA-protected email address allumbokhari@protonmail.com.
Allum Bokhari is the senior technology correspondent at Breitbart News.
AMERICA:
THE RICH GET MUCH RICHER AND THE MIDDLE CLASS GETS BLUDGEONED…. Illegals get
the jobs!
*
“Today’s
society benefits those who shaped it, and it has been shaped not by working men
and women, but by the new aristocratic elite. Big
banks, big tech, big multi-national corporations, along with their allies in
the academy and the media—these are the aristocrats of our age. They live in the United
States, but they consider themselves
citizens of the world” Sen. Josh Hawley
"But what the Clintons do is criminal
because they do it wholly at the expense of the American people. And they feel
thoroughly entitled to do it: gain power, use it to enrich themselves and their
friends. They are amoral, immoral, and venal. Hillary has no core beliefs
beyond power and money. That should be clear to every person on the planet by
now." ---- Patricia McCarthy - AMERICANTHINKER.com
"The tax overhaul would mean an unprecedented windfall for
the super-rich, on top of the fact
that virtually all income gains during the period of the supposed
recovery from the financial crash of 2008 have gone to the top 1 percent
income bracket."
*
Millionaires
projected to own 46 percent of global private wealth by 2019
While the wealth of the rich is growing at a
breakneck pace, there is a stratification of growth within the super wealthy,
skewed towards the very top.
By Gabriel Black
AMERICA:
THE RICH GET MUCH RICHER AND THE MIDDLE CLASS GETS BLUDGEONED…. Illegals get
the jobs!
*
Why do the billionaire class all want wider open borders and
hordes more “cheap” labor illegals? It’s all about keeping wages depressed for
greater profits!
*
“Today’s
society benefits those who shaped it, and it has been shaped not by working men
and women, but by the new aristocratic elite. Big
banks, big tech, big multi-national corporations, along with their allies in
the academy and the media—these are the aristocrats of our age. They live in the United
States, but they consider themselves
citizens of the world” Sen. Josh Hawley
*
*
"This is how they will destroy
America from within. The leftist billionaires who
orchestrate these plans are wealthy. Those tasked with representing
us in Congress will never be exposed to the cost of the invasion of
millions of migrants. They have nothing but contempt
for those of us who must endure the consequences of
our communities being intruded upon
by gang members, drug dealers and human
traffickers. These people
have no intention of becoming Americans; like the Democrats
who welcome them, they have contempt for us." PATRICIA
McCARTHY
*
“Behind the ostensible government sits enthroned an invisible government
owing no allegiance and acknowledging no responsibility to the people. To
destroy this invisible government, to befoul the unholy alliance between
corrupt business and corrupt politics is the first task of the statesmanship of
today.” THEODORE ROOSEVELT
*
"But what the Clintons do is criminal
because they do it wholly at the expense of the American people. And they feel
thoroughly entitled to do it: gain power, use it to enrich themselves and their
friends. They are amoral, immoral, and venal. Hillary has no core beliefs
beyond power and money. That should be clear to every person on the planet by
now." ---- Patricia McCarthy - AMERICANTHINKER.com
*
“The couple parlayed lives supposedly spent in
“public service”
into admission into the upper stratosphere of American wealth, with incomes in the top 0.1 percent bracket. The source of this vast wealth was a political machine that might well be dubbed “Clinton, Inc.” This consists essentially of a seedy money-laundering operation to ensure big business support for the Clintons’ political ambitions as well as their personal fortunes."
into admission into the upper stratosphere of American wealth, with incomes in the top 0.1 percent bracket. The source of this vast wealth was a political machine that might well be dubbed “Clinton, Inc.” This consists essentially of a seedy money-laundering operation to ensure big business support for the Clintons’ political ambitions as well as their personal fortunes."
*
"The tax overhaul would mean an unprecedented windfall for
the super-rich, on top of the fact
that virtually all income gains during the period of the supposed
recovery from the financial crash of 2008 have gone to the top 1 percent
income bracket."
*
Graph from the Economic Policy Institute
Decades of decaying capitalism have led to this accelerating
divide. While the rich accumulate wealth with no restriction, workers’ wages
and benefits have been under increasing attack. In 1979, 90 percent of the
population took in 70 percent of the nation’s income. But, by 2017, that fell
to only 61 percent.
*
Millionaires
projected to own 46 percent of global private wealth by 2019
While the wealth of the rich is growing at a
breakneck pace, there is a stratification of growth within the super wealthy,
skewed towards the very top.
At the end of 2014, millionaire households
owned about 41 percent of global private wealth, according to BCG. This means
that collectively these 17 million households owned roughly $67.24 trillion in
liquid assets, or about $4 million per household.
By Gabriel Black
*
The massive increase in the value of
the stock market, which only a small segment of the population
participates in, means that the top 10 percent of the population controls
73 percent of all wealth in the United States. Just three
men—Jeff Bezos, Warren Buffet and Bill Gates—had more wealth than the
bottom half of America combined last year.
(JOBS U.S. CHAMBER OF COMMERCE)
U.S. CHAMBER of COMMERCE and “CHEAP” ILLEGAL
LABOR… dedicated enemy of the American middle class!
///
DESTROYING AMERICAN ONE INVADING ILLEGAL AT
A TIME…
IS THE U.S. CHAMBER OF
COMMERCE THE GREATEST ENEMY OF THE AMERICAN (Legal) WORKER?
What this means is that what is good for Main Street will not be good for
Wall Street and Big Biz, at least not in the short run. What benefits the
American worker -- fair trade policy and tight immigration control -- will
initially hurt Big Biz and Wall Street
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