Tampa Bay Times: Billions in Profits and No Income Tax Bill? That’s not Fair

Amazon made $10.8 billion last year and did not pay a penny in corporate income tax. In fact, it claimed a federal income tax rebate of $129 million. It’s not alone. Sixty profitable Fortune 500 companies avoided all federal income taxes by taking advantage of lax provisions in the 2017 Tax Cuts and Jobs Act. Cutting the basic corporate tax rate, which Republicans pushed down to 21 percent in 2017, is one thing. But the accompanying generous tax breaks went too far. Profitable companies should pay their fair share of taxes.

Beyond Amazon, here are some examples from the study by the Institute on Taxation and Economic Policy, a left-leaning think tank. They are jaw-dropping. Read more