Donald Trump slams Amazon for paying 'no taxes'

Donald Trump slams Amazon for paying 'no taxes'

Donald Trump slams Amazon for paying 'no taxes'

The US president pointed out that Amazon does not pay enough taxes, hurts traders, and receives an unfair advantage at the back of the US Post Office.

The tweets come a day after multiple sources reported that Trump is "obsessed" with Amazon and wants to "go after" the e-commerce giant - a report that caused Amazon's shares to fall nearly 5% and wiped out more than $31B in shareholder value in the process.

Earlier disclosures submitted to the US Senate showed that Amazon employs about 15 lobbyists, with another 15 outside lobbying firms who each assign more lobbyists to work on behalf of the company.

In its latest annual report, the U.S. Postal Service credits "e-commerce growth" with its package delivery service bringing in $19.5 billion in revenue a year ago, far more than expected.

The Wall Street Journal also observed that Amazon collects billions of dollars in state sales tax throughout the US and stated that allegations that Amazon may have an unfair competitive advantage are "quarter-baked". A report released March 26 by the left-leaning Institute on Taxation and Economic Policy said Amazon either doesn't collect and remit local sales tax or is charging a lower sales tax rate than traditional retailers in seven states: Alabama, Alaska, Idaho, Iowa, Mississippi, New Mexico, and Pennsylvania. "And he's always going to look at different ways, but there aren't specific policies on the table at this time".

Though it's unclear how much of a boon, if any, Amazon has turned out to be, the postal service is better off today than it was before.

A Supreme Court ruling favouring South Dakota could funnel up to $13 billion (£9.3 billion) annually of new tax revenues into the coffers of affected USA states, according to a 2017 federal government report.

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Changing Amazon's tax treatment or using antitrust law to thwart Amazon would be hard.

"I don't think it can be stopped but I don't think he can target one company". The development comes at a time when the local arm of the Seattle-based company has been faced with issues from several of the third-party sellers, especially the ones who do not use the e-commerce major's Fulfilled By Amazon (FBA) service. But what measures can he actually take against the online retail giant? Notably, packages and shipping are areas of growth for the Postal Service that have offset its general shortfalls in revenue. "They pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!" he tweeted.

Details of Amazon's payments to USPS are not publicly known.

On 28 March, Trump's press secretary, Sarah Sanders, said that Trump's administration had "no announcements and no specific policies or actions that we are now pushing forward or considering taking", but did not rule out the prospect.

It is not clear that Amazon is responsible for the United States Postal Service (USPS) losing money, although Wall Street analysts have estimated it pays USPS roughly half what it would to United Parcel Service Inc UPS.N or FedEx Corp FDX.N to deliver a package.

"During the previous five years, Amazon reported US profits of $8.2 billion and paid an effective federal income tax rate of just 11.4 percent", wrote Matthew Gardner, an ITEP senior fellow. In 2017, the loss was $2.74 billion. Amazon, since forming a JV with the Patni group, has also been working closely with Appario Retail. Soon after Trump's tweet, the White House indicated imposing taxes on such companies. Trump has also often criticised stories in The Washington Post, a newspaper owned by Bezos. "It's really about policy".

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