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Streaming giant Netflix apparently did not pay a penny in federal or state income taxes despite posting profits exceeding $845 million, according to a review of their tax filings.
The online entertainment service reported a profit of more than $845 million in 2018, but also reported a $22 million federal tax rebate, according to the Institute on Taxation and Economic Policy (ITEP), the Daily Mail wrote.
ITEP - Netflix - Loopholes - Tax - Code
ITEP noted that Netflix is still “exploiting loopholes” in the tax code that helped it gear up to become one of the nation’s leading entertainment companies.
The group also said that the streaming service reported paid $131 million in taxes in 2018, but most of that was paid to foreign governments.
Netflix - Cash - Payment - Income - Taxes
“It is pretty clearly true that Netflix’s cash payment of worldwide income taxes in 2018 was $131 million,” ITEP Senior Fellow Matthew Gardner said. “But that is a worldwide number—the amount...
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