Former U.S Vice president, Joe Biden criticizes Amazon for paying $0 in federal taxes in 2018

Former U.S Vice president and Democratic presidential hopeful Joe Biden on Thursday lambasted e-commerce big Amazon.com Inc’s for paying NOTHING in federal tax invoice in 2018 tax 12 months.

Biden mentioned no firm making billions in earnings ought to pay a decrease tax fee than firefighters and lecturers.

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.”

Biden’s remarks added to the rising criticisms towards Amazon for paying $0 U.S. federal revenue taxes on greater than $11 billion in earnings earlier than taxes in 2018.

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In line with the previous VP’s assertion, Vermont Senator Bernie Sanders mentioned Amazon’s paying $0 in federal taxes is a “disgrace.” Bernie Sanders is Democratic presidential hopeful.

Senator Elizabeth Warren of Massachusetts, one other Democratic presidential hopeful, mentioned she is going to tax Amazon’s earnings to make sure the biggest American firms don’t pay zero company revenue tax.

However, Amazon denied all of the allegations, tweeting that it had paid $2.6 billion in company taxes since 2016.

Jeff Bezos, Amazon CEO

“We pay every penny we owe,” Amazon mentioned, including: “Congress designed tax laws to encourage companies to reinvest in the American economy. We have.”

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“Assume VP Biden’s complaint is (with) the tax code, not Amazon,” the corporate tweeted.

Amazon instructed Reuters final month that its low tax invoice principally got here from stock-based worker compensation, the Republican tax cuts of 2017, carry ahead losses from years when the corporate was not worthwhile and tax credit for large investments in R&D.

Amazon mentioned it has invested $200 billion since 2011 and created 300,000 U.S. jobs.

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