Amazon.com, Inc's (AMZN) Tax Approach Sparks Ire In Nation's Capital

If you're looking for a good stock to buy today have we got a deal for you! Amazon is down 5% Wednesday

If you're looking for a good stock to buy today have we got a deal for you! Amazon is down 5% Wednesday

President Donald Trump returned to one of his favorite punching bags March 29: Amazon.

I believe a "Trump tech tax" targeting companies like Amazon is likely to only hurt the US consumer, given the prevalence of Amazon domestically - Amazon's growing presence globally will allow the company to strategically focus its efforts on lower-tax areas, giving the company a small moat to defend itself against such legislation.

"Unlike others, 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 wrote on social media.

The president, seemingly responding to reports that he was "obsessed" with Amazon, tried to explain his feelings about the online retail giant.

It also said that he wanted to change Amazon's tax treatment - an issue he raised publicly a year ago when he called for an internet tax for online retailers, though Amazon already collects sales tax on items it sells direct to customers.

"It's about The Washington Post and how he doesn't feel they've been favourable to him", she said.

Amazon gained a reputation in its early years of paying little in taxes, in part because its retail operations lost money.

Does Amazon avoid state and local taxes?

At time of publication, Amazon shares were trading in the green at $1,432.

Amazon also has a special agreement with the Postal Service to deliver packages on Sundays.

"Not only do Amazon packages cover their own costs", a source involved with the partnership told Benzinga, "but they help keep the overall service alive".

It was not clear what Trump's comments were based on.

And with that, the Commander in Chief cut billions of dollars from the net worth of the world's richest man-Amazon CEO Jeff Bezos. But those stores had plenty of competitive problems that went far beyond the growth of Amazon, including big box stores like Walmart.

Amazon has undoubtedly contributed to the closure of many brick-and-mortar stores and the bankruptcy of some chains as more people shop online instead of in malls. "So has Starbucks, Barnes & Noble, Kroger and any other superstore that took share from small businesses".

Bezos is also the owner of the Washington Post, a frequent target of Trump's ire over its news coverage.

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