US President Trump slams Amazon for paying 'no taxes'

02 April, 2018, 11:29 | Author: Lora Ball
  • Amazon's logistics office in northern France

Amazon shares fell as much as 4.5 percent in morning trade, but recovered and closed up just over 1 percent. In fact, that's the recurring theme to any Trump-induced stock plunge for Amazon.

"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%".

Trump's dislike of Amazon is well-documented, as he tweeted about the company and its CEO Jeff Bezos back in 2015. "So that the politicians in Washington don't tax Amazon like they should be taxed".

During the 2016 campaign, Trump said the USA online giant could have "a huge antitrust problem" if he were elected, and suggested Bezos bought the daily newspaper as a move to protect Amazon "so that they don't have to pay taxes and don't get sued for monopolistic tendencies".

It has also reached agreements with most U.S. states to pay sales taxes, after years of legal disputes.

Seattle-based Amazon has fought for years against collecting sales tax, but now collects it in states that have a sales tax. It is now looking to reduce its dependancy on the service by expanding its network of distribution centers.

"[Amazon has] long supported Congressional action to solve the patchwork system of state and local laws", the source told Benzinga.

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The issue is still being disputed at the federal level, with the U.S. Supreme Court set to hear oral arguments on April 17 in a case which could reverse a 1992 decision that only companies with a physical presence in a state are required to collect state sales tax.

Analysts at Stifel said the president's tweets on the topics does not seem "detrimental to Amazon". "And as a result companies like Amazon can buy and sell goods without having to pay basic retail taxes that your stores and your convenience stores and all the folks around-when you walk out of the studio over there and grab something, you have to pay". Third-party vendors had sales of $32 billion on Amazon in 2017, although some of those sales were outside of North America. During his presidential election campaign days, Trump had said, The Washington Post had a team of some 20 reporters to write stories against him.

Deliveries for Amazon and other online retailers are the fastest-growing part of USPS' business, helping offset a sharp decline in regular first-class mail.

Given that teens aren't able to get bank accounts without parental consent and that checking accounts for high school students have monthly charges and overdraft fees, Amazon has a chance to come up with a product that would actually appeal to teens. And while the Postal Service has lost money for years, online shopping has led to growth in its package-delivery business.

Have Amazon shipments financially hurt the U.S. Postal Service?

In some major US cities, including San Francisco, Philadelphia and New York, Amazon's has prompted the postal service to operate seven days a week because of deliveries, helping generate revenue for the postal service.

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