Amazon will pay $0 in taxes on $11,200,000,000 in profit for 2018

Feb 2011
16,962
11,319
The formerly great golden state
#31
Not anymore unless they have the guts to put a kibosh on Donald's beloved Wall (they won't) - Apparently Trump controls the purse strings now.
Oh, I think they already have, unless Trump actually succeeds in declaring a "national emergency."
 

Blueneck

Former Staff
Jun 2007
53,864
40,380
Ohio
#33
May 2013
17,227
16,186
Boise, ID
#34
Oh, I think they already have, unless Trump actually succeeds in declaring a "national emergency."
They are never gonna get 20 defections in the Senate - And that's IF McTurtle can't figure out a way to cock-block a vote.
Could Congress Block Trump’s Emergency Declaration?
Very simply, they like their judges, tax cuts and deregulation too much to put a check on the bastard.
This'll be decided by SCOTUS - I'm putting it at 50/50 .. Roberts is the wild card

 
Last edited:
Jul 2013
53,780
57,590
Nashville, TN
#35
Stop trying to blame "one" side for our tax laws and you know that's what you are doing.
Your party passed the last three major tax cut bills over the objections of Democrats, are you going to try to alter history?
The Economic Growth and Tax Relief Reconciliation Act of 2001 (Pub.L. 107–16, 115 Stat. 38, June 7, 2001) was a sweeping piece of tax legislation in the United States passed by the 107th Congress and signed by President George W. Bush.
Economic Growth and Tax Relief Reconciliation Act of 2001 - Wikipedia
The Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JGTRRA", Pub.L. 108–27, 117 Stat. 752), was passed by the United States Congress on May 23, 2003 and signed into law by President George W. Bush on May 28, 2003. ... The 2001 and 2003 acts are known together as the "Bush tax cuts".

Jobs and Growth Tax Relief Reconciliation Act of 2003 - Wikipedia
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. It cuts individual income tax rates, doubles the standard deduction, and eliminates personal exemptions. The top individual tax rate drops to 37 percent. The Act cut the corporate tax rate from 35 percent to 21 percent beginning in 2018.Feb 7, 2019
How Trump's Tax Reform Plan Affects You

The Bush tax cuts cost 6.5 trillion dollars, the Trump tax cut is worse.
 
Feb 2010
33,965
23,708
between Moon and NYC
#36
For those with any interest. Here is an article that provides some detail and background to the Amazon federal tax topic. Whether one agrees or disagrees with the particular provisions.


"This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy, a liberal think tank.
US tax code allows money-losing companies to reduce their future taxable income.

Amazon (AMZN) piled up billions of dollars in losses over its two-decade history. It posted $3 billion worth of losses during its first eight years as a public company. It swung between profit and loss since 2003. Its most recent annual loss was $241 million in 2014.
Amazon's total earnings have easily topped its losses — many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Other earnings were offset by Amazon's investments in equipment, such computers and robots at its fulfillment centers.

Last year, Amazon benefited from an accelerated tax credit for equipment purchases, which was part of the corporate tax bill passed at the end of 2017. And the company has received research and development tax credits. So Amazon's federal tax bill came to a net credit of $129 million in 2018 after getting a $137 million tax credit in 2017."

https://www.cnn.com/2019/02/15/tech/amazon-federal-income-tax/index.html




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Jul 2013
53,780
57,590
Nashville, TN
#37
For those with any interest. Here is an article that provides some detail and background to the Amazon federal tax topic. Whether one agrees or disagrees with the particular provisions.


"This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy, a liberal think tank.
US tax code allows money-losing companies to reduce their future taxable income.

Amazon (AMZN) piled up billions of dollars in losses over its two-decade history. It posted $3 billion worth of losses during its first eight years as a public company. It swung between profit and loss since 2003. Its most recent annual loss was $241 million in 2014.
Amazon's total earnings have easily topped its losses — many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Other earnings were offset by Amazon's investments in equipment, such computers and robots at its fulfillment centers.

Last year, Amazon benefited from an accelerated tax credit for equipment purchases, which was part of the corporate tax bill passed at the end of 2017. And the company has received research and development tax credits. So Amazon's federal tax bill came to a net credit of $129 million in 2018 after getting a $137 million tax credit in 2017."

https://www.cnn.com/2019/02/15/tech/amazon-federal-income-tax/index.html




..
No problem, just dump another trillion on the national debt, our grandkids can worry about it...
 

Blueneck

Former Staff
Jun 2007
53,864
40,380
Ohio
#38
True, but that is not the whole story. Amazon would have to hire hundreds or possibly thousands to build the new HQ who would have to buy all of the materials to build this place. Then they would have to staff this place with 25,000 new employees who would also have to buy or rent homes and get groceries or go to restaurants to eat. They would have to pay transportation companies to haul their stuff or buy all new furnishings that would also provide a source of revenue for the local government. All of the activity that is a result of this HQ would be a net plus to any city that was lucky enough to get it.
25000 employees? You really believe that? The just built a "fulfillment center" close to my town. It's over 800,000 sq ft and only 1500 employees.

Amazon’s newest expansion to bring 1,500 jobs to Ohio

WTF are 25,000 employees going to do in an HQ building? I'm beginning to think these deals are just scams. And I just love it when the party of "free" markets justifies it by saying it makes perfect sense to buy customers for small businesses and jobs for people with tax money , to be paid back by the tax money collected from the small businesses and employees pay.

I used to joke about using my consignment checks to buy more of own products in order to get more consignment checks. Maybe I should have written a textbook based on that idea and called it "Sound Business Principles".

But I probably would have gotten sued for plagiarism by the ad agency that came up with " I need more cocaine so I can work more so I can afford more cocaine."
 
Likes: Panzareta

HayJenn

Moderator
Jul 2014
66,309
54,929
CA
#39
For those with any interest. Here is an article that provides some detail and background to the Amazon federal tax topic. Whether one agrees or disagrees with the particular provisions.


"This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy, a liberal think tank.
US tax code allows money-losing companies to reduce their future taxable income.

Amazon (AMZN) piled up billions of dollars in losses over its two-decade history. It posted $3 billion worth of losses during its first eight years as a public company. It swung between profit and loss since 2003. Its most recent annual loss was $241 million in 2014.
Amazon's total earnings have easily topped its losses — many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Other earnings were offset by Amazon's investments in equipment, such computers and robots at its fulfillment centers.

Last year, Amazon benefited from an accelerated tax credit for equipment purchases, which was part of the corporate tax bill passed at the end of 2017. And the company has received research and development tax credits. So Amazon's federal tax bill came to a net credit of $129 million in 2018 after getting a $137 million tax credit in 2017."

https://www.cnn.com/2019/02/15/tech/amazon-federal-income-tax/index.html




..

Nice that corps can get tax breaks that the average Joe does not have.

Also read where they did big buybacks of their stock, due to the GOP tax bill.