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Amazon shares PLUMMET as Trump accuses website of not paying ENOUGH tax

30 March 2018

"Obsessed." President Trump is reportedly considering altering Amazon's tax treatment as he is anxious that the e-commerce giant may put small, privately owned "mom-and-pop" stores out of business.

He said: "A lot of people have made this, with respect to Amazon, about personalities and the CEO at Amazon - we're talking about Jeff Bezos here".

The report claims that Trump wants to use antitrust laws to keep Amazon in check and to put a stop to its monopolised outlook of business.

Hartford Financial Management Inc. decreased its stake in shares of Amazon.com, Inc.

So investors were ready to cash out at least some of those big gains when the news site Axios.com reported that Trump was "obsessed" with somehow further regulating Amazon's business model. Arete Wealth Advisors Llc sold 1,741 shares as the company's stock rose 28.13% while stock markets declined.

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First National Trust Co increased its stake in Amazon Com Inc (AMZN) by 22.78% based on its latest 2017Q4 regulatory filing with the SEC.

Amazon is one of the so-called FANG stocks that lead the technology sector: Facebook Inc., Amazon, Netflix Inc. and Google, now part of Alphabet Inc.

"The president has expressed his concerns with Amazon". (NASDAQ:AMZN) traded down $65.63 during mid-day trading on Thursday, reaching $1,431.42.

Since then, Trump has tweeted numerous times about Amazon, The Washington Post and Bezos.

It is clearly true that consumers' shift to e-commerce companies like Amazon has forced many traditional retailers to close stores. Trump said in a post on Twitter early on Thursday. White House Press Secretary Sarah Huckabee Sanders said Wednesday that "we have no announcements and no specific policies or actions that we're now pushing forward or considering".

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"I have stated my concerns with Amazon long before the Election", the tweet reads.

Amazon previous year announced plans to open a second headquarters as a companion to its home in Seattle, Washington, setting off a frenzied competition by states and cities offering tax breaks to the tech giant. USPS declined to comment on Mr Trump's tweet. Alan Patricof, the legendary venture capitalist who has long supported Hillary Clinton and other Democrats, told CNBC this morning that Amazon is "taking over the whole retail world with what it's doing with small businesses". "Towns, cities, and states throughout the US are being hurt - many jobs being lost!", Trump had tweeted at that time.

The U.S. General Accounting Office said last November it estimated that state and local governments could have gained up to $13 billion in 2017 "if states were given authority to require sales tax collection from all remote sellers". Congress could pass legislation making online sales taxes more uniform. While the company was once criticized for attempting to skirt state sales taxes, it now has a reputation as a leader in collecting the levies, which can vary from state to state.

His tweets about the USPS reflect a debate about whether the Postal Service is charging Amazon and other retailers enough to deliver packages. "Should be charging MUCH MORE!" he tweeted.

Amazon did not respond for a request for comment on the president's latest criticism.

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Apart from nationwide goods deliveries, Amazon's services include video streaming, a digital home assistant known as Alexa, and an online payments program.

Amazon shares PLUMMET as Trump accuses website of not paying ENOUGH tax