by rockdoc123 » Tue 19 Feb 2019, 18:34:01
$this->bbcode_second_pass_quote('', 'L')ike what? Amazon will pay $0 in taxes on $11,000,000,000 in profit for 2018 That's Federal taxes, but I would not be surprised if Amazon is equally good at weaseling out of paying state and local axes.
Amazon directly employs 541,900 workers in the US. IF each of those paid $10,000 in annual Fed taxes that would amount to $5.4 billion in tax income. This doesn't include the related business where they create jobs indirectly such as manufacturing, shipping etc.
As well, Amazon paid $533 MM in state taxes last year.
https://www.france24.com/en/20190216-fact-check-does-amazon-pay-no-us-federal-income-tax$this->bbcode_second_pass_quote('', 'A')s part of the contested incentives package, Amazon was to receive nearly $3 billion in tax breaks, abatements, and grants. The state was committing up to $1.7 billion in Excelsior Tax Credits and capital grants—again, based on Amazon’s delivery of job and investment commitments. On the city side of things, the Industrial Commercial Abatement Program (ICAP) would have abated approximately $386 million in property taxes, while the Relocation and Employment Assistance Program (REAP) would have been worth $897 million, according to city and state officials. Incentives aside, the state would have reportedly earned $14 billion in tax returns, and the city would have received more than $13.5 billion in tax revenue over a 25 year period.
that lost tax revenue amounts to about 1% of New York cities annual budget on a yearly basis....not huge but not entirely insignificant either as those revenues need to come from somewhere else.