'Amazon Should Start Paying Their Taxes,’ Biden Tells CNBC

Author:
Publish date:
Video Duration:
1:00

In an interview with CNBC's Squawk Box Friday morning, Democratic nominee Joe Biden said Amazon  (AMZN) - Get Report "should start paying their taxes." This, in response to a question about whether the tech giant and online retailer should be broken up.

“I don’t think any company, I don’t give a damn how big they are, the Lord Almighty, should absolutely be in a position where they pay no tax and make billions and billions and billions of dollars," said Biden.

Sen. Elizabeth Warren—who Biden is reportedly considering as a potential running mate—has called for such a measure, saying tech behemoths like Amazon and Facebook are too big, too powerful, and dangerous to consumers. 

"Today's big tech companies have too much power—too much power over our economy, our society, and our democracy. They've bulldozed competition, used our private information for profit, and tilted the playing field against everyone else. And in the process, they have hurt small businesses and stifled innovation," Warren wrote in 2019.

Though Biden and Warren have many differing opinions, Amazon's scale is one thing they seem to agree on. Biden, to a lesser degree than Warren, challenged Amazon’s tax record last year, saying the retailer was paying too few taxes, at too low a rate.

Amazon replied: “We pay every penny we owe. Assume VP Biden’s complaint is w/ the tax code, not Amazon."

The online retailer has seen growth during the coronavirus pandemic as shoppers pivot to online providers. On April 30, Amazon reported first quarter earnings of $5.01 per share on revenue of $75.5 billion, a 26% increase from the previous year. 

Amazon recently announced it will hold its Prime Day bonanza in September, instead of the customary July.

Watch More of the Latest Videos from TheStreet and Jim Cramer