Jeff Bezos is the richest person in the world, with a personal net worth of $108 billion. In 2017, Bezos’ company, the internet retail giant Amazon, reportedly took in $5.6 billion in U.S. profits.
So, how much did Amazon pay in income tax on that bounty? Hang on, we’re getting some news…what? What’s this? Amazon effectively paid zero dollars in federal income taxes in 2017? Oh.
Amazon is projecting a $789 million windfall from Republicans’ tax bill, according to the Institute on Taxation and Economic Policy, which may have factored into its reason for witholding taxes this year. Bezos—like many other nominally liberal capitalists—claims to disagree with Donald Trump’s policies, while quietly lapping up the Republicans’ regressive tax breaks.
You may be asking: How is this legal? Isn’t Amazon an American company? Aren’t companies required to pay federal income tax? Hello?