Wall Street Is Unfazed by Trump's Disdain of Bezos and Amazon

30 March, 2018, 09:13 | Author: Marie Harrington
  • Donald Trump Drags Amazon On Twitter Following A Loss In Market Value

Trump's tweet came a day after news website Axios reported Wednesday that Trump want to go after Amazon on its tax treatment, citing five sources who have talked about Amazon with the president.

"I have stated my concerns with Amazon long before the Election", said the President. Amazon also supports legislation that would ensure that online retailers pay both state and local sales taxes on merchandise.

Trump criticized Amazon for not paying their fair share in taxes on Thursday, the latest development in a feud that has lived on Twitter since 2016. "Obsessed." President Trump is reportedly considering altering Amazon's tax treatment as he is anxious that the e-commerce giant may put small, privately owned "mom-and-pop" stores out of business.

Amazon-Washington Post connection. While Jeff Bezos is the CEO of Amazon and the owner of the Washington Post, there is no evidence that he has interfered in the editorial decisions (Fortune). Post says the U.S. could pressure Amazon several ways, including: making all third-party sellers collect sales tax, regulating Amazon's third-party seller commission structure, and even raising U.S. Postal Service shipping fees.

It is clearly true that consumers' shift to e-commerce companies like Amazon has forced many traditional retailers to close stores. Jefferies Group reissued a "buy" rating and set a $1,850.00 price target on shares of Amazon.com in a report on Tuesday, March 13th.

Trump's attacks on Amazon reflect a broader debate about its effect on the US economy.

Donald Trump Drags Amazon On Twitter Following A Loss In Market Value

South Dakota argues that brick-and-mortar retailers suffer because they have to collect the taxes and therefore have a pricing disadvantage. "Amazon vendors that can run through the Amazon Marketplace. don't collect the sales tax". Its North American sales came to $106 billion past year, suggesting that it collects billions in sales taxes for various states.

Amazon says that it actually helps small companies succeed in the hard retail climate.

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. We decided it was time to revisit Trump's takedown of the online giant for accuracy.

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.

"And as for his last point: "[Amazon is] putting many thousands of retailers out of business!" The president took a shot at Amazon before 2017's end - although it was unclear whether he was referring to the business' collection of sales tax or its payment of taxes to the government.

"The president has said many times before he's always looking to create a level playing field for all businesses and this is no different", said White House spokeswoman Sarah Sanders, when asked about the Axios report. Trump has frequently launched attacks against the Washington Post, discrediting its reporting as fake news and implying that it is a propaganda device for Bezos and his business interests.

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