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Posted on 02/28/2018 5:13:39 PM PST by tarpit
...You may be asking: How is this legal? Isn’t Amazon an American company? Aren’t companies required to pay federal income tax? Hello?
Amazon’s global headquarters is not in Seattle, but in the tiny landlocked nation of Luxembourg (Amazon employs more than 40,000 people in Seattle, compared to 1,500 people in Luxembourg.). The European Union has accused Luxembourg of giving illegal tax breaks to Amazon and has ordered the country to recover $295 million in back taxes from Amazon.
(Excerpt) Read more at splinternews.com ...
See http://www.nextgov.com/it-modernization/2018/02/pentagons-1-billion-cloud-deal-may-signal-new-era-government-buying/146273/ for details on the plan to use the amazon cloud.
Oh, and Trump is now for gun confiscation.
Just getting better and better.
Dr. Evil Bezos is very pleased.
...and the Post Office lost money shipping Amazon’s packages. There’s collusion between Amazon and the Federal government with multiple agencies.
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I wish I paid zero taxes.
“I wish I paid zero taxes
You can.
Aren’t companies required to pay federal income tax?
Lots of possibilities.
“I wish I paid zero taxes.”
Then you aren’t wealthy enough, or poor enough, to pay no taxes.
No. Their,global headquarters is not in the USA,so,they do not pay federal taxes. Does that make them a foreign company? If so, why does would the post office subsidize them? I just don’t understand.
I don’t honestly care if Amazon pays taxes. Amazon employees pay a ton of taxes.
Re: “Amazon made $5.6 Billion and paid zero taxes”
Takes about 30 seconds to check if that is true or false.
2017 - Earnings Before Taxes - $3.8 billion
2017 - Income Tax - $769 million
Looks exactly like the new 20% Trump Business Tax to me.
Source...
https://www.nasdaq.com/symbol/amzn/financials?query=income-statement
Last time I looked, Seattle was in the USA, but things change quickly in the internet era. Amazon headquarters in Seattle.
In the notes they write:
"Income tax expense includes U.S. (federal and state) and foreign income taxes. Tax legislation commonly known as the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries, and as a result, all previously unremitted earnings for which no U.S. deferred tax liability had been accrued have now been subject to U.S. tax. Notwithstanding the U.S. taxation of these amounts, we intend to continue to invest most or all of these earnings, as well as our capital in these subsidiaries, indefinitely outside of the U.S. and do not expect to incur any significant, additional taxes related to such amounts.
Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered.
Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent we believe they will not be realized. We consider many factors when assessing the likelihood of future realization of our deferred tax assets, including our recent cumulative loss experience and expectations of future earnings, capital gains and investment in such jurisdiction, the carry-forward periods available to us for tax reporting purposes, and other relevant factors.
We utilize a two-step approach to recognizing and measuring uncertain income tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating our tax positions and estimating our tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. We include interest and penalties related to our tax contingencies in income tax expense."
Corporations don’t pay income taxes.
Thanks.
Your Comments were very helpful.
All the tax numbers - yours and mine - are provisional, by the way.
I noticed two things while going over the 10-K.
First, Amazon paid $1.14 billion in U.S. Federal taxes in 2016.
Second, in 2017, Amazon paid $13.7 billion for Whole Foods, and they invested close to $10 billion in Amazon Cloud, almost twice as much as in 2016.
I will speculate that investments in Whole Foods and Cloud had a significant impact on their 2017 tax bill.
this article is bullshit.
This Luxembourg tax shelter issue is a scam Luxembourg is trying to pull on the rest of the EU, and is an issue exclusive to the EU and has nothing at all to do with any taxes Amazon may or may not pay in the U.S.
Furthermore, multiple companies have been participating in the Luxembourg tax scam, with Apple’s scam far dwarfing amazon:
And again this has nothing to do with how much taxes these companies pay in the U.S.
garbage article from a garbage website ...
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