'I have nothing against Amazon, but no company pulling in billions of dollars of profits should pay a lower tax rate than firefighters and teachers,' Biden says. Amazon responds: 'Assume VP Biden's complaint is w/ the tax code, not Amazon.'
Amazon and Joe Biden are in a Twitter spat, and it perfectly captures the controversy over America's new tax code.
Biden's tweet linked to a New York Times story that cited data from the left-leaning Institute on Taxation and Economic Policy on companies that earned billions of dollars last year but paid no federal taxes. The analysis showed that Amazon topped the list, with pretax profits of nearly $11 billion. In fact, the group found the company actually enjoyed a negative tax rate of 1.2 percent, thanks to a $129 million income tax rebate.
Republicans touted the tax cut as fuel for a new era of prolonged economic growth that would eventually cover the cost of not only the corporate rate cuts, but also steep reductions in individual tax rates. "Well that's what happens when you cut the rate by 40%," said William Gale, co-director of the nonpartisan Urban-Brookings Tax Policy Center. "You would need heroic growth to make up the difference."
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