Amazon had to pay federal income taxes for the first time since 2016 — here's how much. (via CNBCMakeIt)
Of course, $162 million is still just a fraction of the $13.9 billion in pre-tax income Amazonfor 2019 — roughly 1.2%, in fact. The federal corporate tax rate is 21%, but as in the past, Amazon likely employed various tax credits and deductions to reduce its federal tax bill. Amazon also reported $280.5 billion in total revenue in 2019.
Amazon has been the subject of much criticism over the fact that the company's final federal tax burden has been particularly lacking in recent years. The company also came under fire for seekingworth billions of dollars as part of its search for a second headquarters, or "HQ2," in 2018. In 2018, Amazon posted income of more than $11 billion, but the company paid $0 in federal taxes. In fact, thanks to tax credits and deductions, Amazon actually received a federal tax refund of $129 million. That was a year after Amazon received a $137 million refund from the federal government for 2017.
In February 2019, Senator Bernie Sanders pointed out in a tweet that any one of the company's roughly would have paid more for that program's annual fee than Amazon paid in federal taxes for 2018 or 2017.on Thursday, Amazon touted the fact that the company had "over $1 billion in federal income tax expense" in 2019. However, that total includes the $162 million federal tax bill, as well as another $914 million federal tax bill that the company says has been deferred until a later date.
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