Amazon rebukes Biden, offers tax code lesson after previously spitting with Warren
Amazon fought Joe Biden in a fierce Twitter post on Thursday after the former vice president claimed the company should pay more in taxes because it was "pulling in billions of dollars in profits".
Biden became the second prominent Democrats to endure the Amazon social media anger recently, following the company's April dust up with Elizabeth Warren. Thursday's public spit was even more remarkable because Amazon's Vice President of Worldwide Corporate Affairs is Jay Carney, who served as Biden's Communications Director for three years, before becoming President of the White House Press Secretary.
"I have nothing against Amazon, but no company that goes into billions of dollars in profits should pay a lower tax rate than firefighters and teachers," wrote Biden on Twitter, linked to a New York Times article on the subject. "We need to reward work, not just wealth."
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The Times article focused on the GOP-led tax bill, which lowered corporate tax to 21[ads1] percent, and the possibility of dozens of Very profitable companies like Amazon to avoid paying a federal income tax. These companies do not pay federal income tax because they can write off certain expenses, including capital investment.
Tax breaks for research and development are particularly high in Amazon. The company has said it also has benefits from paying employees with shares and by using so-called "loss carryforwards", which means that years of low profitability can later be used to compensate for taxes during periods of high profitability.
Amazon, responding to Biden, pointed out that federal income taxes do not tell the whole story – and offered Biden some of the lessons about how the tax laws ended as they were.
"We paid $ 2.6B in corporate tax since 2016," responded the Amazon Twitter account. "We pay every penny we owe. Congress drafted tax law to encourage companies to reinvest in the US economy." We have $ 200B in investments since 2011 and 300K US jobs. Suppose VP Bids complaint is without tax code, not Amazon. "
In a separate statement given to The Hill, an Amazon spokesman exclaimed:" Amazon pays all the taxes we have to pay in the US and every country we operate, including paying $ 2.6 billion in corporate tax and reporting 3, $ 4 billion in tax over the past three years. The government has designed corporate tax law to encourage businesses of all sizes to invest in the US economy to drive growth and create jobs. "
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Prior to tax, Amazon earned about $ 11 billion in profit in 2018 and received a tax rebate of nearly $ 130 million from the federal government.
Some prominent democrats, including Warren, have called to break up Amazon and other tech giants, partly because their huge capital allows them to withstand long periods of low profitability to force competitors out.
In April, Warren spread openly with Amazon in a series of pointed tweets, just hours after she admitted under a national television town hall she still trades on the e-commerce giant.
Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., Has asked to break up Amazon. (AP Photo / Robert F. Bukaty)
Warren kicked off the saliva by repeating his argument that Amazon is abusing its control over the Amazon Marketplace, which hosts third-party sellers, to improve its own retail and unwarranted disadvantage of third-party sellers.
"Giant tech companies have too much power," wrote the warrior, embedded a clip of her comments in the town hall. "My plan for #BreakUpBigTech prevents companies like Amazon from knocking out the rest of the competition. You can be a judge or you can be a player – but you can't be both."
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In response, the official Amazon News Twitter account has written that third-party sellers have done better than ever.
"[S] is also not" knocked out "- they see record sales every year," Amazon wrote, refusing to use third-party merchant data to increase their own products. "Walmart is also much bigger, Amazon is less than 4% of US retail."
"Oh boy," Warren shot back.
In addition to Amazon, Warren said earlier that she wanted to break up Google, Facebook, and Apple.
