I don’t think we should be giving Jeff Bezos a medal for figuring out how to fuck over the system so bad, that one of the world’s largest companies didn’t pay any income taxes last year.
And that was before the massive Trump Tax Cut which dropped the corporate tax rate from 35% to 21%.
Thanks to a complex system of credits and deferment, Amazon won’t pay any federal income taxes after topping $5.6 billion in income in 2017. The Seattle-based online retailer will end up paying out roughly $769 million in taxes for the year, but $724 million of that will be in foreign taxes.
That’s according to an analysis of the online behemoth’s 2017 10-K form, which “provides a comprehensive overview of the company’s business and financial condition,” according to the Securities and Exchange Commission. Public companies are required to submit the form every year to the SEC in addition to quarterly updates (10-Q forms) and, when announcing major events shareholders should know about, the 8-K or “current report” form.
Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy, wrote about Amazon’s tax bill that won’t come due in a Feb. 13 blog post. Without being privy to the company’s tax return, no one can say exactly how CEO Jeff Bezos and Co. avoided what could have been more than $1.3 billion in federal taxes based solely on the annual financial report, but there is information to be gleaned.