(CNSNews.com) – The federal government collected a record $1,665,484,000,000 in individual income taxes in calendar year 2018, according to the Monthly Treasury Statements for the year, which the Treasury finished publishing today with the belated release of the December statement.
Calendar year 2018 was the first full tax year after President Donald Trump signed the Tax Cuts and Jobs Act on Dec. 22, 2017.
The previous calendar year record for federal individual income tax revenues was in 2017, when the Treasury collected $1,656,171,550,000 in individual income taxes (in constant December 2018 dollars).
The real federal individual income tax revenues collected in calendar 2018 were $9,312,450,000 more than the real individual income tax revenues collected in calendar year 2017.
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 reported on Wednesday.
The company will not be required to pay the standard 21 percent income tax rate on its 2018 profits, and is claiming a tax rebate of $129 million, which ITEP describes as a “a tax rate of negative 1 percent.”
Amazon drew ire in 2018 for not paying federal taxes on its $5.6 billion in profits the year before, which was made possible due to tax credits and stock-based compensation, reports Politifact. Last year was the first time Amazon paid no federal income tax whatsoever.
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