Sen. Cory Booker singled out companies like Amazon and Halliburton for “paying nothing in taxes.”
FACTS FIRST: Amazon and Halliburton’s tax rates are low, but not zero.
We can’t really know for sure because Amazon’s tax returns are private. But The Wall Street Journal reported recently that the company’s tax rate from 2012 through 2018 was 8%.
“From 2012 through 2018, Amazon reported $25.4 billion in pretax US income and current federal tax provisions totaling $1.9 billion,” the Journal reported.
“That is an 8% tax rate — low, but not zero or negative. Looking back further, since 2002, Amazon has earned $27.7 billion in global pretax profits and paid $3.6 billion in global cash income taxes, a 13% tax rate.”
Amazon has been a Democratic target as a big winner of the 2017 Republican tax overhaul law.
Former Vice President Joe Biden blasted the company’s tax payments on the campaign trail during a stop in Iowa, and has tweeted that: “(N)o company pulling in billions of dollars of profits should pay a lower tax rate than firefighters and teachers,” pointing to Amazon.
The company tweeted back:
“We pay every penny we owe. Congress designed tax laws to encourage companies to reinvest in the American economy. We have… Assume VP Biden’s complaint is w/the tax code, not Amazon.”
Halliburton was expected to make $19 million in tax payments on $1.1 billion in profit in 2018, according to a report by the Institute on Taxation and Economic Policy that showed how some of the country’s biggest companies had nearly zeroed out their income taxes.