CEO Magazine: Amazon’s Jeff Bezos Notably Backs Increasing Corporate Tax
media mentionIn 2020, Amazon paid an effective federal income tax rate of 9.4 per cent, according to the Institute on Taxation and Economic Policy.
The Institute on Taxation and Economic Policy, a not-for-profit non-partisan think tank, also reported at least 55 of the largest corporations in the US paid no federal corporate income taxes in their most recent fiscal year, despite enjoying substantial pre-tax profits. The tax-avoiding companies, in various industries, collectively had almost US$40.5 billion in US pre-tax income in 2020, according to their annual financial reports. The statutory federal tax rate for corporate profits is 21 per cent. The 55 corporations would have paid a collective total of US$8.5 billion for the year had they paid that rate on their 2020 income. Instead, they received US$3.5 billion in tax rebates.