Amazon Stock Drops After Trump Tweet

30 March, 2018, 09:14 | Author: Rolando Keller
  • Trump Is Obsessed With Changing The Way Amazon Does Business

Trump on Thursday accused Amazon of not paying enough taxes, exploiting the US postal system and putting small retailers out of business, but did not present evidence to back up claims or suggest any specific actions.

The comments came a day after a report by the news site Axios that Trump was "obsessed" with Amazon, believing the tech giant fails to pay enough taxes and gets preferential treatment from the US Postal Service.

Amazon collects and pays sales tax in every state that charges one, and that's virtually every state.

President Trump has stepped up his war of words with Jeff Bezos, the founder of Amazon, by accusing the company of putting thousands of independent retailers out of business.

Amazon's stock is tumbling-it slid 4% on Wednesday, which translates to a loss of $53 billion, reports Gizmodo-and the slide was continuing on Thursday.

The president may target the retail giant because he thinks Amazon has gotten a free ride from taxpayers, the Axios report says.

Trump regards the newspaper as a mouthpiece for Bezos' business interests, calling it #AmazonWashingtonPost on Twitter.

In the past Amazon has been criticised for attempting to skirt state sales taxes, but since April previous year it has voluntarily collected state sales tax on items it sells direct to customers in all 45 states that have one.

Amazon is not involved in the case but the eventual ruling could have consequences for the online retailing behemoth and other e-commerce businesses. But Amazon's share price dropped sharply at one point.

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In 2015, Trump said that Amazon would tank if it ever had to pay "fair" taxes.

South Dakota argues that brick-and-mortar retailers suffer because they have to collect the taxes and therefore have a pricing disadvantage. Its North American sales came to $106 billion a year ago, suggesting that it collects billions in sales taxes for various states. However, items sold by third-party vendors may have different arrangements for how they distribute their goods.

"I have stated my concerns with Amazon long before the election".

"Right now there is no internet sales tax", said Shah, adding his own misdirection about Amazon's tax collecting. Amazon was criticized for not paying sales tax, which goes to state government.

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.

But Trump hasn't always been upset with Amazon.

However, according to the Washington Post, "Some of Trump's claims about Amazon have not been based on complete information".

At Wednesday's White House press briefing, Press Secretary Sarah Huckabee Sanders addressed rumors that the president has a plan for Amazon.

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