>> 2017 WAS AN INCREDIBLY LUCRATIVE YEAR FOR AMAZON.
ACCORDING TO REPORTS AMAZON TOOK AND $5.6
BILLION IN PROFITS ALONE.
I'M NOT TALKING ABOUT REVENUE, AND TALKING ABOUT PROFITS.
YOU WOULD THINK THAT AMAZON WOULD PAY SOME PORTION OF THAT
IN THE FORM OF TAXES.
BUT RECENT FILINGS INDICATE THAT AMAZON PAID NOTHING IN TAXES IN
2017.
KEEP IN MIND THIS IS FEDERAL INCOME TAXES BUT AMAZON HAS
FACED QUITE A BIT OF SCRUTINY
FOR FINDING LOOPHOLES SO THEY DON'T HAVE TO PAY STATE TAXES
AS WELL.
ACCORDING TO THESE RECENT REPORTS AMAZON'S GLOBAL
HEADQUARTERS –.
>>
WHICH BY THE WAY IS TINY COMPARED TO WHAT THEY SHOULD
BE PAYING OVERALL.
>>EXACTLY.
WHEN YOU LOOK AT THE NUMBER OF EMPLOYEES THEY HAVE IN
LUXEMBOURG VERSUS THE NUMBER OF
EMPLOYEES THEY HAVE IN SEATTLE – ABOUT 1500 EMPLOYEES IN
LUXEMBOURG.
BUT THEIR HEADQUARTERS ARE IN LUXEMBOURG.
>> EVERYBODY KNOWS AMAZON'S HEADQUARTERS IS NOT IN
LUXEMBOURG.
IT IS OBVIOUSLY A TAX LOOPHOLE.
THIS WAS FOR LAST YEAR SO IT WAS A 35% RATE.
IN REALITY THEY SHOULD BE PAYING CLOSE TO $2
BILLION IN TAXES BUT INSTEAD THEY PAID ZERO.
>>AMAZON DID RESPOND TO SOME OF THE CRITICISMS THEY ARE
GETTING FOR NOT PAYING ANYTHING IN FEDERAL INCOME TAXES.
I DON'T KNOW WHAT ANY OF THAT MEANS, I'M NOT GOING TO LIVE.
>>IT MEANS WE HAVE REALLY GOOD LAWYERS AND ACCOUNTANTS.
LET ME BE CLEAR A COUPLE OF THINGS.
ONE, I LIKE AMAZON.
>>ME TOO.
>> I LIKE TACOS.
MY WIFE SHOPS THERE ABOUT THREE TIMES A DAY.
BUT JUST BECAUSE I LIKE AMAZON DOES EMULATION PAY THEIR TAXES.
AND JUST BECAUSE I WANT THEM TO PAY THEIR TAXES DOESN'T MEAN
WE HAVE TO HATE THEM.
JAYAR JACKSON MADE AN EXCELLENT POINT THIS MORNING.
HE SAID I LIKE WESLEY SNIPES, THAT DOESN'T MEAN HE SHOULDN'T
PAY HIS TAXES.
BUT JUST LIKE WESLEY SNIPES ALL THE AMAZON EXECUTIVES ARE IN
JAIL.
ALL RIGHT, THEY ARE NOT.
THEY HAVE CONTRIBUTED TO POLITICIANS SO THEY ARE FREE
TO GO.
>> REMEMBER WHEN IT COMES TO INDIVIDUALS THERE ARE NOT
NECESSARILY THE SAME TYPES OF LOOPHOLES THAT CORPORATIONS
GET TO TAKE ADVANTAGE OF.
THE PROBLEM IS THAT CORPORATIONS LIKE AMAZON ARE NOT PAYING THEIR
FAIR SHARE IN TAXES, BUT THE
REAL ISSUE IS THE WAY THE TAX CODE IS WRITTEN.
IT WAS ONLY MADE WORSE BY THE TRUMP ADMINISTRATION.
THEY ARE ABLE TO AVOID PAYING THESE TAXES BECAUSE OF THE
PERKS THAT POLITICIANS CREATE FOR THEM.
>> TO GIVE YOU A BUNCH OF ILLEGITIMATE WAYS OF AVOIDING
A TAX IF YOU ARE A CORPORATION.
THERE ARE THINGS LIKE DEPRECIATING YOUR ASSETS.
THEN THERE ARE ILLEGITIMATE THINGS LIKE HIDING ALL YOUR
MONEY IN LUXEMBOURG, IRELAND, AND THE NETHERLANDS.
THEN THEY GET ENORMOUS TAX BREAKS FROM THOSE COMPANIES.
WE CAN EASILY STOP THAT BUT OUR POLITICIANS ARE BOUGHT BY
THESE GUYS.
SO OF COURSE THEY ARE NEVER GOING TO DO THAT.
THAT BRINGS ME TO THE SECOND PART.
I'M NOT MAD AT YOU, AMAZON.
I GET IT.
YOU WANT TO MAXIMIZE YOUR PROFIT.
SO YOU WENT AND GREASED EVERY POLITICIAN YOU NEEDED TO JUST
LIKE EVERY OTHER COMPANY.
AND YOU SAID HEY LOWER MY TAXES AND CREATE THESE GIANT
LOOPHOLES.
IT IS OUR FAULT FOR ALLOWING THAT.
THAT IS INSANITY.
IF YOU DON'T GET THE MONEY OUT OF POLITICS EVERY SINGLE
CORPORATION WILL BUY OUT EVERY SINGLE POLITICIAN.
GETTING MAD ABOUT IT AFTERWARDS DOESN'T DO ANY GOOD.
WHAT YOU NEED TO DO IS FIGHT BACK.
FIGHT BACK AND GET MONEY OUT OF POLITICS SO THEY CAN'T READ
THE RULES ON YOUR BEHALF.
SO OF COURSE THEY WILL.
THEY WOULD BE CRAZY NOT TO BUY POLITICIANS BUT WE SHOULD NOT
HAVE AN AUCTION.
>> I ABSOLUTELY AGREE.
I WANT TO ADD TWO MORE THINGS THAT AMERICANS SHOULD BE
CONCERNED ABOUT WHEN IT COMES TO AMAZON.
OTHER CORPORATIONS ARE ALSO GUILTY.
I DON'T WANT TO SEEM LIKE WE'RE ONLY HYPERFOCUS ON AMAZON.
A LOT OF THESE CORPORATIONS DO THIS BECAUSE THEY NEED TO DO SO.
KEEP IN MIND THE ARGUMENT IS IF YOU GIVE CORPORATIONS LIKE
AMAZON A TAX CUT THEY WILL CREATE MORE JOBS WHICH BY THE
WAY THEY ARE EXPANDING AND CREATING MORE JOBS IN THE UNITED
STATES BUT THEY ARE ALWAYS TWISTED THAT STORY.
RIGHT NOW THEY ARE LIKE WE ARE THINKING ABOUT BUILDING A NEW
FACILITY.
THERE ARE ALL THE SWEETHEART DEALS TRYING TO BE PROPOSED.
THAT IS NOT THE RIGHT WAY TO GO ABOUT THINGS.
LOOK AT HOW MUCH THEY ARE GETTING AWAY WITH NOT PAYING
THEIR FAIR SHARE IN FEDERAL TAXES.
THIS WOULD MAKE THE SITUATION EVEN WORSE WHEN IT COMES TO
STATE AND LOCAL TAXES.
THE SECOND THING I WANTED TO BRING UP IS THE ISSUE OF PAY
OR COMPENSATION FOR THEIR WORKERS.
THE STATE OF OHIO HAS AMAZON FACILITIES OPERATING IN THEIR
STATE.
THEY SAW WHAT PERCENTAGE OF AMAZON EMPLOYEES ARE ON
GOVERNMENT PROGRAMS.
THEY FOUND THAT ONE IN 10 AMAZON WORKERS IN THEIR STATE RELIES ON
SOME SORT OF GOVERNMENT
ASSISTANCE OR FOOD STAMPS.
THAT IS A HUGE ISSUE.
WHEN YOU'RE A COMPANY THAT IS BRINGING IN $5.6 BILLION IN
PROFITS, NO ONE WHO WORKS FOR
YOU SHOULD HAVE TO RELY ON GOVERNMENT AID.
WE ARE SUBSIDIZING THEM IN THE FORM OF THESE GIGANTIC TAX CUTS
AND WE ARE ALSO PROVIDING RELIEF
FOR THEIR EMPLOYEES WHO THEY REFUSED TO GIVE A LIVING WAGE
TO.
>>THAT IS WHY WE TALK ABOUT SYSTEMIC CHANGE AND MONEY AND
POLITICS, THAT IS THE ROOT CAUSE.
THINKING THAT A COMPANY WILL BE PATRIOTIC AND PAY THEIR TAXES
VOLUNTARILY IS PREPOSTEROUS.
WHAT ARE THEY GOING TO DO INSTEAD?
THEY WILL SQUEEZE EVERY
NICKEL THEY CAN OUT OF THE
GOVERNMENT WHETHER IT IS IN GETTING SUBSIDIES LIKE THE OIL
COMPANIES DO OR SAYING THE GOVERNMENT IS NOT ALLOWED TO
NEGOTIATE WITH THEM ON PRICE LIKE DRUG COMPANIES, OR TAXES
LIKE AMAZON.
THEY WILL ALSO SQUEEZE EVERY DOLLAR THEY CAN OUT OF THEIR
EMPLOYEES BECAUSE EVERY NICKEL YOU MAKE IT CYNICAL THEY DON'T
MAKE.
THEY WILL SQUEEZE UNTIL YOU HAVE TO GO ON GOVERNMENT HANDOUTS –
ASSISTANCE.
SO WHEN YOU GO ON GOVERNMENT ASSISTANCE, THEN WE ALL HAVE
TO PAY THE BILL.
BUT AMAZON DOESN'T PAY THE BILL.
IF YOU'RE A AMORAL PUBLIC CORPORATION WE WROTE THE LAWS
SAYING YOU MUST DO THIS.
SO WHY DON'T WE NOW CHANGE AND FIX THE LAWS SAYING DON'T DO
THAT.
THESE CORPORATIONS WERE NOT CREATED BY A DEITY, THEY WERE
CREATED BY US.
BUT NOW THEY ARE OUT OF CONTROL RUNAWAY ROBOTS.
AND NOW POLITICIANS SAY THERE IS NOTHING WE CAN DO.
IN FACT THEY SQUEEZE EVERY DOLLAR THEY CAN OUT OF EVERY
PERSON BECAUSE WE TOLD THEM TO.
WOLF – PAC.COM.
YOU HAVE TO GET THE MONEY OUT BECAUSE IF YOU DON'T WE ARE
SCREWED ON EVERY ONE OF THESE ISSUES AND AMAZON IS NOT UNIQUE
IN THIS CASE BUT IT IS A PARTICULARLY EGREGIOUS EXAMPLE.
$5.6 BILLION, THEY PAID NOTHING IN TAXES.
YOU PAID MORE IN TAXES AND A COMPANY THEN MADE A PROFIT OF
5.6 BILLION.
I WONDER IF CORPORATIONS HAVE RIGGED THE RULES IN THEIR FAVOR?