$162 million in taxes on over $13 billion in profits. The stockholders must be really pleased. Part of it is an accounting trick of deferred taxes, but part is also the reality of big business. They claim they paid billions in taxes, but some of that is what they must collect by law, sales tax, payroll taxes, and more.
Last year, Yahoo Finance reported that Amazon (AMZN) paid a shockingly low amount in federal income taxes in 2018 on more than $11 billion in profits: $0. But this year, while the company says it has paid “billions” in taxes for the year 2019, in reality it only paid $162 million in federal income tax — an effective tax rate of 1.2% on over $13 billion in profits.
Found at finance.yahoo.com
