Trump slams Amazon for paying 'no taxes' to state, local governments

Trump slams Amazon for paying 'no taxes' to state, local governments

Trump slams Amazon for paying 'no taxes' to state, local governments

US President Donald Trump has accused Amazon.com Inc of not paying enough tax, taking advantage of the US postal system and putting small retailers out of business, without offering evidence to back up his criticisms or suggesting any specific actions he would take.

Trump also wants to change Amazon's tax treatment, the Axios report said, an issue the president raised publicly a year ago when he called for an internet tax for online retailers, even though Amazon already collects sales tax on items it sells direct to customers.

The tweet comes a day after Axios reported that the president is "obsessed" with the company, and after Amazon's stock values dipped slightly. Amazon's stock fell 1.4% in midday trade, with its market cap falling to $684.3 billion from $693.4 billion, while Microsoft's stock rose 0.6% to lift its market cap to $692.4 billion from $688.3 billion. Amazon declined to comment on the tweet.

In general, these tweets seem to have no lasting effect on Amazon's stock price.

Generation Z is the only age group that has resisted Amazon as millennials, baby boomers and grandparents have flocked to it. Teens still go to stores and try on clothes before buying them, likely because many of them are using their parents' money. "Amazon is not the only one, but they are by far the largest share of online sales".

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In 2015, Trump said that Amazon would tank if it ever had to pay "fair" taxes. "And that puts brick-and-mortar retail stores at a disadvantage", Shah said. Some "localities, however, are not collecting tax from out-of-state or even out-of-town businesses because of problematic restrictions in state or local law". The think tank's new study said that while Amazon has been collecting state sales taxes across the USA since April 2017, cities are being left out due to their state rules.

But Amazon now wants to lock in these customers before they leave the nest.

That issue was the cause of some of Mr Trump's ire, White House Council of Economic Advisers Chairman Kevin Hassett told Fox Business Network. And it also does not collect sales taxes on purchases made on Amazon from third-party vendors. "And that's about half of their sales", he said. Generally, no taxes are collected on those, an issue that might be straightened out in the Supreme Court this year. And while some cities in other states are bemoaning the fact that their state governments only require Amazon and others to collect state sales taxes, Texas and most states have a different deal.

Investors largely waved off concerns about that on Thursday.

"In addition to those comments regarding Amazon, we bought Ford in the Winter of 2017 when he promised to help his "good friend" Bill Ford which cost us nearly 40%".

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