Biden to Target Tax-Avoiding Companies Like Amazon With Minimum Federal Levy
- 2020 Democrat plans to raise taxes on wealthy, corporations
- Biden plan sanctions countries that help companies avoid taxes
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Democratic presidential candidate Joe Biden plans to pay for $3.2 trillion in policy proposals with new and higher taxes on the wealthy and corporations, including a measure targeting companies like Amazon.com Inc. and Netflix Inc. that have reported paying no federal income taxes in recent years.
The so-called minimum book tax, which his team estimates would raise $400 billion over a decade, would be coupled with increases in the top individual and corporate rates that Biden has already promised, according to a copy of the proposal obtained by Bloomberg News.