From CNBC:The US has a high tax rate, and companies don’t have to pay it.
This has been the reality for many years.
But that’s changed in the last few years as multinationals started shifting profits overseas.
The US Treasury has announced it is working to reduce the rate, as the tax rate has been on a downward trend since 2014.
But there’s one company in particular that’s avoiding paying taxes on their international profits.
The companies that are, according to a new study, paying the most taxes in the world.
The Tax Policy Center estimates that Amazon is paying $1.2 trillion in tax in the US, and the companies in question are the world leader in Amazon services.
In fact, the company paid a total of $2.3 trillion in US taxes last year.
And that doesn’t include the value of foreign taxes that the company pays.
The US Chamber of Commerce says Amazon is a “disgrace” to America’s small business owners and that the $1 trillion they’re paying in taxes would be enough to pay the salaries of the US military.
The Chamber has pushed legislation to tax Amazon’s profits in the United States, and a group of Democrats is introducing a bill to make it a top tax rate for multinationals in the country.