They're also getting a $789 million tax cut thanks to a new White House tax law in 2018. Tell me how the poor are cheating the system.
An excerpt from Seattle Business:
During the year 2017, Amazon announced that it would be opening a second $5 billion headquarters, bought Whole Foods for $13.7 billion, its stock price grew by 56 percent, and CEO and founder Jeff Bezos became the first person to have a net worth over $100 billion since Bill Gates in 1999, but one thing it didn’t do for the year was pay a single dollar in federal income taxes.
According to a new report from the Washington, D.C.-based Institute on Taxation and Economic Policy (ITEP), Amazon says that the e-commerce giant “reported $5.6 billion of U.S. profits and didn’t pay a dime of federal income taxes on it.”
“The company’s financial statement suggests that various tax credits and tax breaks for executive stock options are responsible for zeroing out the company’s tax this year,” the report said.