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| Economy |
| AMAZON Will Pay $0 IN FED Income Taxes for 2nd Year In A Row With Profits Doubled |
| 2019-02-14 |
| Corporations do NOT pay taxes, consumers pay taxes. [Daily Caller] Amazon will pay $0 in federal income taxes for the second year in a row after its total profits doubled from $5.6 billion in 2018 to $11.2 billion in 2019. Amazon’s corporate tax filings reveal a federal income tax rebate of $129 million, or negative one percent because of unspecified tax credits and a tax break, according to a report from the Institute on Taxation and Economic Policy. "From 2011 to 2016," Politifact explains, "Amazon reported a total $8.2 billion of pre-tax income and $944 million in federal income taxes, which amounts to a tax rate of 11.4 percent in the last five years." |
| Posted by:Besoeker |
| #16 A VAT would make raising taxes extraordinarily easy. And the "bribes/favors" to move a product from one tax category to another would be out of sight, since the dirty work would be done by bureaucrats. Actually, now that I think of it, unless the House managed the minutia of a VAT, you could argue that it would be unconstitutional. |
| Posted by: james 2019-02-14 22:08 |
| #15 ..any surprise. The commies do not have the workers best interest at heart. Though the way they've been talking, they seem to look favorably upon reviving an old Aztec practice with the 'deploreables'. They'd rather rule in hell than serve in heaven. |
| Posted by: Procopius2k 2019-02-14 19:01 |
| #14 Democratic Rep. Alexandria Ocasio-Cortez praised citizen activists for helping to thwart Amazon's plans to build a headquarters in New York City, declaring victory after the company announced it was scrapping its plans Thursday.CBS |
| Posted by: Bobby 2019-02-14 17:13 |
| #13 AOC got her wish. No Amazon in NYC. Say goodbye to those jobs. Destroying jobs using mobs, AOC is a real socialist now. |
| Posted by: Boss Spoper5850 2019-02-14 16:47 |
| #12 Well there's always Youngstown. |
| Posted by: Anguper Hupomosing9418 2019-02-14 14:25 |
| #11 #9 executive summary: relationships with state and local elected officials stink on ice. No HQ for you! - Jeff Bezos |
| Posted by: Anguper Hupomosing9418 2019-02-14 14:24 |
| #10 Thanks Bevis; did Amazon send along a dick pic with the note? |
| Posted by: regular joe 2019-02-14 14:23 |
| #9 They just bailed on NY After much thought and deliberation, we’ve decided not to move forward with our plans to build a headquarters for Amazon in Long Island City, Queens. For Amazon, the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will be supportive over the long-term. While polls show that 70% of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City. We are disappointed to have reached this conclusion—we love New York, its incomparable dynamism, people, and culture—and particularly the community of Long Island City, where we have gotten to know so many optimistic, forward-leaning community leaders, small business owners, and residents. There are currently over 5,000 Amazon employees in Brooklyn, Manhattan, and Staten Island, and we plan to continue growing these teams. We are deeply grateful to Governor Cuomo, Mayor de Blasio, and their staffs, who so enthusiastically and graciously invited us to build in New York City and supported us during the process. Governor Cuomo and Mayor de Blasio have worked tirelessly on behalf of New Yorkers to encourage local investment and job creation, and we can’t speak positively enough about all their efforts. The steadfast commitment and dedication that these leaders have demonstrated to the communities they represent inspired us from the very beginning and is one of the big reasons our decision was so difficult. We do not intend to reopen the HQ2 search at this time. We will proceed as planned in Northern Virginia and Nashville, and we will continue to hire and grow across our 17 corporate offices and tech hubs in the U.S. and Canada. Thank you again to Governor Cuomo, Mayor de Blasio, and the many other community leaders and residents who welcomed our plans and supported us along the way. We hope to have future chances to collaborate as we continue to build our presence in New York over time. |
| Posted by: Beavis 2019-02-14 12:20 |
| #8 And thus the problem with the system. The big near monopolies get the tax benefits and secure their monopoly status. If they don't get the tax benefits they move to another state/country where they will and those jobs will be lost. Eventually they get so big they have to be busted up. |
| Posted by: rjschwarz 2019-02-14 11:25 |
| #7 VAT is the worst form of tax as it is a tax on working AKA those adding value. |
| Posted by: Bright Pebbles 2019-02-14 08:20 |
| #6 because of unspecified tax credits I'll specify it for everyone - it's a net operating loss from prior year(s) where taxable income in a current year is offset by a loss / losses from a prior year. It's the same thing that was mentioned repeatedly about Trump's tax return from the mid 1990's, so don't go hyperventilating about the 'pay their fair share' bullshit - you're then just playing the left's game. |
| Posted by: Raj 2019-02-14 08:03 |
| #5 some of this is tax deferral which is allowed for many legitimate reasons some is the result of accelerated depreciation of business equipment some is the result of moving funds from overseas to the USA in many ways it would be more efficient to abolish the corporate income tax and instead have a VAT but of course that would be dangerous as the govt could slide the VAT up over time and then reintroduce the corporate tax again |
| Posted by: lord garth 2019-02-14 08:01 |
| #4 Corporations do NOT pay taxes, consumers pay taxes. Shareholders pay taxes on dividends and capital gains. However, given the propensity of corporations to own and operate congresscritters with serious consequences of corporate welfare and *&%#!! bailouts, corporations should be stuck with something similar to the FDIC charges that banks pay for 'insurance'. |
| Posted by: Procopius2k 2019-02-14 05:59 |
| #3 The only problem is that Amazon's competitors will not have this perfect federal extortion level. Amazon should pay the government for the land title it uses and the value of protecting it's brand in the U.S. not for doing something useful to consumers. |
| Posted by: Bright Pebbles 2019-02-14 03:42 |
| #2 Where else can the dollars come from ? From going even deeper into debt. It's the American Way! |
| Posted by: Anguper Hupomosing9418 2019-02-14 02:41 |
| #1 The burden of taxation is build into the cost of the product just like the corporate electric bill or insurance costs. The costs are passed along to the consumer. Consequently the consumer gets taxed twice. He pays a sales tax when he purchases the product and he pays a second time in a hidden, built-in corporate tax. If the product requires some sort of licensing fee, the consumer pays once again. If the licensing fee is 'annual' the taxing of the consumer never ends. The consumer pays on both ends. Where else can the dollars come from ? |
| Posted by: Besoeker 2019-02-14 01:35 |