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CNBC Television published this video item, entitled “Sen. Elizabeth Warren aims at FedEx, Nike, Amazon in push for corporate tax hike” – below is their description.
“What’s happening right now in America, is these small businesses they pay their taxes at the full rate. They got to pay the whole thing,” Sen. Elizabeth Warren (D-Mass.) told CNBC’s “Squawk Box” Tuesday. “You look at businesses like FedEx and Nike. Businesses like Amazon and they pay zero. Right now there’s a thumb on the scale in the tax part of this and that is a thumb to help the giants.” For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Sen. Elizabeth Warren took aim at FedEx, Nike and Amazon on Tuesday as she championed the need to raise taxes on corporations and the wealthiest Americans.
In an interview with CNBC’s “Squawk Box,” the Massachusetts progressive senator specifically blasted the three corporate giants while describing why corporations should get with hit with a higher tax rate.
“What’s happening right now in America, is these small businesses … pay their taxes at the full rate. They got to pay the whole thing,” Warren said. “You look at businesses like FedEx and Nike, businesses like Amazon, and they pay zero. Right now there’s a thumb on the scale in the tax part of this, and that is a thumb to help the giants.”
Big corporations’ lower tax bills actually hurt small businesses by knocking them out of the competition, Warren argued.
Warren’s latest criticism of corporate giants comes as President Joe Biden and Democrats are looking to raise the corporate tax rate to 28% from 21% to help pay for a $2 trillion infrastructure package.
Warren, who is a member of the Senate Finance and Banking committees, has been calling on the wealthy and corporations to pay what she believes is their fair share of taxes.
One of Warren’s latest battles has been with billionaire Leon Cooperman, whom she asked to attend a Senate Finance Committee hearing meant to focus on her proposed millionaires’ tax. He declined to attend the Tuesday hearing.
FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes.
“The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million,” the report said. “The shoe manufacturer Nike didn’t pay a dime of federal income tax on almost $2.9 billion of U.S. pretax income last year, instead enjoying a $109 million tax rebate.”
The progressive group Tax March has been targeting the two corporations in TV and newspaper ads. FedEx CEO Fred Smith said in a letter to company members that they “pay all U.S. federal, state, and local taxes FedEx owes, which have totaled nearly $9 billion over the last five fiscal years.” Smith also discouraged the raising of the corporate tax rate as a way to pay for infrastructure.
As for Amazon, the Institute on Taxation and Economic Policy estimated the e-commerce giant’s federal tax rate was just 9.4% in 2020. That’s well be low the “statutory” rate of 21%.
The report also noted that “over the first three years of the Trump-GOP tax law, which dropped the statutory corporate tax rate to 21 percent, Amazon paid an effective federal income tax rate of just 4.3 percent on U.S. income.”
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