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Amazon Wins $1.5 Billion Tax Dispute Over IRS (reuters.com)
Amazon.com on Thursday won a more than $1.5 billion tax dispute with the Internal Revenue Service over transactions involving a Luxembourg unit more than a decade ago. From a report: Judge Albert Lauber of the U.S. Tax Court rejected a variety of IRS arguments, and found that on several occasions the agency abused its discretion, or acted arbitrarily or capriciously. Amazon's ultimate tax liability from the decision was not immediately clear. The world's largest online retailer has said the case involved transactions in 2005 and 2006, and could boost its federal tax bill by $1.5 billion plus interest. It also said a loss could add "significant" tax liabilities in later years. Amazon made just $2.37 billion of profit in 2016, four times what it made in the four prior years combined, on revenue of $136 billion.
Following the law is not cheating. If you don't like the law as written petition congress to change it.
"But if you lower the tax rate for large corps to zero, all that money they've got stashed overseas will flow back into the country where it can benefit blacks and other poor people who need money."
Ah yes -- Tinkle-Down economics.
Has never worked in the past.
But this time it's different.
You can't see ANYTHING from a car, You've got to get out of the goddamned contraption and walk...Edward Abbey