Economy

Amazon, Walmart trade barbs on taxes and wages

Amazon, Walmart trade barbs on taxes and wages

As for Amazon's competitors, Wal-Mart Stores Inc. has a minimum wage of $11 per hour and Target Stores Inc. pays $12, soon to be increased to $13. By the end of 2020, that wage will rise to $15.

More employers are raising wages as a result of a competitive job market and low unemployment.

In his new letter to Amazon (AMZN) shareholders, founder and CEO Jeff Bezos talks about how consumer feedback didn't lead to the development of Amazon's popular Echo device.

Walmart Inc., based in Bentonville, Arkansas, raised its starting pay to $11 an hour in early 2018.

The challenge comes after Amazon disclosed Bezos's total 2018 compenstation was $1,681,840, 58 times the median compensation of employees other than himself of $28,836.

A top spokesman at the world's largest retailer was also quick to mock on Twitter Amazon's challenge with its own jab on the issue of taxes.

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"Hey retail competitors out there (you know who you are) how about paying your taxes?" and proceeded to tag Amazon chief Jeff Bezos. Walmart's Dan Bartlett tweeted.

The company set the wage floor previous year amid criticism of working conditions in its sprawling warehouses and said it would lobby U.S. Congress for a higher federal minimum wage. When Amazon pledged in October to raise pay to at least $15 an hour in the U.S., the e-commerce giant also eliminated monthly bonuses and stock awards. The airport is the largest hub for each of the airlines. While the Fire phone was a failure, we were able to take our learnings (as well as the developers) and accelerate our efforts building Echo and Alexa.

"As a company grows, everything needs to scale, including the size of your failed experiments", Bezos wrote.

"We invested in both of these programs at significant financial risk and after much internal debate", Bezos said in the letter.

Bezos said one "big winning bet" can cover the cost of the clunkers, and that calculus has been playing out at Amazon. Last year, Bezos said the wage hike came after he "listened to our critics".


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