No. of Recommendations: 1

Maybe the author is related to Maynard G Krebs.


Hey, don't insult that beatnik! He and Dobie are best buds!
Print the post Back To Top
No. of Recommendations: 3
.

Then there is this to consider:

<snips>
"..... the e-tail/retail/tech/entertainment/everything giant won’t have to pay a cent in federal taxes for the second year in a row. This tax-free break comes even though Amazon almost doubled its U.S. profits from $5.6 billion to $11.2 billion between 2017 and 2018.

To top it off, Amazon actually reported a $129 million 2018 federal income tax rebate—making its tax rate -1%. Amazon’s low (to non-existent) tax rate has been chided by politicians ranging from Senator Bernie Sanders to President Donald Trump.?

http://fortune.com/2019/02/14/amazon-doesnt-pay-federal-taxe...


FYI, I am not a fan of Amazon!
Print the post Back To Top
No. of Recommendations: 9
Meanwhile, my county mayor just tweeted at Bezo saying come to Knoxville.

https://www.wbir.com/article/news/mayor-jacobs-tweets-at-ama...

As far as paying no federal taxes, don't blame the business, blame the people that wrote the law. FWIW, I have 2 side businesses, one didn't pay any taxes either. Does it mean I lost money? No, I actually made money and put a good amount in my pocket. All legit, basically the ability to depreciate assets, etc, against income. I'm sure Amazon is doing something very similar.

JLC
Print the post Back To Top
No. of Recommendations: 13
To top it off, Amazon actually reported a $129 million 2018 federal income tax rebate—making its tax rate -1%. Amazon’s low (to non-existent) tax rate has been chided by politicians ranging from Senator Bernie Sanders to President Donald Trump.?

http://fortune.com/2019/02/14/amazon-doesnt-pay-federal-taxe......


-------------------

This is a superficial article. The lazy author did not put in one detail about how the retail giant arranged its affairs in order to owe no tax.
Print the post Back To Top
No. of Recommendations: 0

This is a superficial article. The lazy author did not put in one detail about how the retail giant arranged its affairs in order to owe no tax.





Superficial is all most members of this board can handle. They didn't even bother to look up the $3 Billion in incentives that would come out of taxpayer pockets. AOC was right to oppose the deal.


https://www.wsj.com/articles/amazons-pivot-raises-scrutiny-o...


Amazon’s Pivot Raises Scrutiny of Incentive Deals

Seattle-based Amazon said Thursday it would no longer invest $2.5 billion and hire 25,000 people in Long Island City, Queens, citing increased public opposition to the project. State and local officials had promised up to $3 billion in incentives.

Apple Inc. supplier Foxconn has sent mixed messages about its plans to invest $10 billion in southeast Wisconsin, saying it wouldn’t build a factory as promised then reversing course after a conversation between its chairman and President Trump. Wisconsin had promised up to $4 billion in public support.

Tax breaks designed for specific companies, as opposed to broader programs that companies automatically qualify for if they create a certain number of jobs, are the most vulnerable to misuse and stand the best chance of being reined in following the collapse of the Amazon deal, said John Kaehny, executive director of the New York-based watchdog group Reinvent Albany.

But, he said, politicians love them. “To the politician it doesn’t really matter if that business would create jobs there with or without subsidies,” Mr. Kaehny said. “What matters is that politician can get credit for it.”
Print the post Back To Top
No. of Recommendations: 5
the e-tail/retail/tech/entertainment/everything giant won’t have to pay a cent in federal taxes for the second year in a row

AMZN did not pay Federal Income Tax....but it did indeed pay income taxes....most likely state and local income taxes, but not sure if this also includes employment taxes.

From the recently released 2018 10K for Amazon...

Cash paid for income taxes 2016, 2017, 2018 net of refunds ($Millions) ................. $412 .... $957 .... $1,184

https://ir.aboutamazon.com/static-files/ce3b13a9-4bf1-4388-8...

bottom of p.36

BruceM
Print the post Back To Top
No. of Recommendations: 1
<This is a superficial article. The lazy author did not put in one detail about how the retail giant arranged its affairs in order to owe no tax.>


Maybe the author is related to Maynard G Krebs.



BG
Print the post Back To Top
No. of Recommendations: 1

Maybe the author is related to Maynard G Krebs.


Hey, don't insult that beatnik! He and Dobie are best buds!
Print the post Back To Top
No. of Recommendations: 1
<Hey, don't insult that beatnik! He and Dobie are best buds!>



https://www.youtube.com/watch?v=TgecgpCfAYo&list=PLhBqvF...


The author of the referenced article was clearly afraid of work.

So was dear old Maynard. At least Mr. Krebs made us laugh. I am not sure what the G stood for.


BG
Print the post Back To Top
No. of Recommendations: 2
AOC: another gift that keeps on giving

Go girl!

It is sad that Amazon is only interested in $3B tax incentives and sees no value in other stuff NY has to offer.

What amazon is doing is playing one city against other and they are openly gaming it. It is about time that someone stands against this non-sense.

Why Amazon deserves $3B tax incentives? It is not like that Amazon cannot survive without that $3B tax incentive. It is simply Amazon flexing its power to get unfair tax incentives. Imagine if you are a small business owner, do you think the cities are offering you a tax incentive for setting up your shop in their city? If not, why should Amazon deserve that?

Here is the simple math. NYC has over 4 million jobs and that means there are many employers who employ over 10K, 25K people. What if everyone turns around and demands you better offer the same terms as Amazon, or we are leaving? This is a death race. Some folks had the common sense to stop the non-sense. Of course they have made some silly remarks but that doesn't mean the fight is not the right one or worth it.

What if NYC, strikes back and taxes Amazon extra 20% for not choosing their state? I mean why not? If they are demanding tax cuts to locate their offices and why not the state slap higher taxes for not choosing them?
Print the post Back To Top
No. of Recommendations: 2
AMZN did not pay Federal Income Tax....but it did indeed pay income taxes...

It is interesting to see people who rail against socialism have all lined up to defend "corporate socialism". People who criticize those making < $20K as not paying taxes, even though they pay sales tax, payroll tax,.... but suddenly wake up and realize the $150B giant has paid < 1% taxes.

Bravo!
Print the post Back To Top
No. of Recommendations: 3
And when they say, "Instead of paying money to Amazon, we should use it to improve schools and subways," it shows that they don't know how tax abatements and credits work. If you give a company a deal on taxes for some number of years, you count on the increased business activity revue and increased taxes that all the new employees pay. The money isn't "there" to be used for other stuff.
Print the post Back To Top