Sanders writes: "Last year, not only did Amazon pay nothing in federal income taxes, it received a $137 million tax rebate from the IRS. It turns out Amazon is not alone. Last year, 15 profitable corporations, including AFLAC, Eli Lilly, Metlife, Prudential Financial, and Molson Coors also paid nothing in federal income taxes after posting a combined $24.5 billion in profits."
Bernie Sanders. (photo: Antonella Crescimbeni)
Amazon Pays Nothing in Federal Income Taxes Yet Receives $137 Million in Tax Rebates
05 May 18
ast year, not only did Amazon pay nothing in federal income taxes, it received a $137 million tax rebate from the IRS. It turns out Amazon is not alone. Last year, 15 profitable corporations, including AFLAC, Eli Lilly, Metlife, Prudential Financial, and Molson Coors also paid nothing in federal income taxes after posting a combined $24.5 billion in profits. And that was BEFORE Trump signed his disastrous tax plan into law slashing corporate taxes by some 40 percent.
In 1952, corporate income taxes accounted for 32 percent of all federal revenue. Today, that figure is down to just 9 percent. Meanwhile, corporate profits are at all-time highs and CEOs now earn about 347 times as much as the average worker makes. The truth is we have a rigged tax code that has essentially legalized tax dodging for large corporations. The Trump tax plan makes this very bad situation even worse. Our job: Repeal the Trump tax breaks for the wealthy and large corporations and rebuild the disappearing middle class.
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