Amazon pays no federal income tax for 2018, despite soaring profits, report says
Profits for online retail behemoth Amazon soared in 2018, but it paid no federal income tax for the second consecutive year, according to a report published Wednesday.
The Institute on Taxation and Economic Policy says the company is subject to a 21 percent tax rate on its U.S. income. However, through various tax breaks and credits, the company will receive a tax rebate of $129 million.
That’s despite the company nearly doubling its profits to $11.2 billion in 2018, up from $5.6 billion the previous year, ITEP reported.
All the more reason a FLAT TAX would eliminate ALL tax loop-holes and everyone pays their fair share.
We absolutely have a financial crisis in the USA. Although no one would know it by the way the politicians spend the country’s $oldi. A very easy fix to circumvent that problem is a FLAT TAX. When the words FLAT TAX is mentioned, the politicians all run for SHELTER.
Take a lesson from our Russian comrades.
In 2001, Russia switched from a system of 12, 20 and 30 percent tax rates to a 13 percent flat income tax. Adjusted for inflation, revenue from Russia’s personal income tax increased by 26 percent [PDF] in the year after a flat tax was implemented, and by nearly one-fifth as a percentage of GDP.
Russia’s economy is a mix of good, bad and ugly amid sanctions
https://www.cnbc.com/…/russias-economy-is-a-mix-of-good-bad-and-ugly-amid-sanct…May 6, 2018 – … might be surprised to learn that Russia’s economy isn’t doing all that badly … Currently, according to Paul McNamara, investment director and …
That certainly is a lot more than the USA can say.
Like anything in this country that involves Big Bucks, the money mongers control the purse strings. The reason a FLAT TAX are dirty words to the big boys, it will shut the doors on all of their tax loop holes they now enjoy and I am sure they abuse. Amazon is a perfect example.
According to this report, Amazon made 11.2 BBBBBillon dollar$ profit IN 2018. At 40%, if we had a flat tax, that would have come to, 4,480,000,000$ = 4 billion, 480 million. Do we think the government could have used that money. It would have paid for 95% of THE WALL.
If our LEADERS wanted to get creative, there are 1,000’s of way to conserve, save, build up the coffers and get out of debt. As I said; the reason they keep skirting the issue, it would impact too many of them financially.
All I can say in a nut shell; they are disgraceful. I know I am a parrot, BUTT the onlyist bill they ever passed with any expediency, was to make sure their checks kept coming when the government was shut down.
Folks let me lay it on the line. Not 100% , BUTT very close; the people that run this country are a bunch of self-serving scumbags. Did I mention disgraceful???
Attention Politicians: don’t try to bullshit the public that there are no options to the deplorable existing conditions, when they are staring you in the face.
Beside a COWARD, God hate LIARS