With just four days until the US election, the Democratic presidential nominee has vowed to make the aforementioned corporations pay their “fair share” of taxes if he wins a place in the White House.
Taking to social media yesterday (October 30) before appearing at a campaign rally in Minnesota, Biden wrote: “Let me be clear: Hardworking Americans should not be paying more in federal income taxes than Amazon or Netflix.”
He added: “It’s time for big corporations to finally pay their fair share.”
Let me be clear: Hardworking Americans should not be paying more in federal income taxes than Amazon or Netflix.
It’s time for big corporations to finally pay their fair share.
— Joe Biden (@JoeBiden) October 30, 2020
He then doubled down on his views on stage in St. Paul, Minnesota. “91 out of the Fortune 500 companies paid zero taxes last year. Why?” he asked. “Why should a nurse pay higher tax rates than the super wealthy?'”
According to a report by Deadline, Netflix paid just 9.5 percent of its income in taxes last year.
Responding to Biden’s comments, a Netflix spokesperson cited the company’s financial statements, saying: “Netflix paid US federal taxes in 2019 and is reporting a significantly higher effective tax rate so far in 2020.”
This isn’t the first time Biden has called out Amazon over taxes. In 2019, he tweeted: “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. We need to reward work, not just wealth.”
Amazon responded with its own tweet: “We’ve paid $2.6B in corporate taxes since 2016. We pay every penny we owe. Congress designed tax laws to encourage companies to reinvest in the American economy. We have. $200B in investments since 2011 & 300K US jobs. Assume VP Biden’s complaint is w/ the tax code, not Amazon.”
We’ve paid $2.6B in corporate taxes since 2016. We pay every penny we owe. Congress designed tax laws to encourage companies to reinvest in the American economy. We have. $200B in investments since 2011 & 300K US jobs. Assume VP Biden’s complaint is w/ the tax code, not Amazon. https://t.co/uPUv1Tzlma
— Amazon News (@amazonnews) June 13, 2019
Biden and rival Donald Trump have laid out different economic plans to help the US recover from the financial fallout caused by the coronavirus pandemic.
Biden has promised that corporations making over $100 million a year will pay a 15 percent minimum tax rate on their annual income. He has said that his administration will eradicate any loopholes that big businesses use to circumvent tax payments if he is elected.
Trump, on the other hand, slashed corporate tax rates during his first year in office – arguing that lower taxes make big businesses more viable and competitive.
However, it’s been reported that due to loopholes in the law, a high number of multi-million dollar companies have paid far less than that statutory rate the Trump Administration imposed.
A number of musicians and actors have recently voiced their support for Biden and Democratic vice presidential nominee Kamala Harris, including Billie Eilish, Taylor Swift, Nine Inch Nails, Brad Pitt and Foo Fighters.