President Trump hits out at online retailer Amazon again over tax payments
- by Susan Cole
- in Money
- — Apr 2, 2018
A day after a report suggested President Donald Trump's intentions to "go after" Amazon, the president seemingly confirmed his stance about the e-tail giant in a tweet he shared this morning.
Amazon did not immediately respond to an AFP query on the Trump comments.
Stifel says Amazon collects sales tax on its owned inventory in all 45 states that have a state sales tax and Washington, D.C.; believes Trump's tax comments, which really refer to third party merchants, "is not a new issue" and actually favorably positions Amazon relative to its peers.
Trump's critique comes after Amazon stock to a hit Wednesday following a report alleging that the former Apprentice host is "obsessed" with the online retailer. Using discounted shipping rates, Amazon outsources the door-to-door package delivery to the Postal Service.
"It's about The Washington Post and how he doesn't feel they've been favourable to him", she said. When retailers ship goods to states where they don't have a physical presence, they do not have to charge sales tax. Amazon's choice of location for the new campus, winnowed to 20 candidates in January, has sparked fierce competition between state and local governments offering extensive tax breaks.
At time of publication, Amazon shares were trading in the green at $1,432.
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It is not clear that Amazon is responsible for the United States Postal Service (USPS) losing money, although Wall Street analysts have estimated it pays USPS roughly half what it would to United Parcel Service Inc or FedEx Corp to deliver a package.
Amazon isn't only looking to get a hold of the younger audience, and turn teens into Amazon customers and, in time, lock them into the Amazon shopping experience.
After a long runup over the past year, Amazon's stock has hit a rough patch, declining almost 10% over the past week to its current level of about $1,400 a share.
It is clearly true that consumers' shift to e-commerce companies like Amazon has forced many traditional retailers to close stores.
While Trump's tweet didn't mention it, Amazon CEO Jeff Bezos' purchase of the Washington Post, which has aggressively covered the Trump Administration and elicited many derogatory tweets from Trump over the past couple years, is also a factor. A ruling in South Dakota's favour could begin to redress the advantages retailers like Amazon have over bricks-and-mortar businesses.
