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Joe Biden's Twitter fight with Amazon perfectly sums up the battle over America's new tax code


"I have nothing against Amazon, but no company pulling in billions of dollars of profits should pay a lower tax rate than firefighters and teachers," Biden wrote Thursday morning.


Biden's tweet linked to a New York Times story that cited data from the left-leaning Institute on Taxation and Economic Policy on companies that earned billions of dollars last year but paid no federal taxes.


The legislation, which President Donald Trump signed into law in late 2017, lowered the corporate tax rate from 35% to 21% and allowed companies to immediately expense their capital investments.


On the flip side, the new law offset some of the cost of those cuts by requiring companies to pay taxes on overseas earnings, a move intended to incentivize investing in America instead.


"Corporate revenue has fallen off a cliff faster than I think anyone has anticipated," said Seth Hanlon, senior fellow at the Center for American Progress and a former adviser to President Barack Obama.


No matter the reason, the numbers add up to a giant headache for Republicans and a guarantee that cases like Amazon will remain political punching bags well into the 2020 election.






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