Amazon, Facebook and other tech giants paid almost $100B less in taxes than they claimed: analysis
SalonThis article originally appeared at Common Dreams. Between 2011 and 2020, Amazon, Facebook, Alphabet, Netflix, Apple and Microsoft — known as the "Silicon Six" — paid roughly $219 billion in income taxes, which amounts to just 3.6% of their $6 trillion-plus in total revenue, according to the Fair Tax Foundation. Had the "Silicon Six" paid the prevailing tax rates in the countries where they operate, they would have given global tax authorities over $149 billion more than they did over the past decade, researchers said. According to the Fair Tax Foundation, these six companies reported paying approximately $315 billion in income taxes between 2011 and 2020, which is 23.2% on nearly $1.4 trillion in profits. The Fair Tax Foundation also noted that over the past decade, Facebook paid an income tax rate of just 12.7%, resulting in substantially lower contributions than would be expected according to prevailing corporate tax rates as well as the company's effective tax rate.
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Elizabeth Warren: US taxes are rigged in favor of Amazon, Netflix and other big companies
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