> Wow those margins are shockingly thin

That's by design. Amazon has found it's far more effective to deploy their excess capital toward company expenditures in the form of acquisitions, real estate, capex, employees, stock buybacks, etc rather than letting it get taxed as corporate operating income.

Those dollars do ultimately get taxed, to be clear, but in the form of employment taxes, individual capital gains, individual income taxes, and property taxes.