Jeff Bezos is now one of the richest men in the world – maybe even the single richest. And he is a left-wing warrior who hates the Republican tax legislation because big corporations – like his company, Amazon – might get a tax break.
With that in mind, please read this excerpt from Emma Roller’s article at splinternews.com:
So, how much did Amazon pay in income tax on that bounty? Hang on, we’re getting some news…what? What’s this? Amazon effectively paid zero dollars in federal income taxes in 2017? Oh.
You may be asking: How is this legal? Isn’t Amazon an American company? Aren’t companies required to pay federal income tax? Hello?
Amazon’s global headquarters is not in Seattle, but in the tiny landlocked nation of Luxembourg (Amazon employs more than 40,000 people in Seattle, compared to 1,500 people in Luxembourg.). The European Union has accused Luxembourg of giving illegal tax breaks to Amazon and has ordered the country to recover $295 million in back taxes from Amazon.
Is that the way it’s done, Jeff?
I don’t know Emma Roller and I’m unfamiliar with splinternews.com. But the facts she puts up about Luxembourg being Amazon’s headquarters and that $295 million are backed up by Reuters:
Amazon (AMZN.O) was told on Wednesday to pay about 250 million euros ($295 million) in back taxes to Luxembourg, the latest U.S. tech company to be caught up in a European Union crackdown on unfair tax deals.
The fine was much lower than some sources close to the case had expected and is only a fraction of the 13 billion euros that Apple Inc APPL.O was ordered to pay to Ireland last year.
EU Competition Commissioner Margrethe Vestager, who has other big U.S. tech companies in her sights, has taken a tough line on multinational companies’ approach to tax.
“Luxembourg gave illegal tax benefits to Amazon. As a result, almost three quarters of Amazon’s profits were not taxed,” Vestager said.
Amazon said it was considering an appeal.
Based on the above, Ms. Roller’s analysis has plenty of credibility with me.
Which is more than I can say about the credibility of Jeff “do as I say, not as I do” Bezos.
Now grow old waiting for mainstream U.S. media to nail him for it.