Whether you paid $8.99 for basic, $12.99 for standard, or splurged for the $15.99 premium package so you would have the privilege of watching endless streaming shows and movies on Netflix last month, a new analysis shows you still paid much, much more than the company paid in federal and local income taxes for the entire year.
"In fact," noted Gardner "the company reported a $22 million federal income tax rebate."
Netflix's tax avoidance should come as no surprise to those who followed the debate leading up to the passage of the new tax law: A 2017 ITEP report identified Netflix as one of 100 profitable Fortune 500 corporations that paid a 0 percent federal income tax rate in at least one profitable year between 2008 and 2015. In fact, Netflix did it twice, and paid an average tax rate of 13.6 percent over the eight-year period, meaning that the company sheltered more than half of its profits from the 35 percent federal income tax rate in effect at the time.
"When hugely profitable corporations avoid tax, that means smaller businesses and working families must make up the difference."
https://www.commondreams.org/news/2019/02/05/whatever-you-paid-watch-netflix-last-month-was-more-it-paid-income-taxes-all-last
Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy (ITEP), "The popular video streaming service Netflix posted its largest-ever U.S. profit in 2018—$845 million—on which it didn't pay a dime in federal or state income taxes."
Not a dime. Not one penny.
"In fact," noted Gardner "the company reported a $22 million federal income tax rebate."
Netflix's tax avoidance should come as no surprise to those who followed the debate leading up to the passage of the new tax law: A 2017 ITEP report identified Netflix as one of 100 profitable Fortune 500 corporations that paid a 0 percent federal income tax rate in at least one profitable year between 2008 and 2015. In fact, Netflix did it twice, and paid an average tax rate of 13.6 percent over the eight-year period, meaning that the company sheltered more than half of its profits from the 35 percent federal income tax rate in effect at the time.
"When hugely profitable corporations avoid tax, that means smaller businesses and working families must make up the difference."
https://www.commondreams.org/news/2019/02/05/whatever-you-paid-watch-netflix-last-month-was-more-it-paid-income-taxes-all-last
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