Amazon's latest annual financial report released last Friday paints a vivid picture of a company that is edging toward monopoly status—and doing so at the expense of U.S. taxpayers.
The company reported a record $35 billion in U.S. pretax income for fiscal year 2021, a haul that is 75 percent more than its 2020 U.S. earnings of $20 billion. Just as notable, the company's effective federal income tax rate of 6 percent means it avoided about $5.2 billion of federal income tax in 2021. If Amazon had paid the statutory 21 percent tax rate on its 2021 U.S. income without any tax breaks, that would have meant a tax bill of more than $7.3 billion.
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Source: Reuters - 🏆 2. / 97 Read more »