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    Joe Biden Claims Amazon is Not Paying Enough Tax

    Joe Biden Claims Amazon is Not Paying Enough Tax

    Presidential nominee Joe Biden criticized Amazon on Friday for paying what he believes is too little in taxes. While the current US corporate tax rate is 21% before deductions are subtracted, Amazon paid just 1.2% in tax on their $13 billion in profits in 2019 and was owed a refund on $11 billion in profits in 2018. In ordinary years, Amazon primarily relies on tax breaks for capital depreciation, research and development spending, and stock-based compensation for employees to achieve its low tax bills. This year, the company is expected to take advantage of new tax deductions available under the CARES Act for pandemic-related spending to further minimize their effective corporate tax rate.

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