Published: Thu, April 05, 2018
Markets | By Erika Turner

President Trump hits out at online retailer Amazon again over tax payments

President Trump hits out at online retailer Amazon again over tax payments

President Donald Trump took another shot at Thursday, tweeting that the online retailer pays "little or no taxes" and that it uses the U.S. Postal Service as "their Delivery Boy". He accused the firm of causing a "tremendous loss" to the United States government and "putting many thousands of retailers out of business".

Shares in the USA e-commerce behemoth Amazon continued to drop on Thursday, wiping over $30 billion from its market value, after reports that President Donald Trump wants to curb the firm's growing power.

Bezos is also the owner of the Washington Post, a frequent target of Trump's ire over its news coverage.

Trump's administration is now drawing up plans to "go after the firm" and to protect traditional brick-and-mortar stores.

Trump could amend the USA tax system to make companies like Amazon pay more tax.

The next couple of months might be a pretty uncomfortable period for Amazon and Jeff Bezos.

Bloomberg noted Amazon's banking product could also entice users by reducing or eliminating traditional fees, or by taking advantage of Alexa in some fashion. "He's obsessed with Amazon", the media reported, citing one of five sources familiar with the issue.

Following a report yesterday about his feelings toward Amazon, President Trump fired a tweet this morning aimed at the online retail giant.

Earlier in his presidency, Trump tweeted that "Amazon is doing great damage to tax paying retailers".

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Have Amazon shipments financially hurt the U.S. Postal Service?

Trump wrote on Twitter.

Numerous people who take to social media to complain about Amazon don't have much of an impact on the company's overall business.

An Amazon spokesperson declined comment. Amazon customers do pay sales tax on their purchases and the company has lobbied for an internet sales tax in the past. The stock dropped 5 percent on Wednesday following the Axios report.

Washington and Pennsylvania recently enacted laws requiring collection of third-party merchants' sales taxes, and other states are expected to follow.

His tweets about the USPS reflect a debate about whether the Postal Service is charging Amazon and other retailers enough to deliver packages.

He also suggests that the government could attempt to regulate the online retailer's third-party seller structure.

Bezos and Amazon have lost millions of dollars since the report Tuesday.

Bezos at the time fired back from his own Twitter account, joking that he would save a place for Trump on one of the rockets of Blue Origin, a space exploration company owned by Bezos.

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