Joe Biden blows out Amazon and Netflix for paying less tax than ‘hardworking Americans’ and promises the companies will ‘finally pay their fair share’ if he wins the White House
- Biden sued Netflix and Amazon for not paying their “ fair share ” in taxes
- The Democratic nominee has repeatedly vowed that Fortune 500 companies will pay a minimum tax rate of 15 percent on all income, with no loopholes
- It’s not the first time that Biden has destroyed Amazon; last year he stated that the company should not pay ‘a lower tax rate than firefighters and teachers’
- Amazon hit back saying they pay all the money they owe legally, and that Biden’s problem is with a tax code he couldn’t fix in the Obama years
Joe Biden beat Amazon and Netflix just four days after the presidential election and has vowed to make the companies pay their “ fair share of taxes ” if he wins the White House.
The former vice president made the promise in a tweet posted Friday afternoon, just before appearing at a last-minute campaign rally in Minnesota.
Let me be clear: hardworking Americans shouldn’t have to pay more in federal income taxes than Amazon or Netflix. It’s time for big companies to finally pay their fair share, ” the 77-year-old posted in a tweet that has received more than 124,000 likes.
A short time later, Biden took his pledge, stating, ’91 of the Fortune 500 companies paid zero tax last year. Why? Why should a nurse pay higher tax rates than the super rich? ‘
Biden and his rival, President Trump, have drawn up drastically different economic plans to help the country recover from the financial fallout from the coronavirus pandemic.
Joe Biden beat Amazon and Netflix just four days after the presidential election, promising to make the companies pay their “ fair share of taxes ” if he wins the White House.
Biden has promised a minimum tax rate of 15 percent on the annual income of companies earning more than $ 100 million per year. He says his administration would remove any loopholes that large corporations use to evade tax payments.
Trump, on the other hand, lowered corporate tax rates during his first year in office – arguing that lower taxes make large companies more viable and competitive.
However, due to loopholes, nearly all multimillion-dollar companies pay far less than the legal rate imposed by the Trump administration.
For example, Netflix paid only 9.2 percent of its revenue in taxes last year Deadline.
In a statement, the streaming giant told the publication, “Netflix paid US federal taxes in 2019 and reports a significantly higher effective tax rate in 2020 so far.”
Friday’s comments weren’t the first time Biden got out on Amazon. Amazon has become a punching bag for many Democrats who portray CEO Jeff Bezos as an ogre figure who personifies corporate greed
Amazon hit back at Biden last year, saying they were working within the law and that he had not tackled the tax loopholes when he was vice president in the Obama years
Meanwhile, Friday’s comments weren’t Biden’s first time on Amazon.
Last year, he tweeted, “ I have nothing against Amazon, but no company that brings in billions of dollars in profit should pay a lower tax rate than firefighters and teachers. We must reward work, not just wealth. ‘
The company has become a punching bag for many Democrats who paint CEO Jeff Bezos as an ogre who personifies corporate greed.
Amazon hit back at Biden, saying they were working within the law and that he had not addressed the tax loopholes when he was a vice president in the Obama years.
“We pay every cent we owe,” the company wrote on Twitter.
Congress enacted tax laws to encourage companies to reinvest in the US economy. We have. $ 200 billion in investment since 2011 and 300,000 jobs in the US. Suppose VP Biden’s complaint is the tax code, not Amazon. ‘
Polls show that Biden still has a healthy lead over Trump ahead of election day on Nov. 3, despite voters saying they have more confidence in the president on issues surrounding the economy.
According to Deadline, Netflix paid only 9.2 percent of its revenue in taxes last year