Amazon's less-than-zero tax rate is unacceptable, writes Edward McCaffery for CNNOpinion
Edward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California. He is the author of"Fair Not Flat: How to Make the Tax System Better and Simpler" and founder of the People's Tax Page. The opinions expressed in this commentary are his own. View more opinion at CNN.
Vice President Joe Biden is right to join the chorus of other leading Democratic presidential candidates, such as Sens. Elizabeth Warren and Bernie Sanders in criticizing the fact that Amazon paid no federal income taxes in 2018.
Nice work, if you can get it. Amazon has gotten it.Edward J. McCafferySo, what is Amazon's tax rate? According to The Week, it was at 11.4% from 2011 to 2016, which was apparently too much for owner Jeff Bezos's tastes -- Amazon's 2018 income tax rate plummeted to -1%. That's a minus sign in front of the 1, signaling a negative tax rate.
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