Elizabeth Warren: US taxes are rigged in favor of Amazon, Netflix and other big companies
April 27, 2021. Summarized by summa-bot.
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UNITED STATES - APRIL 27: Sen. Elizabeth Warren, D-Mass., conducts a news conference outside the Capitol to reintroduce the Universal Child Care and Early Learning Act, on Tuesday, April 27, 2021. Reps. Sara Jacobs, D-Calif., and Mondaire Jones, D-N.Y., also attended. (Photo By Tom Williams/CQ Roll Call)
Senator Elizabeth Warren is making her case for why America's tax system is rigged by calling out Amazon, Netflix and other companies that pay little or nothing in federal income taxes.
New York (CNN Business)Senator Elizabeth Warren is making her case for why America's tax system is rigged by calling out Amazon, Netflix and other companies that pay little or nothing in federal income taxes.
"Congress didn't wake up one morning and say, 'Let's punch enough holes in the tax code so that Amazon and Netflix can earn billions and pay nothing,'" Warren told CNN Business on Tuesday after chairing her first Senate finance subcommittee hearing.
During the hearing, Warren argued the solution is what she's dubbed a Real Corporate Profits Tax: a 7% tax on book income.
Warren's tax would apply only to companies that report book income above $100 million.
The list of profitable companies that avoided all federal income taxes last year includes FedEx (FDX), HP and Nike (NKE) — three companies Warren called out during her hearing.
To crack down on tax evasion and raise much-needed revenue, Biden will seek $80 billion to fund enhanced Internal Revenue Service enforcement of high-earners, CNN reported on Tuesday.
"I'm out there fighting for why the rich and the powerful need to pay a little more and the IRS needs a little more enforcement muscle so that we have the money to invest in a future for all American families," Warren said.