CORRECTION: This post has been updated to remove an incorrect reference to TeamHealth of Knoxville appearing on Fortune’s 2014 ‘Most Admired’ companies list. The 2014 list did not include companies in TeamHealth’s industry sector
For the seventh consecutive year, Apple is No. 1 overall on Fortune’s list of the Top 50 World’s Most Admired Companies, followed by Internet retailer Amazon.com and Internet search engine Google.
Rounding out the top five are investment guru Warren Buffett’s firm, Berkshire-Hathaway, and coffee giant Starbucks.
Tennessee’s only representative among the Top 50 is FedEx Corp. The Memphis-based package delivery company is No. 8 overall and No. 2 in the delivery industry, behind Germany’s Deutsche Post.
The Top 50 list and industry sector rankings are based on a survey of executives, directors, and analysts who rate companies in their industry on a variety of criteria, including investment value and social responsibility.
Click here for Fortune’s complete list of World’s Most Admired Companies.
The Amazon you love if you’re a consumer or hate if you’re a competing retailer won’t be the Amazon of the future.
According to Forbes contributor Michael Kanellos, Amazon eventually will focus on providing logistics and it’s biggest competitors “will be men in shorts: logistics companies like UPS and FedEx.”
Sound farfetched? Maybe. But Kanellos offers an interesting take on some recent Amazon moves.
“Amazon is at a crossroads. The company garners billions a year in revenue from selling e-books, household items and vacuuming up rising retailers like Zappos. Retailing, though, can be a difficult single-digit margin business,” Kanellos writes.
A two-year delay in requiring Amazon to collect Tennessee sales taxes could move a step closer to reality Tuesday with votes scheduled by state House and Senate committees.
Gov. Bill Haslam is pushing for the delay and supports a federal solution to the sales tax issue. Waiting two years to make Amazon collect taxes on sales to Tennessee residents is a whole lot better than never making the online retailer collect state taxes, which was the original deal brokered by his predecessor, Haslam says .
Maybe so, but waiting till 2014 still leaves a lot of money on the table – something like $22 million a year in state sales taxes and $9 million a year in local sales taxes.
It looks like Gov. Bill Haslam is ready to make Amazon.com start collecting Tennessee sales taxes .
According to a story in the Tennessean, The governor wants “to work out some arrangement that works for them to stay and grow in Tennessee and yet for us to collect the sales tax that we need,” Haslam said. “We would hope to do something prior to the legislature coming back” in January.”
The governor’s comments are good news for Tennessee businesses.
Amazon.com continues to attract the kind of publicity that most companies seek to avoid. From coast-to-coast, public voices are blasting the online retailer for its refusal to collect sales taxes.
Here are some recent excerpts.
Bloomberg: “There are lots of good reasons to shop online, but dodging sales taxes shouldn’t be one of them. Amazon.com Inc. (AMZN) is battling the authorities in its largest state market, California, over this principle. The good arguments are on the Golden State’s side.”
Amazon.com’s effort to escape collecting sales taxes in Tennessee suffered another blow on Tuesday. This time from state Attorney General Bob Cooper who issued a ruling that says a proposed law that would mandate that the online retailer collect state sales taxes when it opens facilities in the state is constitutionally sound.
Cooper’s opinion will bolster efforts to pass the bill sponsored by Sen. Randy McNally, R-Oak Ridge, and Rep. Charles Sargent, R-Franklin when the Legislature meets next year.
Amazon.com knows it should be collecting sales taxes on purchases in Tennessee and othere states where it has an office, store or any physical presence. A deal the online retailer has offered Texas proves it.
Amazon has promised to create 5,000 jobs and invest $300 million in new distribution centers in Texas if the state lets the company “off the hook for collecting sales taxes from its Texas customers over the next 4 ½ years,” according to The Dallas Morning News.
Presumably, the company would start collecting sales tax after 4 ½ years.
Missed opportunities can haunt us all of our lives. Tennessee Gov. Bill Haslam had one of those moments yesterday.
Haslam had a chance Tuesday to come out in favor of legislation that would require Amazon.com to collect state sales taxes on Tennessee purchases after it opens a pair fullfillment centers near Chattanooga.
Internet retailer Amazon.com Inc. isn’t always opposed to expanding in states where it is required to collect sales taxes.
The company announced this week that it would build a new fulfillment center in Sumner, Wash. Amazon, which is based in Seattle, Wash., already collects state sales taxes on purchases made by Washington residents.
The company plans to build Tennessee fulfillment centers in Hamilton and Bradley counties, but state government has waived the rule that would have required Amazon to collect local and state sales taxes on purchases by Tennessee residents.
The pressure is building to end Amazon.com’s days as a tax-free retailer, according to Forbes.com.
I hope Tennessee Gov. Bill Haslam is paying attention. Amazon should not get away with an unfair tax break anymore.
Forbes specifically mentions Tennessee’s deal with Amazon:
In Tennessee, where state regulations explicitly require an in-state distribution center to collect tax on shipments to in-state customers the Department of Revenue has proposed changing the rule to exempt a distribution center if at least half of its sales come from shipments out of state. That has prompted howls of protest from both Tennesseans for Fair Taxation, a coalition of labor and church groups, and some local merchants.