The former Vice President made the pledge in a tweet posted Friday afternoon, just before he appeared at a last-minute campaign rally in Minnesota.
‘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,’ the 77-year-old posted in a tweet that has received more than 124,000 ‘likes’.
Taking to the stage a short time later, Biden extrapolated on his promise, stating: ’91 out of the Fortune 500 companies paid zero taxes last year. Why? Why should a nurse pay higher tax rates than the super wealthy?’
Biden and his rival, President Trump, have laid out drastically different economic plans to help the country recover from the financial fallout caused by the coronavirus pandemic.
Joe Biden has blasted Amazon and Netflix just four days out from the Presidential Election, vowing to make the corporations pay their ‘fair share of taxes’ if he wins the White House
Biden has promised a 15 percent minimum tax rate on the annual income of corporations making over $100 million a year. He says his administration would eradicate any loopholes that big businesses use to circumvent tax payments.
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, due to loopholes in the law, almost all multi-million dollar companies pay far less than that statutory rate the Trump Administration imposed.
For example, Netflix paid just 9.2 percent of its income in taxes last year, according to Deadline.
In a statement, the streaming giant told the publication: ‘Netflix paid US federal taxes in 2019 and is reporting a significantly higher effective tax rate so far in 2020’.
Friday’s comments weren’t the first time Biden has hit out at Amazon. Amazon has become a punching bag for many Democrats who paint CEO Jeff Bezos as a bogeyman figure who personifies corporate greed
Amazon hit back at Biden last year saying they were working within the law and that he had not addressed tax loopholes while he was Vice President in the Obama years
Meanwhile, Friday’s comments weren’t the first time Biden has hit out at Amazon.
Last year, 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.’
The company has become a punching bag for many Democrats who paint CEO Jeff Bezos as a bogeyman who personifies corporate greed.
Amazon hit back at Biden, saying they were working within the law and that he had not addressed tax loopholes while he was Vice President in the Obama years.
‘We pay every penny we owe,’ the company wrote on Twitter.
‘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.’
Polls show Biden still has a healthy lead over Trump ahead of Election Day on November 3, despite voters saying they trust the President more on issues surrounding the economy.
According to Deadline, Netflix paid just 9.2 percent of its income in taxes last year