Posted on 02/27/2018 5:18:45 AM PST by E. Pluribus Unum
[FULL TITLE] Amazon Made $5.6 Billion in Profits Last Year and Reportedly Paid Zero American Dollars in Federal Taxes
Jeff Bezos is the richest person in the world, with a personal net worth of $108 billion. In 2017, Bezos’ company, the internet retail giant Amazon, reportedly took in $5.6 billion in U.S. profits.
So, how much did Amazon pay in income tax on that bounty? Hang on, we’re getting some news...what? What’s this? Amazon effectively paid zero dollars in federal income taxes in 2017? Oh.
Amazon is projecting a $789 million windfall from Republicans’ tax bill, according to the Institute on Taxation and Economic Policy, which may have factored into its reason for witholding taxes this year. Bezos—like many other nominally liberal capitalists—claims to disagree with Donald Trump’s policies, while quietly lapping up the Republicans’ regressive tax breaks.
You may be asking: How is this legal? Isn’t Amazon an American company? Aren’t companies required to pay federal income tax? Hello?
Amazon’s global headquarters is not in Seattle, but in the tiny landlocked nation of Luxembourg (Amazon employs more than 40,000 people in Seattle, compared to 1,500 people in Luxembourg.). The European Union has accused Luxembourg of giving illegal tax breaks to Amazon and has ordered the country to recover $295 million in back taxes from Amazon.
(Excerpt) Read more at splinternews.com ...
Is tything considered graduated or proportional? I thought it was 10% across the board?
However, the widow gave all. That would be amazing and very hard for the rich.
So you hate people who earn more than you and want them punished.
Good to know.
Enough for now. Heading back to bed.
Yes, a flat 10% is fair, everyone is on the same page then. If you make less you pay less. If you make more, you pay more. It’s amazing how simple it is. A guy wouldn’t need the IRS anymore either. You could disband an entire useless organization and save the cash.
A flat tax does mean that Gates would pay more.
I think if the government didn’t take so much with the supposed purpose of helped by the poor (but mostly their special interests, unions, themselves, government employees, etc) then people would be more likely to contribute generously to charities. Leftists don’t contribute to charities at all because they think the government IS charity. The rest have to deal with how to get by with to 60% they have after the government steals their portion. Easy to rationalize not donating when you figure “we’ll the government takes care of people”.
Except it does a terrible job of it, destroys communities and families all along the way.
> If we are truly equal under the law, we would all pay the same rate. <
That’s a reasonable approach. But to my way of thinking, every American should feel the same amount of “pain” when paying taxes to support the country.
Here’s what I mean. Suppose a flat rate of 10% would be enough to run the government. 10% to someone who makes $20,000 a year is a big deal. It WILL impact the quality of his life. Lots of financial pain there.
But 10% to someone who makes $2,000,000 a year, that’s next to nothing. He’ll hardly miss it. No pain.
Some folks propose getting around that by exempting a certain amount of income, say the first $15,000. That makes sense. But know that’s a graduated tax, of sorts.
How else would our humble government representatives control us if everyone paid 15% taxes and low,or no, property taxes?
No. It isn't. And it is that thought process that has gotten us to where we are now.
That thought process is based on ENVY.
I don’t understand what is obscene about having great wealth. Punishing those who earn more creates desire for all kinds of tax loopholes and tax shelters, etc., whereas a flat tax would be an equitable across the board rate.
No matter how much you earn your rate is always the same.
As a self employed family in the construction sub contractor class
I know about scrambling for deductions. Not
that I’m wealthy - we spent about a quarter of our income on health care and medical costs last year and we weren’t sick
Graduated taxes are a Marxist position.
So tax law should be based upon your "feelings?"
Something is wrong, if amazon is already paying zero income tax how can they be “projecting a $789 million windfall from Republicans’ tax bill”?
That doesn’t make sense.
> So tax law should be based upon your “feelings?” <
Huh? You have interpreted the word “feelings” in the wrong sense. I’m not talking about one’s emotions. I’m talking about an impact on one’s life. I’ll rephrase (even though its uglier):
But to my way of thinking, every American should be financially impacted the same when paying taxes to support the country.
Side note:
I’m well aware that my approach isn’t perfect. As with everything involving the government, there will be winners and there will be losers. For example, I kind of liked the old system where the government was funded by tariffs. But if your business needed imported materials, I guess you’d be no fan of tariffs.
“Are you aware of how small a percentage of Christians follow the Biblical exhortations about paying tithes and offerings?”
The obedience of believers is irrelevant to a discussion of government extortion, waste, etc.
“If the Christians are not going to act like Christians, the government is all that’s left to help take care of the poor etc.”
Rather, the government taking a greater percent of GDP shrinks freedom for everyone and reduces or eliminates the need for believers to act compassionately.
“Are you really saying that Bill Gates should not pay a higher percentage in taxes than a struggling middle income small business owner? ”
*should*
There is no should.
Bill Gates shouldn’t pay any more as a percentage than any one else.
This call out of course goes without mentioning Amazon’s own workplace horror stories. In January, a study found that more than one in 10 Amazon employees in Ohio rely on Supplemental Nutrition Assistance Program (SNAP) to buy groceries. And SNAP is... a government program... funded by... tax revenue.
Only one in ten are on snap? I would say that is pretty low? Maybe they are paid enough not to need snap or proud Americans who don’t want free stuff and the trapping that come with it.
“I just don’t believe that’s sufficient for the super rich.
The tax code is not about what is *sufficient*
“At SOME point, obscene wealth is ... just obscene
Clearly, like the wealth God gave to Solomon!
No wait...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.