Author Topic: Amazon paid no federal taxes on $11.2 billion in profits last year  (Read 5899 times)

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Offline jmyrlefuller

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From Bezos's own paper.
https://www.washingtonpost.com/us-policy/2019/02/16/amazon-paid-no-federal-taxes-billion-profits-last-year/?noredirect=on

Amazon, the e-commerce giant helmed by the world’s richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the company’s corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank.

Thanks to a variety of tax credits and a significant tax break available on pay handed out in the form of company stock, Amazon actually received a federal tax rebate of $129 million last year, giving it an effective federal tax rate of roughly -1 percent.

(excerpt)
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Offline Dexter

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #1 on: February 17, 2019, 12:26:05 pm »
If corporations are people their profits should be taxed like people. Shit like this is part of why Joe Everyday still pays a ton of taxes when he can already barely afford to keep his family above water.
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Offline Texas Yellow Rose

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #2 on: February 17, 2019, 12:42:44 pm »
Corporations are not in business to lose money.  If they are charged tax by the federal government, they simply pass that cost on to the consumer.  ...That would be you and me.

Offline Drago

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #3 on: February 17, 2019, 01:12:10 pm »
If corporations are people, the people pay their income taxes on an individual basis.  As mentioned before, corporations don't pay income taxes, the end customer does. "Cost of doing business".
 

Offline Dexter

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #4 on: February 17, 2019, 02:33:11 pm »
Corporations are not in business to lose money.  If they are charged tax by the federal government, they simply pass that cost on to the consumer.  ...That would be you and me.

If big corporations got taxed more and raised their prices that would create room for a less taxed small business to compete. They can't just raise their prices indefinitely. At some point they have to eat a loss unless they want to lose all of their business. I think small business owners should be subsidized with the taxes taken from big corporations. I want to give the little guy an edge because I think that would help end the monopolization of our economy.
« Last Edit: February 17, 2019, 02:34:15 pm by Dexter »
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Offline EdJames

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #5 on: February 17, 2019, 03:04:17 pm »
The whole tax code is screwed up.

Offline ABX

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #6 on: February 17, 2019, 03:30:04 pm »
These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.

They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).

There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.

They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.

Offline ABX

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #7 on: February 17, 2019, 03:31:57 pm »
If big corporations got taxed more and raised their prices that would create room for a less taxed small business to compete. They can't just raise their prices indefinitely. At some point they have to eat a loss unless they want to lose all of their business. I think small business owners should be subsidized with the taxes taken from big corporations. I want to give the little guy an edge because I think that would help end the monopolization of our economy.

I didn't know Bernie Sanders was a memeber here.

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #8 on: February 17, 2019, 03:59:46 pm »
   Hard to believe his own damn newspaper published this. 
No government in the 12,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Offline Sanguine

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #9 on: February 17, 2019, 04:08:11 pm »
These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.

They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).

There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.

They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.

This needs to be repeated.  I know Bezos is not liked right now, and stories that play on emotions sell papers, but this is a ridiculous story. 

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #10 on: February 17, 2019, 04:15:31 pm »
If big corporations got taxed more and raised their prices that would create room for a less taxed small business to compete. They can't just raise their prices indefinitely. At some point they have to eat a loss unless they want to lose all of their business. I think small business owners should be subsidized with the taxes taken from big corporations. I want to give the little guy an edge because I think that would help end the monopolization of our economy.

We can count on lefties being unable to resist distorting the economy. 
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
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Offline LMAO

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #11 on: February 17, 2019, 05:15:53 pm »
These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.

They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).

There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.

They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.

@ABX

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Offline Dexter

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #12 on: February 17, 2019, 07:34:56 pm »
We can count on lefties being unable to resist distorting the economy.

Without any interference eventually one small group of business people would own everything in a capitalist society. Once somebody wins too much the competition that makes capitalism so great starts to no longer exist. Sometimes I think conservatives would sit back and watch kings be remade in the private sector.
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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #13 on: February 17, 2019, 07:52:26 pm »
Without any interference eventually one small group of business people would own everything in a capitalist society. Once somebody wins too much the competition that makes capitalism so great starts to no longer exist. Sometimes I think conservatives would sit back and watch kings be remade in the private sector.

What I hope someday you will understand is Government is incapable of helping "the little guy" over the big guys.  The big guy can always get exemptions written into the law for themselves, with the express purpose of wiping out their smaller competitors.
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
I will NOT comply.
 
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Offline Dexter

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #14 on: February 17, 2019, 08:02:13 pm »
Government is incapable of helping "the little guy" over the big guys.

Have you always been so optimistic? Humanity has put people on the moon. A less corrupt government that fights for everyday people is not impossible. In the end humanity leans toward good. We WILL do better than this.
« Last Edit: February 17, 2019, 08:04:27 pm by Dexter »
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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #15 on: February 17, 2019, 08:10:42 pm »
Without any interference eventually one small group of business people would own everything in a capitalist society. Once somebody wins too much the competition that makes capitalism so great starts to no longer exist. Sometimes I think conservatives would sit back and watch kings be remade in the private sector.
Without any interference eventually one small group of business government people would own everything in a capitalist socialist society.
Fixed it for you

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #16 on: February 17, 2019, 08:52:34 pm »
Have you always been so optimistic? Humanity has put people on the moon. A less corrupt government that fights for everyday people is not impossible. In the end humanity leans toward good. We WILL do better than this.

I am an optimist in most things, but when it comes to using government to "level the playing field" I am as pessimistic as can be.  It's the 45 years of experience talking.

ETA:  Your example of putting a man on the moon is a non-sequitor.  There are some things it can do, but creating "economic equality" is definitely not one of them.  Far from it.  Government always ends up helping out the wealthy because they're the ones with the lobbyists and expensive law firms.

Every bad idea from leftists that start with "If we can put a man on the moon, then we can..." end up enriching the wealthy at the end of the day.
« Last Edit: February 17, 2019, 08:57:15 pm by Cyber Liberty »
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
I will NOT comply.
 
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Offline LMAO

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #17 on: February 17, 2019, 08:54:52 pm »
Have you always been so optimistic? Humanity has put people on the moon. A less corrupt government that fights for everyday people is not impossible. In the end humanity leans toward good. We WILL do better than this.

Where are you going to find these enlightened people that have no human drives, goals, and desires or ambitions?

 The framers were very wise.  They understood human nature which is why they greatly limited the power of the government.  But they also understood the passions of the general public at large. That’s why we’re not a democracy but a representative republic

 The natural state of human nature is to seek self interest and self comfort.
« Last Edit: February 17, 2019, 08:55:34 pm by LMAO »
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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #18 on: February 17, 2019, 08:58:27 pm »
Where are you going to find these enlightened people that have no human drives, goals, and desires or ambitions?

Take a guess...Screen name starts with a "D."

 :rolling:
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
I will NOT comply.
 
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Offline Dexter

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #19 on: February 17, 2019, 09:18:33 pm »
Where are you going to find these enlightened people that have no human drives, goals, and desires or ambitions?

We could minimize the corruption with good safeguards. We could make rules that restrict them more and hold them more accountable. We could force the government to be more transparent so corruption is a lot harder to hide.
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Offline jmyrlefuller

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #20 on: February 17, 2019, 09:38:02 pm »
These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.

They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).

There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.

They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.
Bullcrap.

This is a decades-old trick known as Base Erosion and Profit Shifting. Amazon sets up foreign subsidiaries in Ireland and the Netherlands. When Amazon wants to evade taxes, it shifts around "intellectual properties" between those subsidiaries, or loans itself cash from those subsidiaries at obscenely high interest, to make it look like they're losing money. So, all those profits suddenly vanish and show up in countries where they're taxed at next to nothing. (It's not unique to Amazon but as Bezos's own paper proudly brags, they're one of the worst.)

Oh, and by the way, if anyone else wants to do it, Ireland no longer allows it... but the multinationals like Amazon have (surprise!) been grandfathered in.

It's fraud and it should be a criminal offense.
« Last Edit: February 17, 2019, 09:38:51 pm by jmyrlefuller »
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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #21 on: February 17, 2019, 09:38:43 pm »
We could minimize the corruption with good safeguards. We could make rules that restrict them more and hold them more accountable. We could force the government to be more transparent so corruption is a lot harder to hide.

Our US Constitution was designed to do exactly that.  This is why most people here hold that above all else.  Leftists should try it sometime.   :smokin:
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
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Offline Dexter

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #22 on: February 17, 2019, 09:44:32 pm »
Our US Constitution was designed to do exactly that.

It obviously wasn't enough to prevent corruption on a massive scale.
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Offline Bigun

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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #23 on: February 17, 2019, 09:47:49 pm »
The whole tax code is screwed up.

 :amen: but louder!  MUCH Louder! 

The whole tax code is screwed up.
« Last Edit: February 17, 2019, 09:48:41 pm by Bigun »
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Re: Amazon paid no federal taxes on $11.2 billion in profits last year
« Reply #24 on: February 17, 2019, 09:51:34 pm »
:amen: but louder!  MUCH Louder! 

The whole tax code is screwed up.

 888high58888