It is very evident that they are finding loopholes in the system because this news articles says they are paying $0 in federal taxes.
Again, that is not a “loophole”.
At this time, Amazon’s finances
to date are a net loss.
$200 billion lost so far and $50 billion profit for
this year (or whatever the actual numbers are) is not “profitable company not paying taxes” but rather “still not profitable”. (now, as a practical matter, limiting carryforward losses to half of current profits might well be good policy [and probably one I’d support], but it plain and simply isn’t how our system currently works [in fact,
that would be a loophole!]).
And as far as asking for incentives (which, to be clear, in the Amazon/NY case were
reduced future taxes, not cash or elimination of taxes), it is the
legal duty of a corporation to seek the best deal possible for the shareholders. Turning down a “better deal” violates this duty, and crates liability. Again, I think that federal legislation should ban this (as an impairment of interstate commerce), but until it does, the corporate leadership is obligated to seek these, and the municipalities and states have a strong economic incentive to grant them (in this case, a net $7b in taxes from Amazon after the incentives, and probably somewhere between the same to twice that amount in consequential taxes [payroll, sales tax on employee purchase, income taxes on those, etc.]).
doc hawk