month: Local politicians questioned why a company that made 1bn a month in the last three months of 2018 alone should be lured to New York with taxpayers' cash, according to The Guardian. Those critics were given more ammunition when the Institute on Taxation and Economic Policy ITEP published a report showing Amazon is not paying a single cent in income taxes for the second year in a row. Amazon cancels plans for New York headquarters after fierce opposition Read more The online shopping and tech giant scrapped plans to build a second headquarters in New York this week after a backlash over a proposed 3bn in taxpayer subsidies. In 2018, Amazon nearly doubled its profits, from 5.6bn to 11.2bn. As ITEP pointed out, last week Netflix posted a profit of 845m in 2018, its largest ever profit, but paid no federal or state income tax. But far from paying the statutory 21% income tax rate, it reported a 129m federal income tax rebate for the year a tax rate of -1%. 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, according to ITEP. Amazon is not alone.
(news.financializer.com). As
reported in the news.
Tagged under month, year topics.