Biden blasts Amazon for not paying federal taxes, promises to 'put an end to that'

duckofdeath

Posts: 428   +575
""A fireman, a teacher paying 22% — Amazon and 90 other major corporations paying zero in federal taxes? I'm going to put an end to that," he said."

Should we insinuate that Amazon employees don't pay taxes then? No we shouldn't, because they do. Comparing an individual (specifically in a role that is politically charged to use) to an entire corporation on tax dues is never a fair comparison. Teachers, firemen, AND Amazon line workers all pay their respective taxes. Nice try there, bud.

If you're going to make comparisons, at least be accurate about it, and try not to be so obvious about your sleight of hand.

Come on man...
Yeah, let's make the minimum wage people pay the taxes while they barely can afford to pay rent, while boss puts 10 billion untaxed dollars into his life savings.
 
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Sean T

Posts: 44   +64
TechSpot Elite
*raises hand*

I make close to 100k/year. I don't own a house, and have very minimal living expenses.

I made a profit of $25 come tax time.

Yeah, the tax system is broken. I'm the exact type of person who should be paying a couple grand more then I am (and frankly, I can trivially afford it).
Write a check today and give it to a good charity. I can recommend St. Jude's as a very good option. Why do you have to give it through more taxes? That money, given to a charity, will make a far greater impact than having some politician take it to line their pockets.
 

Ludak021

Posts: 472   +350
I'm all for it. Tax the hell out of all these liberal run companies. The irony that these CEO's get up and try to be champions for the people while simultaneously setting their companies up to avoid income taxes. With so many of these elitist running these companies, I've decided to support a 25% net worth tax on all individuals worth more than $500 million. Take it all from them. Then let's see if they will be so elitist then. I'm tired of those elitist who used the system to get filthy rich complaining, AFTER they've obtained their wealth, that people need to pay more taxes. Where were they when they were starting from scratch and building their wealth....

They would pay it maybe once, then leave, then a lot of people would be out of jobs, A lot of people. Then swoosh, comes you and your vengeful communist ideas and you all face 20 trillion national debt together.
 

Irata

Posts: 1,529   +2,509
Write a check today and give it to a good charity. I can recommend St. Jude's as a very good option. Why do you have to give it through more taxes? That money, given to a charity, will make a far greater impact than having some politician take it to line their pockets.
Taxes pay for roads, defense, schools, medicare / medicaid, infrastructure in general....
 

ZipperBoi

Posts: 82   +136
Why is the president suddenly interested in changing tax laws that have been in place for years?
Why wasn't this addressed when he was vice president?
Why now?
Is this about making people pay their fair share or about looking good for reelection?

The tax code is what encourages companies to set up shop in specific places and somehow that encouragement is wrong even though it went through the political process to get approved.
Because he is nothing but a puppet at this point and anything you see on TV on any news network is theater for the masses at this point. And we buy it as reality.
 

amghwk

Posts: 1,055   +969
So the US government which can detect the "elusive" bio-chemical WoMD accumulation in Iraq, but all this time, couldn't detect Amazon's / Fb's / Trump's tax evasion and sly wealth accumulation in it's own country?

Wow.
 

Zor Ven

Posts: 19   +21
I assume it is because of loss carryforwards. If that is the case, then all the discussion should be on the merits of keeping that in the law.
 

sreams

Posts: 175   +289
*raises hand*

I make close to 100k/year. I don't own a house, and have very minimal living expenses.

I made a profit of $25 come tax time.

Yeah, the tax system is broken. I'm the exact type of person who should be paying a couple grand more then I am (and frankly, I can trivially afford it).

So do so. Make a donation to the US Treasury.
 

sreams

Posts: 175   +289
I assume it is because of loss carryforwards. If that is the case, then all the discussion should be on the merits of keeping that in the law.

I don't see why you wouldn't carry losses forward.

If I lose $10K in the first half of a particular year, and then make $10K during the second half, my profit is zero, and my taxes are zero (of course).

If I lose $10K in a particular year and then make $10K the next year, my profit is still zero. But those who would eliminate carryovers somehow think that making or losing money only happens on an arbitrary yearly grid. Losses are losses and gains are gains... and they all add up to what your total profit/loss is, regardless of the time it takes.
 

Theinsanegamer

Posts: 2,516   +3,808
Biden is just after more money to fund his vast expansion in spending. His ever expanding "infastructure" plan with more pork then a pig farm and his constant comitments to funding worthless mouthpiece "causes" is bleeding the coffers dry, and rather then cut beuracratic waste or clamp down on cost-plus contracts, they want more of YOUR money. What a surprise, a liberal government wants to jack up taxes. In other news, water is wet.

It's not just amazon, Biden's administration also wants to change how taxes work for assets willed to other upon death, taxing the recipients for their increased value. A capital gains tax on your deceased relative's belongings, which will slam the middle class which the rich avoid it with technicalities, as always.
Liberals, liberals, liberals. Do you check under the bed for them when you go to sleep at night? 🤣

You would be surprised, I bet, how many of those same liberals WANT to be taxed more - at least in part because they realize full well that they have much more than they will ever need; however, it is typically lawmakers with a more conservative bent that champion lower taxes on such individuals and behemoth companies like Amazon.
Those liberals want to pay MORE taxes SO much, that they employ every loophole possible to avoid paying them. Unless you are trying to insinuate that all big corporations are right wing now? In which case LMFAO.

Congratulations, you played yourself. NOBODY likes higher taxes.
 

NightAntilli

Posts: 670   +842
Workers are taxed for on income.
Companies & corporations are taxed on their profits.

That means that whatever is classified as cost/liabilities is not taxed. Companies deliberately keep their profits low by increasing their cost and/or liabilities.

Unless you want to start taxing companies on revenue, this is nothing but talk and will simply amount to nothing. Taxing companies on revenue is generally not feasible either; they either move to another country or they simply go out of business.

This is political propaganda for the gullible.
 

Linoleum77

Posts: 56   +74
I'm all for it. Tax the hell out of all these liberal run companies. The irony that these CEO's get up and try to be champions for the people while simultaneously setting their companies up to avoid income taxes. With so many of these elitist running these companies, I've decided to support a 25% net worth tax on all individuals worth more than $500 million. Take it all from them. Then let's see if they will be so elitist then. I'm tired of those elitist who used the system to get filthy rich complaining, AFTER they've obtained their wealth, that people need to pay more taxes. Where were they when they were starting from scratch and building their wealth....

Good news! That's all they are asking for! "Millionaires for Humanity" look it up! Bad news for you though, they'll probably do just fine if they are willingly asking for this...

Let's not forget adjusting tax rates of those (conservative) Oil & Gas companies... If an industry requires so much subsidies, maybe it doesn't deserve it and shouldn't survive...
 
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PEnnn

Posts: 630   +612
While Amazon (and other corporations) should be paying SOME taxes, it is important to understand the reasons as to why they don't pay very much (or none at all in some cases)...

Reason 1: They stimulate the economy (some would argue they ARE the economy) and each employee makes a salary - paid by the corporation - a % of which goes to the government as taxes.

--> Amazon has over a million employees - that's a LOT of taxes being paid - albeit indirectly - by Amazon to the government.

Reason 2: The very real possibility that if they are taxed too onerously, they will simply pack up and move to a nation with a lower (or nonexistent) tax rate.

--> While this is probably not feasible for Amazon, many other corporations have taken this approach.

Reason 3: Bribery/Coercion of specific politicians/officials

--> Obviously this can never be proven - but if you've watched any TV, you know it happens :)

Reason 4: Probably other stuff I'm too lazy to bother typing...


Ah yes, the old tired excuse: They are too big to pay taxes. So, all companies that have employees and can't function without them - shouldn't be paying taxes, because their employees do that for them!!

And another nugget: " if we tax them, they'll go elsewhere". I have news for you. Amazon (and most big companies) would go belly up without its US customer base!!

Great logic.
 

gamerk2

Posts: 537   +431
Biden is just after more money to fund his vast expansion in spending. His ever expanding "infastructure" plan with more pork then a pig farm and his constant comitments to funding worthless mouthpiece "causes" is bleeding the coffers dry, and rather then cut beuracratic waste or clamp down on cost-plus contracts, they want more of YOUR money. What a surprise, a liberal government wants to jack up taxes. In other news, water is wet.

It's not just amazon, Biden's administration also wants to change how taxes work for assets willed to other upon death, taxing the recipients for their increased value. A capital gains tax on your deceased relative's belongings, which will slam the middle class which the rich avoid it with technicalities, as always.

Those liberals want to pay MORE taxes SO much, that they employ every loophole possible to avoid paying them. Unless you are trying to insinuate that all big corporations are right wing now? In which case LMFAO.

Congratulations, you played yourself. NOBODY likes higher taxes.
Please; spending on infrastructure is the easiest sure-fire way to drive economic growth. It's been proven time and time again.

As for taxes, unlike the other party, we at least try and pay for our spending. Yet, no mention of the 7.8 Trillion spent over four years by the last guy; it's apparently only Democrats that like spending money.

And as for cost-plus, there's a reason why. Development contracts are *very* high risk because of the likelyhood they will fail to turn into a product. If the company were forced to absorb the entire risk of development, they wouldn't participate. The "real" problem is Congress continuing to throw money at obviously dead-end development programs for the sake of "jobs" [See: The SLS rocket as a primary example]
 

dms96960

Posts: 383   +118
"Congress really needs to pass a law that closes those loopholes and is carefully structured to be free of loopholes - maybe specifically ensuring that loopholes are not available only to those that can afford them."

The overwhelming majority of the absurdly long, confusing, and complicated tax code was written by highly paid lobbyists (aka political donors) of the largest corporations, so Congress likely will NOT be removing many loopholes.
 

TheBigT42

Posts: 552   +503
Businesses don't pay taxes...Only people pay taxes.

If tariffs (aka taxes) are placed on a Country (China) the cost of goods from that country go up and the people buying those goods are actually paying the tariffs.

The same is with taxes on businesses. If taxes are raised on businesses...the goods and services will go up in price and the people using those goods and services pay the taxes.
 

Glenn Haggerty

Posts: 104   +42
TechSpot Elite
While I'm sure amazon does what ever it can to pay the least amount of taxes (if any), it can, I would like to see Bidens Tax returns as well. The media has demanded to see Trumps tax returns which is fair, Biden and his son Hunter appears to have done quite well for them selves. Biden is filthy rich as a public servant and I don't think there is going to be any public housing built in is neighbor hood any time soon.
 

pit1209

Posts: 155   +268
I'm astonished on how people really think that businesses making billions every year shouldn't pay taxes and that somehow helps the economy, worst of all there are some that thinks that business paying taxes is some kind of communist thinking, the ignorance on this site baffles me 🤦‍♂️
 

pit1209

Posts: 155   +268
While I'm sure amazon does what ever it can to pay the least amount of taxes (if any), it can, I would like to see Bidens Tax returns as well. The media has demanded to see Trumps tax returns which is fair, Biden and his son Hunter appears to have done quite well for them selves. Biden is filthy rich as a public servant and I don't think there is going to be any public housing built in is neighbor hood any time soon.
I'm sure you're trolling because you just have to google to find Biden's tax returns, now can you tell me the same can be done with Trump?