Denton Daily: Amazon Will Pay $0 in Federal Taxes This Year — and It’s Partially Thanks to Trump
media mentionOne reason for Amazon‘s nonexistent federal tax bill is the Tax Cuts and Jobs Act that Congress enacted in 2017, which lowered the statutory corporate tax rate from 35 percent to 21 percent. In addition to the lower tax rates for corporations, the new tax law also “failed to … close a slew of tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits,” ITEP senior fellow Matthew Gardner in a report on Wednesday.