Yahoo Finance: Biden Hits Amazon on Taxes, Which May Benefit From the Coronavirus Outbreak

While the numbers prove its savviness for capitalizing on advantages under the U.S. Tax Code, newly available deductions under the CARES Act make tax savings even more accessible. And with the windfalls, tax experts believe Amazon appears positioned to reduce its federal tax liability to at or near zero, again, in 2020.

“I’d say their tax rate will be a lot closer to zero than to 21%,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, referencing the current U.S. corporate tax rate.

To be sure, it remains too early to predict Amazon’s pretax income for the full year, and therefore whether it will be able to offset any tax liability.

Read more

---