March 30, 2018
Mr. Trump has made similar claims before about Amazon’s tax payments, both as president and a private citizen. After he mentioned it in August 2017, The New York Times reported: If Mr. Trump’s point was that Amazon did not collect sales taxes — which are owed by the purchaser and collected by the retailer — […]
March 30, 2018
There was also some irony in the criticism coming from Trump, who has boasted about his dexterity in avoiding paying taxes. “This is the guy who said that not paying taxes ‘makes me smart,’” said Matt Gardner, senior fellow at the Institute on Taxation and Economic Policy, a nonpartisan research organization. Read more
March 30, 2018
Earlier this week, the Institute on Taxation and Economic Policy, a nonpartisan organization, released a report saying that Amazon has an advantage over brick-and-mortar businesses because Amazon does not collect sales tax from seven states. In other states, the retailer does not charge the full amount of the state sales tax. Carl Davis, the research […]
March 30, 2018
Amazon paid $957 million in income tax in 2017, according to regulatory filings. Amazon paid nothing in federal taxes this year thanks to tax credits and, in large part, Trump’s new tax law. But the Institute on Taxation and Economic Policy found that Amazon is either not collecting local taxes or is charging a lower […]
March 30, 2018
Recent financial reports have highlighted the fact that Amazon, which raked in more than $5.6 billion in profits last year, paid $0 in federal income taxes. It accomplished this, according to the Institute on Taxation and Economic Policy, by taking advantage of “various tax credits and tax breaks for executive stock options,” including a one-time […]
March 30, 2018
Noticeably absent from Trump’s critique of the company’s tax payments was its treatment under federal tax law. Amazon, which is currently valued at $673 billion, paid zero federal taxes in 2017 despite earning $5.6 billion in U.S. profits, according to an analysis of Amazon’s latest annual report by the Institute on Taxation and Economic Policy’s […]
March 30, 2018
Where Trump is correct: Amazon doesn’t collect taxes on behalf of third-party vendors, and it still may not collect some local taxes, giving it an advantage over some traditional retailers, according to the Institute on Taxation and Economic Policy, a think tank. According to an analysis from the ITEP, the gap between the tax rate […]
March 30, 2018
The Seattle-based company avoided paying federal income taxes for 2017, despite posting more than $5.5 billion in income last year, according to a recent analysis from Matthew Gardner of the Institute on Taxation and Economic Policy. Amazon paid $412 million in taxes in 2016. And while the president isn’t a fan of the Amazon-USPS relationship, […]
March 30, 2018
The company has not disclosed how much its customers pay in sales taxes, but it is considerable. Its North American sales came to $106 billion last year, suggesting that it collects billions in sales taxes for various states. The president is correct that Amazon does not always collect city and local sales taxes, according to […]
March 30, 2018
Meanwhile, Amazon may not be paying its share of local sales taxes. A report released March 26 by the left-leaning Institute on Taxation and Economic Policy said Amazon either doesn’t collect and remit local sales tax or is charging a lower sales tax rate than traditional retailers in seven states: Alabama, Alaska, Idaho, Iowa, Mississippi, […]
March 30, 2018
When a Dallas resident or shopper in College Station or Lubbock makes a purchase from Amazon or any other online retailer with a physical presence in Texas such as Wayfair and RH.com, the state gets its 6.25 percent. The cities get their local sales taxes too. In Dallas, that’s an additional 2 percent for a […]
March 29, 2018
The state miscalculated the benefits of the federal tax overhaul to low-income families in Hawaii, a new analysis concludes. The source of the confusion: The scope of the tax savings that the child tax credit benefit would offer very low-income families (those earning up to $10,000 a year).
March 29, 2018
A nonpartisan Washington, D.C.-based nonprofit, the Institute on Taxation and Economic Policy, has estimated that Hawaii’s richest 1 percent, represented by households earning over $554,230, would save $39,420 on average next year under the new law. The group also figured that Hawaii taxpayers earning less than $26,620 would save $130 on average in taxes.
March 28, 2018
Local governments in seven states are not getting a share of the sales taxes Amazon is collecting for e-commerce transactions because of gaps in state and local laws, according to a report by the Institute on Taxation and Economic Policy. Amazon began collecting sales tax in all 45 states that have statewide sales taxes as […]
March 27, 2018
More than 50 percent of the tax bill’s benefits will go to the wealthiest 5 percent of Americans, and more than 25 percent to the wealthiest 1 percent, according to the Institute on Taxation and Economic Policy. As Businessweek put it, “President Donald Trump and Republicans sold their $1.5 trillion tax cut as a boon […]
March 27, 2018
When Amazon agreed last year to begin collecting sales tax in New Mexico, state officials celebrated what they said could be tens of millions of dollars in annual tax revenue. But they aren’t cheering in Albuquerque City Hall. A year after that announcement, New Mexico’s largest city hasn’t seen a dime from Amazon. That’s because […]
March 27, 2018
New Mexico is one of seven states in which Amazon is not collecting local sales taxes, even though the retail giant agreed last year to pay taxes to the state, according to a report released Monday. That’s because New Mexico has tax laws that prevent local collections, said the report by the Institute on Taxation […]
March 27, 2018
Thanks in part to a series of deals with state governments in recent years, Amazon is collecting sales tax in every state that has one. But those deals do not always extend to taxes assessed by local governments. The company still is not collecting sales taxes in dozens of cities, including Philadelphia, Pittsburgh and Cedar […]
March 27, 2018
Amazon also benefits at the state and local level when it comes to sales tax, according to a report released March 26 by the Institute on Taxation and Economic Policy based in Washington, D.C. In seven states—Alabama, Alaska, Idaho, Iowa, Mississippi, New Mexico, and Pennsylvania—Amazon is either not collecting local taxes or charging a lower […]
March 22, 2018
Already throughout Pennsylvania, those making less than $20,000 are paying a much greater share in taxes (at 12 percent) than those making more than $426,000 (at just 4.2 percent), according to the Institute on Taxation and Economic Policy. City officials’ proposing to drive up property taxes as a way to finance new city largesse — […]
March 22, 2018
Arkansas Gov. Asa Hutchinson (R) Feb. 12 told lawmakers that he would seek a cut to the state’s top marginal tax rate, which effectively jump started the task force’s search for revenue to pay for the cuts, estimated to cost $180 million in annual revenue, Boch said. Outside groups, including the Heritage Foundation’s Institute on […]
March 17, 2018
Along the same lines, Republicans claim that reductions in the corporate tax rate will lead to higher wages for workers. Evidence suggests this isn’t true, either. After Reagan signed a tax overhaul in 1986 that reduced the country’s corporate tax rate from 46 percent to 34 percent, wages fell for four years. Despite this data, […]
March 16, 2018
The upset that governors like Cuomo and others are voicing is understandable, says Meg Wiehe, deputy director of the Institute on Taxation and Economic Policy, a left-leaning research group. These states see they’re getting the short end of the stick from the federal law, and they suspect that Republican motives were at least partly political. […]
March 16, 2018
There was rare agreement across the political spectrum at the House Ways and Means Tax Policy subcommittee hearing this week, with policy experts from Heritage Foundation, the Institute on Taxation and Economic Policy, the Center for American Progress, Taxpayers for Common Sense and the Committee for a Responsible Federal Budget supporting the elimination of “tax […]
March 11, 2018
Roughly 80 percent of Massachusetts residents will see their tax bills shrink next year, according to the Institute on Taxation and Economic Policy. Read more
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