Joe Biden's tax plan features a “minimum book tax” for Corporate America that’s expected to raise $400 billion over a decade.
Democratic presidential front-runner Joe Biden on Wednesday rolled out a tax plan that includes a provision aimed at Amazon and other companies that recently have paid $0 in federal income taxes.
This tax would amount to a 15% levy on book income, according to Biden’s plan, which was obtained by MarketWatch. It initially would apply to companies with annual net income of more than $100 million, and last year about 1,200 companies were in that camp. It would give credit for foreign taxes paid and make allowances for carryforwards.
Biden’s minimum-tax proposal comes six months after he engaged in a back-and-forth on Twitter with Amazon AMZN, -0.52% about the tech giant’s tax payments, with the veteran politician tweeting that “no company pulling in billions of dollars of profits should pay a lower tax rate than firefighters and teachers.”
Biden’s policy director, Stef Feldman, said on Wednesday that the former veep is “committed to being transparent with the American people about the smart and effective ways he’d pay for the bold changes he’s proposing.”
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