Select Media Mentions
The Columbian: In Our View: Amazon HQ2 Outcome Leaves Much to Unpack
February 20, 2019
But at the same time, growing wealth disparity throughout the United States is fueling mistrust of large corporations. The Institute on Taxation and Economic Policy last week reported that Amazon has paid no federal tax the past two years, rather than the statutory 21 percent. Following profits of $11.2 billion in 2018, the company received […]
Hawai’i Public Radio: Corporate Tax Loophole Costs Hawaii $38 Million Annually
February 20, 2019
Hawaii lawmakers are missing out on millions in potential tax revenue. That is the conclusion of a report from the Institute on Taxation and Economic Policy. The ITEP found that a loophole in Hawaii’s tax code allows multinational corporations to avoid paying state corporate income taxes, resulting in a loss of $38 million in revenue annually. Read […]
New York Observer: Amazon Paid $0 in Federal Taxes Despite Making $11 Billion in 2018—And No One Knows Why
February 20, 2019
You may feel like a champion financial planner after filing last year’s income taxes, even though you did pay a hefty fee to an accountant or some tax software. But don’t even think about beating Amazon, which paid a whopping $0 in federal taxes last year—despite earning $11.2 billion in U.S. profits—according to a report from the […]
Vox: Amazon’s $0 Corporate Income Tax Bill Last Year, Explained
February 20, 2019
For starters, Jeff Bezos is rich because of the value of Amazon stock, but for years, Wall Street loved the company even though it was a curiously unprofitable retail and technology giant. But more recently, Amazon has emerged recently as a consistently profitable firm, reporting nearly $11 billion in earnings last year. Yet during this surge into profitability — the company’s earnings doubled between 2017 and 2018 — Amazon’s tax bill has actually gone down. The company paid $0 in corporate income tax last year, according to an analysis from the Institute on Taxation and Economic Policy, an astonishing figure…
The Columbian: In Our View: Amazon HQ2 Outcome Leaves Much to Unpack
February 20, 2019
But at the same time, growing wealth disparity throughout the United States is fueling mistrust of large corporations. The Institute on Taxation and Economic Policy last week reported that Amazon has paid no federal tax the past two years, rather than the statutory 21 percent.
Axios: 1 Big Thing: Filthy Rich, Owing No Tax
February 19, 2019
Amazon is not a passive player in tax law, says ITEP's Matthew Gardner, who researched and wrote the Amazon report. "Amazon in particular has shaped tax law in its own image. They made the laws by lobbying so persistently and effectively," Gardner tells Axios.
Forbes: Amazon Paid $0 In Federal Income Taxes Last Year [Infographic]
February 19, 2019
Despite doubling its profits, Amazon has paid zero dollars in federal taxes for the second successive year. A recent report from the Institute on Taxation and Economic Policy has raised huge questions about the tax-paying habits of the tech giant, given that its profits soared from $5.6 billion in 2017 to $11.2 billion last year. […]
Fox Business, Bulls & Bears: Amazon, Netflix Did Not Pay Any Federal Taxes in the US in 2018: Report
February 18, 2019
ITEP senior fellow Matthew Gardner discusses how big tech companies are taking advantage of tax loopholes in the U.S. Watch the video
The Leaf Online: Cannabis Revenue Catching Up With Alcohol
February 17, 2019
State and local excise tax collections on retail adult-use cannabis sales surpassed $1 billion in 2018 nationally. That is a 57 percent increase over 2017 levels, according to data compiled by the Institute on Taxation and Economic Policy. Read more
The Hill: Tech Looks for Lessons From Amazon HQ2 Fight
February 17, 2019
Amazon's decision to scrap its plans for a second headquarters in New York City, dubbed HQ2, stunned both the tech world and its critics this week, raising new questions about the industry's ambitious expansion plans and their dealings with state and local governments.
Herald and News: No Relief in Sight for Taxpayers Denied Deductions
February 17, 2019
An analysis by the left-leaning Institute on Taxation and Economic Policy found that nearly two-thirds of the benefit of repealing the [SALT] cap would go to the top 1 percent of taxpayers. But even though the wealthy reap the most benefits, many of the people affected by the new cap in high-cost, high-tax states are […]
Inequality.org: Organizers Oust Amazon HQ2 from New York
February 16, 2019
As details of the incentives agreement came out, New Yorkers heard from Seattleites about the mass gentrification spurred by Amazon. Seattle and King County declared a state of emergency over the city’s homelessness crisis. Meanwhile, Amazon lobbied hard to repeal a head tax on the city’s richest businesses to deal with that very crisis just […]
Washington Post: Amazon Paid No Federal Taxes on $11.2 Billion in Profits Last Year
February 16, 2019
Amazon, the e-commerce giant helmed by the world’s richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the company’s corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank. Read more
Yahoo! Finance: Amazon Will Pay $0 in Taxes on $11,200,000,000 in Profit for 2018
February 16, 2019
“It’s hard to know exactly what they’re doing,” said Steve Wamhoff, ITEP’s Director of Federal Tax Policy. “In their public documents they don’t lay out their tax strategy. So it’s unclear exactly which breaks [the company is taking advantage of]. They vaguely say tax credits. One could think of many different ways a corporation could do this, like the depreciation breaks which were expanded under TCJA.”
The Hill: Pollster Says Most Americans Feel It’s Not Fair That Corporations Pay Lower Taxes
February 15, 2019
The Institute on Taxation and Economic Policy found that Amazon, which reported $11.2 billion in profits in 2018, did not pay income taxes due to unidentified “tax credits” in their disclosure. The report also found that the company will get a $129 million federal income tax rebate, making their tax rate -1 percent. A Politico/Morning Consult poll released earlier […]
CNN: Despite Record Profits, Amazon Didn’t Pay Any Federal Income Tax in 2017 or 2018. Here’s Why
February 15, 2019
"This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy, a liberal think tank. US tax code allows money-losing companies to reduce their future taxable income.
Columbia Journalism Review: Jeff Bezos’s Bad Week
February 15, 2019
Hero to 0: On Wednesday, the Institute on Taxation and Economic Policy suggested, in a report, that Amazon will pay $0 in federal taxes this year, despite doubling its US profits to $11.2 billion in 2018. Read more
Salon.com: Activist Defeat of Amazon is a Win for Democracy Over Technology
February 15, 2019
However, Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, told Salon it is impossible to know truly if New York missed out on an economic loss or not, and to think of it as a “good” or “bad” deal is a “one-dimensional” way to look at it. “From an opportunity-cost […]
CNBC: Amazon Will Pay $0 in Federal Taxes This Year — and It’s Partially Thanks to Trump
February 15, 2019
A report this week from the Institute on Taxation and Economic Policy, or ITEP, a nonpartisan and nonprofit tax policy think tank, pointed out the fact that Amazon will not pay federal taxes for the second year in a row. In fact, last year, Amazon received an even larger refund, getting $137 million from the federal government.
The American Prospect: Amazon Is Giving Up on New York, and Activists in Nashville and Northern Virginia Are Energized
February 15, 2019
Amazon’s announcement to abandon their New York plans comes on the heels of a report from the Institute on Taxation and Economic Policy showing that Amazon made a profit of $11.2 billion in 2018, and, through its navigation of tax loopholes, did not pay any federal income taxes, instead gaining a tax rebate of $129 […]
The Guardian: Amazon Made an $11.2bn Profit in 2018 – And Its Federal Tax Bill is $0
February 15, 2019
One central idea of Trump’s tax cuts was to cut corporate tax rates from 35% to 21% but as the tax filings come in it is becoming increasingly clear that many companies are not even paying the lower rate, Matthew Gardner said. “You can’t lay the blame too much on Congress,” said Gardner. “It wasn’t Congress that came up with these ideas. They are the product of a lobbying blitz from these companies. These companies wrote the law in many cases.”
Fortune: Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits
February 15, 2019
Those wondering how many zeros Amazon, which is valued at nearly $800 billion, has to pay in federal taxes might be surprised to learn that its check to the IRS will read exactly $0.00. According to a report published by the Institute on Taxation and Economic (ITEP) policy Wednesday, the e-tail/retail/tech/entertainment/everything giant won’t have to […]
MarketWatch: Amazon Riled Up the Left for Not Paying Taxes — and It’s in a Position to Offset Future Profits, Too
February 15, 2019
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 […]
USA Today: Amazon Pays No Federal Income Tax for 2018, Despite Soaring Profits, Report Says
February 15, 2019
Profits for online retail behemoth Amazon soared in 2018, but it paid no federal income tax for the second consecutive year, according to a report published Wednesday. The Institute on Taxation and Economic Policy says the company is subject to a 21 percent tax rate on its U.S. income. However, through various tax breaks and credits, the company will receive a tax rebate […]
Huffington Post: Amazon Has Doubled Profit To $11 Billion But Will Pay $0 In Taxes In 2019: Report
February 14, 2019
The Institute on Taxation and Economic policy released its findings Wednesday after examining the company’s corporate filings. Amazon reported a $129 million federal income tax rebate for 2018, equaling a tax rate of negative 1 percent. (The federal corporate income tax rate is 21 percent.) “The fine print of Amazon’s income tax disclosure shows that this achievement is partly due to various unspecified ‘tax credits’ as well as a tax break for executive stock options,” the report stated.
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