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'Class Warfare' in Action: Amazon Dodged $5.2 Billion in Taxes in 2021

Source: https://commondreams.org/news/2022/02/08/class-warfare-action-amazon-dodged-52-billion-taxes-2021 - Feb 9, 2022

An analysis released Monday shows that Amazon utilized several perfectly legal mechanisms to avoid paying $5.2 billion in federal corporate income taxes in 2021, a year in which the online retail behemoth saw its profits and sales skyrocket.

Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy (ITEP), estimated that given Amazon's record-breaking $35 billion in U.S. pretax income for fiscal year 2021, the Seattle-based corporate giant paid an "effective federal income tax rate of 6%"—far lower than the statutory corporate tax rate of 21%.

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Category: General Business