Amazon pays no income tax because Uncle Sam only taxes certain kinds of corporate income. Consequently, the IRS does not tax most of the money that Amazon takes in. (Photo Credit: Associated Press)
Remarkably, Amazon pays no income tax even though it reported $232.087 billion in revenues for 2018. Furthermore, Amazon had $41.25 billion in the bank at the end of last year.
However, Amazon will pay no federal income taxes for 2018, the Institute on Taxation and Economic Policy reports. Amazon will instead receive $129 million in federal tax credits, the Institute claims.
To summarize, Amazon pays no income tax but will get $129 million back from the IRS as a result of business operations last year. All in all, the Institute estimates Amazon’s 2018 taxable income at $5.6 billion.
Amazon Pays No Income Tax Despite Making A Lot Of Money
However, Stockrow reports that Amazon made a net income of $10.073 billion and had an operating income of $12.421 billion in 2018.
To elaborate, the net income figure is what Amazon had left over after paying all its expenses. In addition, the operating income amount consists of the money that Amazon makes off its operations.
Also, the aforementioned $232.087 billion in revenues represents all the money Amazon took in during 2018. Meanwhile, the $41.25 billion number above references the cash that Amazon had in the bank at the end of 2018.
Why Amazon Pays No Income Tax
Amazon pays no income tax because Uncle Sam only taxes certain kinds of corporate income. Consequently, the IRS does not tax most of the money that Amazon takes in.
Amazon, though, still pays many other taxes including sales taxes, property taxes, and state taxes. In other words, Amazon pays a lot of taxes but no federal income tax.
Nevertheless, little of Amazon’s taxes are going to the federal government as the budget deficit continually grows.
Amazon Pays No Income Tax While The Federal Deficit Grows
Ultimately, Amazon’s income tax situation will attract attention because we now have a record federal budget deficit.
In fact, the federal budget deficit for December 2018 was 41.8% higher than for December 2017, the Associated Press states. Meanwhile, federal tax revenues grew by only 0.2% during the same period.
Significantly, the deficit is the difference between government spending and taxes. The deficit exists because federal spending increased by 9.6% between December 2017 and December 2018 while revenues grew by just 0.2%.
Moreover, the budget will grow from $771.9 billion in 2018 to $897 billion in 2019, the Congressional Budget Office (CBO) calculates. Because of this, the deficit could grow by 15.1% in 2019. Furthermore, the CBO projects that the budget deficit will exceed $1 trillion by 2022 with present tax revenues.
While Amazon Pays No Income Taxes, CEO Jeff Bezos Remains The World’s Richest Man
Amazon CEO Jeff Bezos is the world’s richest man with a fortune of $134.8 billion as of St. Valentine’s Day 2019.
In particular, Bezos owns 16% of Amazon which he began in a Seattle garage in 1994, Fortune reveals. Bezos is wealthy because of Amazon’s stock which was trading at $1,631.40 a share on February 14, 2019.
Democrats could potentially use Bezos’ fortune and the fact that Amazon pays no income taxes to demand higher income taxes overall. Tellingly, U.S. Representative Alexandria Ocasio-Cortez (D-New York) is suggesting a federal income tax rate of 70% for the rich. Additionally, U.S. Senator and presidential candidate Elizabeth Warren (D-Massachusetts) wants to create a federal wealth tax.
Get Ready For Higher Taxes Because Amazon Pays No Income Taxes
Americans must get ready for higher income taxes because taxing the rich is quickly becoming a popular notion.
In fact, a Morning Consult survey estimates that 61% of voters like Warren’s wealth tax proposal. Also, 45% of voters like Ocasio-Cortez’s 70% tax on the rich.
In the final analysis, the revelation that Amazon pays no income tax will undoubtedly affect American politics in the near future. On balance, everybody’s taxes could increase simply because Amazon pays no taxes now.
You may also enjoy reading an additional Off The Grid News article: If $117000 Is Low Income In San Francisco, What’s Next For America?
What do you think about Amazon not having to pay federal income tax? Let us know in the comments below.
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NYC Adds Nearly 4,000 People Who Never Tested Positive To Coronavirus Death Tolls
New York City added nearly 4,000 people who never tested positive for the coronavirus to its death toll Tuesday, bringing coronavirus-related deaths in the city to around 10,000 people.
The city decided to add 3,700 people to its death tolls, who they “presumed” to have died from the virus, according to a report from The New York Times. The additions increased the death toll in the U.S. by 17%, according to the Times report, and included people who were suffering from symptoms of the virus, such as intense coughing and a fever.
The report stated that Democratic New York City Mayor Bill de Blasio decided over the weekend to change the way the city is counting deaths.
“In the heat of battle, our primary focus has been on saving lives,” de Blasio press secretary Freddi Goldstein told the Times.“As soon as the issue was raised, the mayor immediately moved to release the data.”
The Ultimate Energizer Review – Does It Really Work?
If you’re looking for a review of the ultimate energizer guide then you have come to the right spot because in this exclusive article we’re going to blow the lid off the ultimate energizer once and for all and reveal weather it is the real deal or not.
This brings us to the review of the ultimate energizer guide. This is a program that provides users with classified information on how to build a free energy generator. But can the program really make you achieve this?
does it work? will it be worth your investment, time and energy? all these questions and more are what this review on the ultimate energizer program seeks to help you find answers to.
The ultimate energizer review – is it worth it?
About The Ultimate Energizer guide
The ultimate energizer is your ultimate guide to building your own alternative and portable energy source to power up any of your household appliances including refrigerators and aircon units. It is a very affordable way to having an emergency generator that can help you save more than 50% from your electricity bills without spending too much on other alternative energy source like solar panels or wind turbines which is costly and will also need a lot of space.
The ultimate energizer causes you to be calm about the electricity bill. This well ordered guide shows you how to manufacture this claim “home energy gadget” today impeccably. This will dispose of your energy charge ensured.
It is lost to the earth which means we need to really take care of it in order to reduce the cost of energy bills which introduces the ultimate energizer guide.
About The Ultimate Energizer Creator
The creator of the complete the ultimate energizer guide is steven perkins. He found the journal of the founder of this technology in his home when his father shifted near quebec city in canada.
In this post, we will review the ultimate energizer whose creator claimed to offer a way through which you can generate non-stop current. According to the author, you can drop down your electricity bills by 80%.
Of course the ultimate energizer owners provide resources. But the truth is that you are a master creator. All of them have that talent in us. The only difference is the extent to which it is hidden in each of us.
Features of The Ultimate Energizer
The features of the ultimate energizer guide are as follows:-. This program guide will help you to design a the ultimate energizer generator which will follow the rules of linear induction motor which is built around a track that is orbicular to maintain the smooth motion of rotors that are transportable.
You can find here, a extensive review which highlights all the important features and performance criteria of the ultimate energizer. Use of the the ultimate energizer is very easy since all of the functions can be accessed in a short time; you have complete control over it. 100% money back guarantee shows that the ultimate energizer really works. The ultimate energizer gives full customer support for 7/24/365, also, features, credibility and the ultimate energizer’s ease of use are favorably satisfied by the buyers.
Use it on any electrical appliances from small clocks to big plasma tv screens, refrigerators, and air conditioners. Power the cabins while hiking to the mountains or camping. Other essential features of this complete the ultimate energizer are that it is easy to assemble and does not require a technical background to master engineering.
Pros and Cons of The Ultimate Energizer
I’ve created this honest ultimate energizer review to help you make a well-informed decision. I’ve tested it myself and now i’m going to share with you all the key aspects you may be interested in: how does it work? is it really so powerful and effective? what are its pros and cons?.
It is non-polluting. It remains popular the ultimate energizer guide pros & cons because it is both a renewable and clean source of energy. Harnessing solar energy is more than a fine idea it’s currently a reality in thousands of homes in a lot of nations around the world.
On the review of the ultimate energizer guide, we will be looking into what exactly the program is all about, the details of the energy generator program, the benefits, pros & cons and our conclusion on the program.
Does The Ultimate Energizer really work?
The device is usable during emergencies. It works without fuels and therefore there are no expected fumes. It is weather proof. Cons of the ultimate energizer. You can only download the program from the official website.
But the ultimate energizer reviews that are available from real users online on platforms like google and youtube seem to confirm that the device does indeed work. So, as per my ultimate energizer review answer to the question is the ultimate energizer legit? is definitely yes.
The ultimate energizer guide. The ultimate energizer is said to work for your home and cut electricity by 82%, guaranteed by tomorrow. The ultimate energizer reviews. It can boost any type of electricity by as much as 5 times.
Advantages of The Ultimate Energizer Program
The program can benefit you in many ways. Below we are listing the advantages of using the ultimate energizer program for generating electricity:. This device will help you save up to 60%-70%, without investing money in solar panels which can cost you a lot of money.
There are additional the ultimate energizer guide program advantages too, including advantages at tax time, so do your homework on what you might have for being a solar power pioneer contributed back.
Why The Ultimate Energizer is Useful?
The ultimate energizer is a complete guide and blueprint. With it, you get everything you need to know to build your own free energy generator. This generator can be completed for less than $50 if you have some tools already. But i remember reading another review of the ultimate energizer, and the guy said he took days. Maybe he was crafty. Then, you assemble it and get it to work.
You will be guided step by step, that anybody who can read can build it. You do not need prior building experience or massive strength; it is that easy. Building the ultimate energizer takes under 4 hours if you are slow and definitely a lot less when you have help.
The ultimate energizer has already changed the lives of over 30,000 families who chose to power their homes using this eco-friendly device. This is definitely a good investment that is worth your time and money and if you think it isn’t after trying it out, you can request for a refund.
Is The Ultimate Energizer a Scam?
The ultimate energizer guide really show you how to power your house and save tremendously, or is this just another overhyped scam? this system was created after its owner decided he wanted to have a home power generating system in case of any crises or disasters.
The ultimate energizer pdf. It does not need any conventional electric power. The ultimate energizer scam. In this program, you can also build more generator and sell for profit. This product can also be incorporated into the automobile to power an electric motor.
All you need is an open mind and a desire to try new things to get a life in the field of freedom of energy. So, what are you waiting for? it’s time to say goodbye to major energy companies and start using the ultimate energizer guide today.
Watch this video demonstration of the ultimate energizer guide put into action
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