'Amazon's 6% tax rate is a result that lawmakers have enabled and could prevent if they summon the political will to do so.' —iteptweets
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%.Had Amazon paid the latter rate on its 2021 U.S. income, Gardner noted, the company's federal tax bill would have amounted to more than $7.3 billion.
"Instead, the company reports a current federal income tax expense of $2.1 billion," Gardner wrote Tuesday."Amazon's 2021 federal income tax payment is comparatively significant for a profitable company that paid less than $0 in the first year of the Trump-GOP tax law. But the company's continuous tax avoidance adds up over time. Over the past four years, Amazon reported a total federal tax rate of just 5.1% on over $78 billion of U.S. income.
ITEP's latest analysis caught the attention of Warren Gunnels, the staff director for Senate Budget Committee Chairman Bernie Sanders , a"Class warfare is Amazon making a record-breaking $36 billion profit last year, avoiding $5.
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