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IPFS News Link • Taxes-Corporate

Amazon paid only $162M in US federal taxes in 2019 after making $13BILLION in profit

• Daily Mail

-Online retailing giant Amazon only paid $162 million in federal taxes to the US government after reporting more than $13 billion in profits for 2019

-That was essentially a tax rate of about 1.2 per cent, after the company was allowed to defer $914 million in federal income taxes

-Companies are allowed to defer taxes to reduce their taxable income by 'postponing' payment, based on accounting practices 

-Amazon's deferred amount has been increasing steadily, rising from $565 million in 2018, when US President Donald Trump's new tax law went into effect

Amazon only paid $162 million in federal taxes to the US government after reporting more than $13 billion in profits for 2019, according to the company's filings with the Securities and Exchange Commission.

That was essentially a tax rate of about 1.2 per cent, after the company was allowed to defer $914 million in federal income taxes. 

Thanks to those same deferments, the news was even better for Amazon in 2018, when it actually had a $0 federal tax bill, according to the SEC filing.


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