Two rhyming bits of Amazon news. The first is that Amazon, according to a report from the Institute on Taxation and Economic Policy, was taxed at an effective rate of negative-one percent in 2018, having paid a federal income tax of zero dollars and having received a rebate from the federal government of a hundred and twenty-nine million dollars. During that year, the company nearly doubled its profits, from $5.6 billion to $11.2 billion.
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media mention February 14, 2019 The New Yorker: New York City Activists Drive Out Amazon
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media mention February 14, 2019 The Hill: Hillicon Valley: New York says goodbye to Amazon’s HQ2 …
Amazon will not pay any federal income taxes for the second year in a row, according to a report released Wednesday.
The Institute on Taxation and Economic Policy found that the online retailer, which reported $11.2 billion in profits in 2018, did not pay income tax because of unnamed “tax credits” in their disclosure.
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media mention February 14, 2019 Governing: With Amazon Out of New York, Some Lawmakers Seek Multistate Ban on Corporate Tax Breaks
Opponents of such deals cite data that suggest that tax incentives often aren’t worth what they cost governments. An Institute on Taxation and Economic Policy study noted that most giveaways simply move pieces on a chessboard, rather than create actual growth.
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media mention February 14, 2019 The Hill: Amazon to Pay $0 in Federal Income Taxes: Report
The Institute on Taxation and Economic Policy found that the online retailer, which reported $11.2 billion in profits in 2018, did not pay income tax because of unnamed “tax credits” in their disclosure. The company will reportedly receive a $129 million federal income tax rebate, effectively making their tax rate -1 percent.
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media mention February 14, 2019 New York Post: Amazon Paid No Federal Taxes Again
Instead, as first reported by the Institute on Taxation and Economic Policy, Amazon received a federal income tax rebate of $129 million, essentially amounting to a tax rate of negative 1 percent.
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media mention February 14, 2019 Urban Milwaukee: Republicans Discover the Middle Class
An analysis of all the tax breaks in Wisconsin from 2011 through 2016 by the Institute on Taxation and Economic Policy found the average tax reduction was $10,015 for the top 1 percent of taxpayers, and $1,806 for the next 4 percent of taxpayers versus $379 for the middle 20 percent of taxpayers and just $175 for the bottom 20 percent of taxpayers.
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media mention February 14, 2019 The Financial: $0 in Federal Income Taxes Will Be Payed by Amazon for the 2nd Year in a Row
Amazon, which doubled its profits and made more than $11 billion in 2018, won’t pay any federal income taxes for the second year in a row, the Institute on Taxation and Economic Policy has reported.
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media mention February 14, 2019 San Francisco Chronicle: Amazon Will Pay $0 in Federal Taxes This Year — Here’s How the $793 Billion Company Gets Away With It
Amazon will not pay federal income tax for the second year in a row, according to the Institute on Taxation and Economic Policy, despite being a company currently worth $793 billion.
President Trump has criticized the company for this, yet he reduced the corporate tax rate, making it even easier for large companies to pay less. -
media mention February 14, 2019 Maine Free Press: Mills Budget Provides More School Funding, Fails to Fully Fund Revenue Sharing & Keeps LePage’s Tax Cuts
The liberal-leaning Maine Center for Economic Policy (MECEP) praised Mills for her support for Medicaid expansion, but criticized the proposal for failing to reverse LePage’s income tax cuts for the wealthy. Last year, MECEP and the Institute on Taxation and Economic Policy (ITEP) released a report that found that tax cuts passed during the LePage administration will cost the state $864 million in revenue this biennium. About half of the tax breaks went to the top 20 percent of earners while the bottom 20 percent received less than 5 percent of the benefit, the analysis found.
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media mention February 14, 2019 Daily Mail: REVEALED: Amazon pays NOTHING in federal corporate taxes for the second year running despite doubling its profits to more than $11billion
In last year’s filing Amazon similarly paid no corporate income taxes on its $5.6billion earnings. The Institute on Taxation and Economic Policy revealed the negative tax rate was the result of unspecified ‘tax credits’ and other benefits.
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media mention February 13, 2019 CBS News: After Amazon’s HQ2 Hunt, Some States Target Corporate Tax Breaks
While it’s common for corporations to seek tax breaks in exchange for moving to a particular location, Amazon’s solicitation was unusual in how public it was. Corporate location experts say… -
media mention February 13, 2019 ORT: 2017 Tax Reform Helps Corporations The Most. Who Knew?
The Tax Reform bill of 2017 was supposed to close loopholes which had allowed corporations to avoid paying taxes, but a study by Matt Gardner, Senior Fellow at the Institute on Taxation and Economic Policy (ITEP), of Netflix has shown that it reduced corporate taxes without closing the loopholes. He talks to Jan Miyasaki about the issues and how the trend to shift tax burden to the poor continues.
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media mention February 11, 2019 Cheddar: Netflix’s Tax Hack
Following is link to a video featuring Matt Gardner, ITEP senior fellow, discussing Netflix’s zero-tax bill. -
media mention February 11, 2019 NJTV: Lawmakers Introduce Bipartisan Bill to Fully Restore SALT Deduction
But analysts with the nonpartisan Institute on Taxation and Economic Policy say it’s inaccurate to isolate the SALT deduction. In reality, the average taxpayer in New Jersey will pay less.… -
media mention February 11, 2019 Forbes: Why Some of the Rich Want to Pay More in Taxes
Those with the very highest incomes have benefited disproportionately from tax cuts, and that lost revenue is driving the federal deficit ever higher. The Institute on Taxation and Economic Policy… -
media mention February 11, 2019 Morning Tax: The Latest in Wealth Taxes
The Institute on Taxation and Economic Policy noted recently that Netflix logged record profits in the U.S. in 2018, some $845 million, and ended up not owing any federal taxes.… -
media mention February 11, 2019 KFDM (CBS Affiliate): Shrinking Tax Refunds Stir Controversy
With the benefits of the tax cut spread out across 52 weeks, the gain may have been hard to spot, especially if workers saw increases in health insurance premiums or… -
media mention February 11, 2019 Newsweek: We Shouldn’t Wait for Washington to Tax the Rich: We Can Begin at the State Level
Following is an excerpt from an op-ed by ITEP deputy director Meg Wiehe published in Newsweek Magazine: The historic role tax and other policies have played in exacerbating the wealth… -
media mention February 9, 2019 The Guardian: How Did Netflix Get Away with Not Paying Income Tax in 2018
According to a blogpost from the Institute on Taxation and Economic Policy, the company posted its largest ever profit in 2018 – $845m – but paid no federal (or state)… -
media mention February 7, 2019 The Daily Mail: Netflix Paid NOTHING in Federal or State Taxes in 2018
Netflix didn’t pay a cent in state or federal income taxes last year, despite posting its largest-ever U.S. profit in 2018 of $845million, according to a new report. In addition,… -
media mention February 6, 2019 Montana Public Radio: Lawmakers Hear Massive Proposal For Statewide Sales Tax
Another D.C. based think tank, the Institute on Taxation and Economic Policy, puts Montana’s current tax system among their top ten most equitable systems in the country, in part because… -
media mention February 5, 2019 Arkansas Democrat Gazette: Arkansas Senate Panel Fives Fast Nod to Governor’s Tax-cut Plan
While the finance department projected the governor’s tax will eventually reduce tax revenue by $97 million a year after it’s fully implemented, Lisa Gee, a senior policy analyst for the… -
media mention February 5, 2019 Bloomberg Tax: Economic Policy Group Proposes Slew of Progressive Tax Policies
The Institute on Taxation and Economic Policy in a new report detailed several potential progressive tax policy proposals—including a revamp of capital gains taxation that would pull in nearly $2.5… -
media mention February 5, 2019 Washington Post: Live Commentary on Trump’s SOTU
E.J. DIONNE JR., 9:27 p.m.: “A massive tax cut for working families.” Really? “If you look at the richest 1 percent, they’re getting more than the bottom 60 percent of… -
media mention February 4, 2019 City Lab: The Airbnb Effect: It’s Not Just Rising Home Prices
And cities with less stringent Airbnb regulations might also be losing out on a lot of tax revenue. Traditional lodging entities (when combining city, state, and county taxes), are taxed…