Photo: Zach Gibson/Getty Images

2020 candidate Sen. Elizabeth Warren (D-Mass) released a new corporate tax proposal on Thursday that would create a new 7% tax on corporations' profits over $100 million.

Details: Warren's proposal estimates that her "Real Corporate Profits Tax," which targets the profits reported by companies on their financial statements and would come in addition to existing tax liabilities, could bring in $1 trillion over 10 years. She used Amazon as a prominent example, arguing her proposal would have caused the tech giant to pay $698 million in taxes in 2018 instead of $0, despite its record profits.

“Amazon pays all the taxes we are required to pay in the U.S. and every country where we operate, including paying $2.6 billion in corporate tax and reporting $3.4 billion in tax expense over the last three years. Corporate tax is based on profits, not revenues, and our profits remain modest given retail is a highly competitive, low-margin business and our continued heavy investment. We have invested more than $160 billion in the U.S. since 2011, building a network of more than 125 fulfillment and sortation centers, air hubs and delivery stations as well as cloud-computing infrastructure and wind and solar farms. We invest heavily in research and development at our Seattle headquarters and 18 tech hubs across the country. We are creating tens of thousands of quality jobs each year with industry-leading pay for people of all skill levels, bringing our total workforce in the U.S. to more than 250,000.”
— statement, Amazon spokesperson

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What to watch in tonight's debate

Joe Biden (left) and President Trump (right) are facing off in Cleveland for the first presidential debate. Photos: Alex Wong (of Biden) and David Hume Kennerly (of Trump)/Getty Images

President Trump will try to break Joe Biden's composure by going after his son Hunter and other family members in tonight's first presidential debate — a campaign source tells Axios "nothing will be off the table" — while Biden plans to stick to the economy, coronavirus and new revelations about how Trump avoided paying taxes.

Driving the news: Biden and Trump are set to debate at 9 p.m. ET at Case Western Reserve University in Cleveland, and it will be moderated by Fox News' Chris Wallace.

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.

Erica Pandey, author of @Work
39 mins ago - Economy & Business

United States of burnout

Illustration: Aïda Amer/Axios

Postponed vacations, holidays in isolation and back-to-back virtual meetings are taking a toll on millions of American workers.

Why it matters: As we head into the fall, workers are feeling the burnout. Such a collective fraying of mental health at work could dampen productivity and hinder economic growth across the country.