WASHINGTON—Profitable companies like Amazon.com Inc. could no longer use legal breaks to drive their U.S. tax bills almost to zero under Joe Biden’s proposal to increase and overhaul corporate taxes.
On top of higher tax rates, Mr. Biden would impose a 15% minimum tax on profits reported to investors, a move that would limit companies’ use of popular tax breaks. That minimum tax would raise $400 billion over a decade by the campaign’s estimate, and $166 billion according to the Tax Policy Center.
Former VP Biden’s tax plan will hurt middle class families. Joe Biden’s tax plan would raise tax brackets on the middle class from 12-15%, 22-25%, and 24-28%.
What this article points out is that it is the politicians that created the problem and even Biden’s solution does not fix it it just creates other ways for people to find loop holes.
Ok
What companies invested in? Try paying Exec.s EXORBITANT salaries. Try lobbyists insisting upping the minimum wage would cause them to lose $.Their off shore accts.& pass through LLCs? Their luxury bunkers & buying 2nd citizenships? WSJ & Citizen Kane worried about circulation!
I'll bet you assholes are freaking out!
Good. How is that policy just plain right. It is time for a change
What's the problem if the tax breaks are legal? Congress, of which Joe Biden was a member for many years, made the tax laws.
Taxing billionaires fairly is counterproductive to what, and to whom?
The person is really running for office what the real deal is. puppet
Corporations need to pay their fair share. Amazon ain’t going away along with others. If they do another will step up and take position. Online retail is the future. Accept it. Bezos is not a dummy
Here is the difference between Words & Actions. realDonaldTrump will say anything to make you think he cares but JoeBiden puts it into action. This is the difference between a real Leader and someone that is only concerned about himself and his own ego. Look closely for action.
Does the critic's name rhyme with Heff Wezos?
Companies don’t pay taxes. Consumers of their products do.
Managed to find a photo of one of the critics..
Counter productive for who? The big companies who need to be held accountable! Make them pay ffs!
TIF’s never should have been allowed. All companies should not get a tax break and pay up like everyone else. Worst plan ever and now we’re stuck with it.
What's the best way to prevent companies like Amazon paying zero taxes? Should tax paying companies pay Amazon's share? economy WealthCreation Covid_19 investing WallStreet
Do these critics happen to own large shares of Amazon in their portfolio?
Tired of hearing that nonsense counterproductive everybody should pay their fair share
biden won’t actually do that though, he will prob cut taxes and allow amazon to run national security
The Bernie tax
Critics lol.
Workers waiting for that trickle down
Didn’t joe Biden work with republicans to push for those tax cuts?
Critics of taxes say taxes are bad.
Yes because why would we want to tax companies when the middle class and lower class can be taxed more?
If these companies bitch and threaten to leave - let them. We can just start something new and run it ethically, and not allow them to operate in the US... or the big company can stop being succubusses and pay thier fair share. If I can pay my taxes, so can they.
He is going to ruin what is left of the economy. Raising taxes now isn’t going to help restore jobs.
I’m sure they’ll threaten to leave if we get tough on taxes. This is the typical big business reaction.
Of course critics say that. That’s what the super wealthy always say.
Who are the critics? The CEOs? ROTFLMAO!
Biden hasn’t done a good thing in 44 yrs.
WTF why would $AMZN have to pay taxes?
To whom?
Amazon will not go bankrupt over this. I don’t want to subsidize big companies who makes billions from my tax dollar. It’s time they pay up. Support small businesses
How are the wealthiest people in society exempt from paying taxes while the poor are burdened with tax obligations 🧐🤨 itsnotright
Joe Biden corruption
Like Amazon is using their money to start workers at $25 an hour with fully paid benefits. (eye roll) 🙄
Get Biden to explain this. He can’t.
Counterproductive? 😂😅🖕 I reckon it can go as high as 35% and it will still be very doable for growth
It’s not counter-productive. It’s the correct thing to do.
Counterproductive? How can it be more productive than NOW?
opinion is not to be taken seriously. Their opinion is no different from Right Wing Extremists opinion, like Fox News FOXTV or Breitbart News BreitbartNews
This Republican paper for the Rich is funny. It outcries the taxes for the Rich and make an issue out of small deductions Biden is planning to give to the Working Class families like credit for first time home buyers, child relief etc. Why Americans can still be fooled?
God damn it!! It's not counterproductive. Seriously. Look at the graph. The top people took half of the bottom and told you it was good for them. And you propped them up for gated communities. You fucking sold the least of you for gated communities. Fkn boomers Trash.
From the WSJ...the paper Bezos owns. Right, no agenda being pushed here. It's clear Bezos can never take or have enough money! 💰
Screw Amazon. Bezos pays a lower state tax rate than I do. They're grifters.
correct Amazon will absorb 100% of the tax. You won’t notice a thing
You actually tweeted that? It could be “counterproductive” for Amazon to pay tax?
So Amazon shouldn’t pay any taxes?
Counterproductive to what lmao Jeff getting $157B more?
the rich in US are leeches avoiding taxes for selfish purpose It is why as a country US isfucked the highways have potholes the bridges decrepit They wanted to defund the cops for community outlets The amount saved is pitiful compared to Fed taxes
Yeah counterproductive to bezos..to we peasants? Not so much
JoeBiden POTUS SpeakerPelosi Nothing to worry. In a month, he won't remember a word he said today. Please meet a few of Joe Biden''s 'Dementia club' members. With or without Trump, either way....I think you're f*cked. erasedMemory wecandoitagain
Of course critics will say that. They stand to lose money. Good. They’ll pay their fucking taxes or we’ll simply nationalize their wealth. All of it. Reset wealth in this country once and for all. Make the aristocrat wannabes pay.
Key words are they use legal tax breaks. God forbid somebody does something legal. 4MoreYears
Let’s try it, it couldn’t possibly result in the economic divide being even greater.
JoeBiden How about we stop the inevitable & raise FED rate at a slow pace. Those business that fail, will create new opportunities for those entrepreneurs with innovative ideas. This will also help lower housing cost. The system needs to reset.
If jobs had returned to the U.S. from overseas, if the lower corporate tax rates were actually collected, if profits had resulted (as promised) in higher wages for workers. None of that occurred. There must be accountability.
Instead of playing tax games with Bezos... Make him pay his employees 15x thier current wages. Let people retire, stop drowning the country in Hyperinflation. Let people have fuck off time. Stop milking the tit dry.
I would like to pay $0. As a single mom I paid $19000
'Critics' being Fortune 500 executives, shareholders, and investment firms that rely on these companies paying nothing in taxes in order to maximize their own personal gains, regardless of whether them paying zero in taxes/ their employees shit wages hurts overwhelming majority.
How many loop wholes are there!
Critics? Funny
It's the people who end up paying. Always.
So many koolaid drinkers read the WSJ. Taxes have to go up. Best thing that could happen is US does a tax treaty with EU and others so no more offshore hidden money. Trillions are out there. Jeffrey Epstein was one of those sheltering income. Catch them all. Sincerely a taxpayer
Trump or Biden🤔 .....Trump of course
I dont think I should pay taxes until Amazon pays taxes. Seems fair to me.
I love how leftists chose to demonize a leftist company, that actually isn’t very profitable relative to revenues and never has been. It’s fun to watch.
Counterproductive to Bezo’s ever increasing bank account?
oh yes I’m sure “critics” say that. Obama’s corporate tax cut proposal was much more fair than Trump’s giveaway. But there were strings attached so “critics” didn’t like it. Strings like wage increases for workers, and mandatory worker benefits.
Critics like Amazon?
Their sheer physical footprint in the US is leverage enough for them not to leave, but they bluff till the bitter end. And if they move their hq you just tax their operation within the US. Its not like theyre handing out massive amou of corporate jobs.
This would cause rises in consumer prices as well as companies moving their home office to other countries. It has happened before and it will happen again.
Bs wsj
Next your Deficit article..... followed by the Joe Will Tweet article and then the Joe Will Golf article.... you guys be... Faaaaakkkkke Neeeewwwwssss, I mean Propaganda.
“Counterproductive”? You think it will lead to these companies paying less than *checks notes* nothing?
Of course we want to encourage companies of any size to reinvest as much as possible to innovate and grow their business by given them tax breaks when they do so. Net positive for the US.
Counterproductive if you are a greedy oligarch, maybe.
These companies will relocate to other countries with lower corporate tax rates. The U.S. treasury will get less revenue than they are getting now.
Opinion | This dream / goal of Biden can make further plan and discussion with its Democratic Party and motion it in year 2024 to make it real.
Fair share is a pundit/politician “taking point”. The comments that have a repeated it only show how little you know about the value amazon and others create with employment ect. It’s how they convince the lower economic class that billionaires and big companies “hate” you
Yes. Let's listen to the WALL STREET JOURNAL's criticism of a tax hike for corporations...
President Trump reduced corporate taxes and three things happened: -unemployment dropped, -wages started to rise, -the stock market went up. Being business-friendly is good for the country & the economy. Why would you undo that?
Everyone is so against corporations yet they employ millions and millions of people. Tax breaks for them help increase wages for the people, which I see as a positive
Democrats blocked the JUSTICEAct, and now they've blocked an extension of the $600 unemployment benefit offered by Republicans. It's clear they're playing politics with people's lives. That's unacceptable. American families deserve better.
It “could be” cause we don’t cause we stick with the status quo every damn time
Hope the regular house hold are not impacted
Just in case anybody needed further proof that it’s absolutely critical to prevent the Democrats from gaining control of the Senate.
Sounds like a plan to me.
Counterproductive to a few pockets with no morals and unpatriotic designs.
'Critics' = fellow billionaires
40 years and political office I say he is the worst of the swamp
the greedy 1% are are going down. 🔥🔥🔥
The benefit to America is the sheer number of employees Amazon has relative to overall employment figures in this country which is why they get serious tax breaks. Corporate Headquarters isn't in Guatemala either. Just saying.
Bet you this plan was drawn up in crayon on one of the pages of his color by number coloring books that Hilary gave him.
The Journal will never surrender on voodoo economics. No matter how many times it fails and how many times they get it wrong.
'critics say'
wsj corporate welfare needs to end
Do not collect $200
Also those critics.
Critics are the millionaires it serves. They still want that trickle down approach which dont work because they dont send it down. They keep it give to CEO not the workers. Who actually make the company.
WaPo will have a stern editorial about this....
You can see it in his eyes Joe is ready for a retirement center.
Counterproductive to them finally paying their fair share!!
'noooo if Amazon starts paying taxes they won't have money to bribe me anymore 😡' -most congressmen, probably
With brilliant people throughout the country, how did we end up with a Biden v. Trump ticket? There has to be someone better for both parties. timetounite
one of the ways they pay so little taxes is that they don't actually make their profits here... So raising the tax rates and 'closing loopholes' will only continue to push them out.
I bet Bezos is one of those critics.
It's alright!!! Trump all the way
Critics = Amazon’s executive team
Counterproductive to what? Is amazon going to stop doing business in the US?
Under Joe Biden’s tax plan families of four making $170,000 or more, their child tax credit would go down from $4,000 (assuming two children) to $0. Joe Biden’s tax plan will hurt American citizens.
Ok so more taxes. How much will this net? Will this be offset by less taxes paid by working people? How exactly are regular folks helped by this move? Smells more like politics.
Looks like a egipcian mummy
Tax them right out of the US Joe
He looks like a stick of butter.
Stunning WSJ mentions the company that pays no taxes
And they would all deserve it and their stock prices and ur 401k would decline significantly
And every working American will see their taxes go up The middle class will get hammered bc that’s where the money is
Go Joe - we need to even the playing field!!
Why didn't Obama do this? They had 8!years, same old same old from the DemoKKKrats
Amazon grew up under the obama biden administration.
Joe Biden corruption
Either they should pay the tax or provide enhanced benefits for their employees. Let corps to write off special benefits against this tax. Win for all. Win for employees, win for corps, win for government.
Amazon did not pay a single penny in 2018!!! American working-class pay billions of taxes but the giant Amazon does not?
The problem with deeming a company 'profitable' is that it doesn't consider what the company plans to do with that capital the next year. A value added tax however is the perfect catchall and has a really high rate of compliance.
What do you mean ? Trump has been a hard critic of Amazon. He even suggested the government should tear the company apart.
I’m with this.
GOP are these the socialist ideas that scare you so much?
We gonna see an AMT for corporations?
I agree with higher corporate tax. End this corporation socialism
This, for the uninitiated, is an IQ test. The underlying question is: Are corporations taxed, or their customers?
In a Covid fragile Economy let’s try hamstringing the company’s that are pulling the train....Good thinking Blue Puppet ...🧤🧤
We knw exactly what Dem run America looks like: -lawlessness -re-distribution of wealth -end of meritocracy -indoctrination thru schools -destruction & re-writing of our history -authoritarian rule -end of freespeech -open borders -high tax/ debt -high regs -lost jobs -low grwth
They ' legal breaks' are tax incentives that CONGRESS passed as they provide a macro benefit inform of investment, jobs & growth. Take them away & you will get less of all three in addition to companies moving offshore
So he says. I don't believe it. This man will say anything to get elected. Let's ask him about about uranium one and how it is the Russians ended up with the rights to our Uranium!!!!!
There is no way you could make this happen. These people own you and your cronies.
Good.
Amazon does not pay taxes. Their customers do when the company raises prices. Thus endeth the Econ 101 lesson for today.
And someone should look into overseas asset hoarding while we're at it. It's quantity is said be a larger than 2-3 times larger than all the dollars which are on the books, ie taxable income; aka everyone else's money. The actual value is impossible to calculate but it's $10T+.
He won't remember ANY of these lies if he wins. He's making up everything and anything to get elected which WON'T happen. No child sniffers in our White House and no, his wife will NEVER make anyone call her 'Doctor' Biden ever again in the Old Building.
that'll be really helpful in stimulating growth
He is going to spend trillions and tax hard working Americans to death. No thanks Joe, your handlers are nuts.
Amazon should pay tax just as every other company does
Joes plan is demented
He’s had 40 years in govt to do that. Does anyone really believe he’s going to do that now?
Tax breaks= jobs=putting money back into communities.duh. Econ101.
Fake news. Biden has been a corporatist and shill for the credit card companies for years (47 to be exact). He isn't going to rock the donor boat, just WSJ stumping for the lying dog faced pony soldier. You forget, one can always tell when Biden is lying, his lips are moving.
POTUS PimpinPotus you’re fired!
Sounds like a good idea
Poor Jeff!
Biden does not work for people .he work for some bad big company
Good, that’s the idea
Does anybody think Bezos might secretly vote for Trump?
They will just leave the country.
How about athletes, actors and politicians
How about a 'REVENUE TAX' of 1.5% on gross revenues of a corporations that doe over $5M in revenue every year.
Which is why the DJIA hasn’t broke 30,000 yet. When the polls start closing up, look out. TrumpBump 2.0
I love Joe but that's impossible unless you completely overhaul the system. Simplify dramatically. So the impossible
Anybody else getting tired of the tax laws changing every 4 years?
As it should be. The time for billion dollar corporations paying nothing in taxes is over.
what an outrage it would be for corps to pay a bit 😂
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »