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| wishing we were congress |
Amazon hasn't paid any federal taxes for the last two years Profits of $5.6 Billion in 2017, and $ 11.2 Billion in 2018, but zero federal taxes for both years. | |||
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Don't Panic |
That's an interesting statement....any link to the source? Reason I say that, is here is their discussion of income taxes from page 22 of AMZN's Feb 2019 10K filing:link
Amazon Oct 2018 10-Q notes that for the nine month period Jan-Sept they paid $755M in 2017 and $870M in 2018. Now, yes, these are financial reports and not tax returns - but still, it sure looks like they're getting taxed to me. | |||
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| wishing we were congress |
"That's an interesting statement....any link to the source?" https://itep.org/amazon-in-its...ederal-income-taxes/ Amazon, the ubiquitous purveyor of two-day delivery of just about everything, nearly doubled its profits to $11.2 billion in 2018 from $5.6 billion the previous year and, once again, didn’t pay a single cent of federal income taxes. The company’s newest corporate filing reveals that, far from paying the statutory 21 percent income tax rate on its U.S. income in 2018, Amazon reported a federal income tax rebate of $129 million. For those who don’t have a pocket calculator handy, that works out to a tax rate of negative 1 percent. The fine print of Amazon’s income tax disclosure shows that this achievement is partly due to various unspecified “tax credits” as well as a tax break for executive stock options. This isn’t the first year that the cyber-retailing giant has avoided federal taxes. Last year, the company paid no federal corporate income taxes on $5.6 billion in U.S. income. xxxxxxxxxxxxxxxxxxxxx also: https://www.foxbusiness.com/ma...second-year-in-a-row xxxxxxxxxxxxxxxxxxxxxxxxxxx From the Amazon 10k: "We are subject to a variety of taxes and tax collection obligations in the U.S. (federal and state) and numerous foreign jurisdictions." So when the report mentions "income tax", it doesn't identify how much is for U.S. federal tax note: I am not a financial guy, and am not skilled at interpreting a detailed 10-k | |||
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| Member |
Are they breaking the law? If not, then what's the problem? | |||
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Unflappable Enginerd |
I'm not sure there is a problem, it's a big company that is leveraging its position to minimize overhead and tax burden. Anyone else would be considered smart to do this, no? The AOC's of the world hate these companies while buying stuff from them... __________________________________ NRA Benefactor I lost all my weapons in a boating, umm, accident. http://www.aufamily.com/forums/ | |||
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| Member |
Agreed, I want to pay as little tax as possible without breaking the law. I'll be the first to say that the tax law(s) are super stupid. | |||
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Member |
Page 17 of the 10Q Statement: Cash paid for income taxes, net of refunds was $172 million and $200 million in Q3 2017 and Q3 2018 , and $865 million and $1.0 billion for the nine months ended September 30, 2017 and 2018 . ========================================== Just my 2¢ ____________________________ Clowns to the left of me, Jokers to the right ♫♫♫ | |||
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| wishing we were congress |
From the 10-k, "Income tax expense includes U.S. (federal and state) and foreign income taxes" I didn't see a break out below that. I don't have a problem w companies or people paying the lowest amount of tax according to the law. If the federal law allows a company to make $ 16 B profit, and pay no federal tax, that doesn't sound like a good deal for the country. | |||
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ammoholic |
In what universe does her math exist? Incentives are given as a means to gain greater benefits, as in the 25,000 workers, average pay at $150,000 per capita. That's not including the additional benefit to local business that supply those workers with food, shelter, services. Nor does it include Amazon itself purchasing materials and services going forward for the life of their new HQ2. She really believes she won this round. It's frightening how ignorant and arrogant she and her fellow colleagues are. For her own co-party Governor to call her out? | |||
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| Go ahead punk, make my day |
Funny thing is she thinks NY had this $3-billion to just 'give people'. It was tax breaks, discounts, etc. Not real money. Calling her a dumb bitch is an insult to real dumb bitches. | |||
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| Unflappable Enginerd |
Like I said on page 3:
__________________________________ NRA Benefactor I lost all my weapons in a boating, umm, accident. http://www.aufamily.com/forums/ | |||
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| Member |
She is the true definition of a stupid, dump bitch! I say screw the people in NYC as they have the ass holes that they voted for. Let them continue to drive people away and live in squaller.....But they got their way and AOC! | |||
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| Don't Panic |
Thanks for ferreting that out. Cash is king - income statement allowances are nice but it's writing the checks that matters.  They probably have/had a bunch of tax-loss carryforwards from the years of losses. Anyway, for those who are not MBA/CPAs - these mandatory SEC filings are done under regulations with fines and penalties (civil and criminal) for errors and ommissions. Contrast that with the penalties for fake news, and that may help you figure out what/whom to believe.... | |||
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| Only dead fish go with the flow  |
I'm not an expert on the subject but this is what appears to be happening and it's very common: In order to avoid paying corporate tax, corporations transfer that wealth (profit) to executives and other employees via stock incentives that the company is permitted to fully expense. This becomes taxable to the employees receiving the incentive. Here's the issue: the tax is deferred and it's typically taxed at a lower rate than the corporation would have paid and significantly less then the person would pay on normal income. In most cases, it becomes long term capital gain (because it's held more than a year) and it's taxed at that rate. So, a billionaire like Bezos gets most of his compensation through this method and then pays a 15% tax rate. | |||
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| Ignored facts still exist |
It's not the government's money to begin with. Sure we need taxes to cover roads and defense, but other than that I couldn't give a shit if corporations and those who created those corporations keep it so it can be used to expand the business, hire people, etc. . | |||
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thin skin can't win |
So. What!? If you don't understand the idea of them racking up huge, I mean HUUUUGE losses in the many years leading up to finally showing a tiny profit and having carryover losses from then, you and others critiquing that most certainly shouldn't enter into discussion showing them to be not paying taxes on current income based on your limited definition of that. The fact that they managed to keep pumping in the incredible funds needed to grow to this point and not tank beforehand is a testimony to an incredible story, an incredible story teller, their own printing press or a combo of those. I'm not fan of Bezos personally or politically, but I am personally glad to see they decided NOT to drop money into the hellhole called New York. More power to them. How their federal income tax situation is related to that is beyond connection. Are you suggesting the feds gave them a carve-out tax incentive to start a business in the USA? You only have integrity once. - imprezaguy02 | |||
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| Ignored facts still exist |
Funny, just a few years ago, people said similar things about Walmart. . | |||
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safe & sound |
Perhaps. But Walmart contributes to my local economy. It pays property tax (generally). It employs local persons. It uses the services of local businesses. When your tax base goes down you have two choices. You either spend less, or tax those left behind more. I know most here are happy to save a few dollars here on Amazon, but they don't consider the ramifications beyond their instant gratifications. | |||
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| wishing we were congress |
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