Posted on 04/01/2021 7:49:45 AM PDT by Navy Patriot
President Joe Biden on Wednesday singled out Amazon.com Inc for not paying federal taxes during his address in Pittsburgh, as he spoke about raising the burden of taxes on multinational companies and hiking the corporate tax rate.
...
Biden said Amazon was one of 91 Fortune 500 companies that "use various loopholes where they pay not a single solitary penny in federal income tax," in sharp contrast to middle class families paying over 20% tax rates.
"I don't want to punish them but that's just wrong," he said.
(Excerpt) Read more at newsmax.com ...
Your "Campaign" Contributions to ME and your Democrat Masters are insufficient. Lots More, quickly or it's Tax Prison for you.
amazon will just do for biden what they did for the obamas - pimp out their book, claim repeatedly that it’s a best seller and give them $100’s of millions of dollars for it.
This is how corruption works.
I’m no tax expert, so am just an ordinary citizen.
But, assuming Amazon legally reports income and expenses, what exactly is the complaint?
I’m sure Amazon tax returns show items such as depreciation, amortization, and loss carry forward from prior years. All of these are legal tax deductions.
And the laws were passed by members of Congress such as Joe Biden over the years.
47 years as a Senator and Vice President and did nothing to close the loopholes. Just sent Americans off to die in foreign lands, locked up lots of African Americans with absurdly long sentences, bailed out banks and got his family untold riches.
There will always be loopholes, transfer pricing, debt obligation deductions etc. And in a competitive market Amazon would work very hard to keep its profits near zero anyway, in order to grow operations, make capital investments and keep retail prices low for its customers. It’s not like it matters to Bezos. He makes his money by selling shares in Amazon not based on whether Amazon has a profitable year.
Amazon is collapsing as we sit here. All the tech savvy algorithms in the world can't pick, pack, sort, and ship goods successfully. They have failed miserably at it. Somewhere about a 30% error rate as of last month.
“Feed Me, Jeffery! Feed Me.”
Unless they change the rules for depreciation and amortization...Amazon will not pay taxes for the foreseeble future.
You know all of those Amazon trucks rolling around; those new warehouses; and all of the capital investment....the depreciation on those assets (and all of the ones from the previous years) are taken as expenses.
I know its “cool” now to hate rich people. And they point at Musk and Bezos as “not paying taxes” as something bad.
So, Biden is either a liar—because he knows how the tax system works, or he is a real idiot. We know that the Dems think “WE” are idiots. And if people believe them, they are.
Kinda makes you want to take back your donations to joe biden and the democratic party, right Bezos?
Even billionaires dont learn.
The bag Bezos sent to Biden was light.
joe...Amazon loves you! Amazon willingly ditches books that you wouldn’t like! Amazon, under the direction of a rich monomaniac who has delusions of changing the world, would willingly give away half its riches to benefit you!
And you want to tax them? Don’t you know? the democrat party has benefited big time from Amazon’s riches!
Well, they should have paid federal taxes during his address, then.
“loss carry forward from prior years”
That’s a big one. Pretty much every tech company starts deep in the hole and has to spend years digging themselves out, even if they become wildly successful.
Classic democrat shakedown. Pledge to the little people to bring these mega corporation to heel while your taking millions in donations from the owners. All of the players get rich while we all get screwed.
The Clintons did the same to Microsoft when they put the DOJ on them for anti-trust investigations even though at the same time Bill, Hillary, and AL Gore were visiting Seattle on a regular basis taking money from Bill Gates, et al.
I’d like them to pay a proper postal rate. then maybe competition based on cost could come back.
Xiden sure has streamlined the process of making new Federal Tax Law, now we have to file while he's speaking.
"Journalists"
And...the unions are going after Amazon now...hahaha
I seem to recall someone named Trump suggesting that.
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