News for hackers. Stuff that matters.

A comment on Amazon in Its Prime: Doubles Profits, Pays $0 in Federal Income Taxes. Parent comment

Re:Amazon in Its Prime: Doubles Profits, Pays $0 in Federal ... by Verdex on Wednesday February 13, 2019 @02:43PM (#19156167)
This is actually a good point. If you're sufficiently rich, you can create your own corporation that exists to buy really nice boats and then sail you around as a business plan. The corporation will be able to avoid paying any taxes by virtue of being completely unable to exist without you pumping it full of money.

I don't think we should give corporations a pass, but at the same time we can't also expect them to "play fair" when there is no way for anyone to actually determine what that means.

[ Parent | on HN ]
Re:Amazon in Its Prime: Doubles Profits, Pays $0 in Federal ... by onlyrealcuzzo on Wednesday February 13, 2019 @04:05PM (#19156977)
This is illegal under current laws.

The truth is, there's really only a couple hundred thousand families in the US with enough money to do stuff like this. And the IRS should have the resources to make sure they aren't making $10M+ per year and reporting income of like $15k.

[ Parent | on HN ]
Re:Amazon in Its Prime: Doubles Profits, Pays $0 in Federal ... by smileysteve on Wednesday February 13, 2019 @04:39PM (#19157320)
Alternatively, you could do something similar as a religious organization and bypass a lot more IRS scrutiny.
[ Parent | on HN ]