Amazon’s expected tax avoidance comes despite it nearly doubling its U.S. profits to $11.16 billion in 2018, according to the Institute on Taxation and Economic Policy (ITEP), a nonpartisan tax policy-focused think tank. In fact, instead of paying any federal income taxes, the company received a $129 million tax rebate from the government.
The data is based on Amazon’s public filings with the Securities and Exchange Commission and does not, as ITEP senior fellow Matthew Gardner tells Fortune, necessarily reflect what the company will actually report to the Internal Revenue Service. The group’s conclusion represents “the best approximation,” he says. Read more