Here’s How Much Money Amazon Saved From Trump’s Tax Cuts
Amazon (NASDAQ: AMZN) has a long history of using the tax laws to its advantage.
The e-commerce giant didn’t collect sales tax for years, giving it an edge over brick-and-mortar retailers. Later, when the company became larger and started collecting sales tax, it reversed its position to try to stop smaller e-commerce companies from having that same advantage. For years, it has used the promise of a new fulfillment center to obtain tax breaks from state and local communities, and in 2018, it held a contest to host its second headquarters, pitting cities against one another in a shameless display of solicitation for tax breaks and giveaways.
The company, which is now worth close to $2 trillion and one of the most valuable in the world, paid no federal income taxes in 2017 or 2018. It took advantage of benefits for things like stock-based compensation and accelerated depreciation, many of which were enhanced by the Tax Cuts and Jobs Act that was passed at the end of 2017 under the Trump administration.