Amazon wasn't having it. "We've paid $2.6B in corporate taxes since 2016," it tweeted back. "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."
First things first: Amazon does indeed pay taxes. In 2018, it shelled out $1.18 billion in local, state, and international income levies.
Federal corporate taxes are a different story, since Congress specifically devised them with a set of deductions meant to incentivize investment, create jobs, and spur economic growth. And Amazon does all that. In 2017, for instance, it invested $22.6 billion in research and development—the highest of any company that year. That huge number is just one such deduction included in the tax code, which explains how Amazon skirted federal taxes even with an impressive $11 billion in profits.
https://reason.com/2019/06/14/joe-biden-said-amazon-doesnt-pay-enough-taxes-amazon-wasnt-having-it/
First things first: Amazon does indeed pay taxes. In 2018, it shelled out $1.18 billion in local, state, and international income levies.
Federal corporate taxes are a different story, since Congress specifically devised them with a set of deductions meant to incentivize investment, create jobs, and spur economic growth. And Amazon does all that. In 2017, for instance, it invested $22.6 billion in research and development—the highest of any company that year. That huge number is just one such deduction included in the tax code, which explains how Amazon skirted federal taxes even with an impressive $11 billion in profits.
https://reason.com/2019/06/14/joe-biden-said-amazon-doesnt-pay-enough-taxes-amazon-wasnt-having-it/