Amazon benefitted greatly from the Tax Cuts and Jobs Act of 2017 and recorded a provisional tax benefit at the end of 2017 for the impact of Trump’s tax reform of approximately $789 million. Amazon had a significant amount of federal deferred tax liabilities at the time. As a result, the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35%, forced a remeasurement of what would be due for those liabilities, resulting in a positive impact to net income.
February 15, 2019
MarketWatch: Amazon Riled Up the Left for Not Paying Taxes — and It’s in a Position to Offset Future Profits, Too
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