Business
Jeff Bezos Supports Corporate Tax Hike, Infra Bill
Amazon CEO Jeff Bezos gave support to plans to raise the corporate tax rate and undertake a massive infrastructure program. Given his recent brushes with President Joe Biden regarding Amazon’s taxes, this announcement surprised many people.
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Jeff Bezos Supports Infrastructure Investments
In a statement released on Amazon’s company website, Bezos said the company eagerly awaits what Congress and the White House agree on. “We support the Biden Administration’s focus on making bold investments in American infrastructure. Both Democrats and Republicans have supported infrastructure in the past, and it’s the right time to work together to make this happen. We recognize this investment will require concessions from all sides, both on the specifics of what’s included as well as how it gets paid for (we’re supportive of a rise in the corporate tax rate). We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances US competitiveness,” the entire tweet read.
Biden’s Grand Plans
A week ago, the President announced plans to introduce a $2 trillion infrastructure package. The program aims to repair or upgrade the country’s road and public transportation network, which includes trainways and airports. The plan also calls for affordable housing and replacing lead water pipes to safer alternatives, and investments for elderly and disabled Americans. In addition, the program will also allocate funds to advance American manufacturing and job-training efforts.
In order to raise money for the ambitious program, Biden proposed getting more from corporations in the form of additional tax rates. Previously, President Donald Trump cut corporate tax rates from 35% to 21% as part of his tax reform campaign. Now, Biden wants to raise taxes back to 28%.
Biden Critical of Amazon and Jeff Bezos
The tweet from Jeff Bezos supporting the tax increase surprised many, probably including the President himself. Biden often singled out Amazon as a notorious tax dodger. During his presidential campaign last May, Biden said that the online retailer “should start paying their taxes” instead of using technicalities to avoid them. Then, during last week’s announcement of his plan, Biden again called out Amazon. He pointed out that the company used “various loopholes so they’d pay not a single solitary penny in federal income tax.”
Meanwhile, Amazon’s top spokesperson Jay Carney defended the company’s business practices. “If the R&D Tax Credit is a ‘loophole,’ it’s certainly one Congress strongly intended. The R&D Tax credit has existed since 1981, was extended 15 times with bi-partisan support, and was made permanent in 2015 in a law signed by President Obama,” he tweeted.
Amazon Is Paying Federal Taxes
Amazon, with a current market value of $1.6 trillion, gained fame for using deductions and credits to reduce their taxes to zero. Records did show that Amazon did not pay any federal taxes in 2017 and 2018. However, things changed over the last few years, as the retailer paid $162 million in taxes the following year. Last year, the company disclosed it paid a total of $1.7 billion in federal taxes. However, it earned a total US income of $20.2 billion, which means Amazon paid 8% in taxes. It’s not the same as 21%, but they’re paying what’s legally due to them.
Watch the Bloomberg QuickTake News on Amazon’s Jeff Bezos, as he said he supports Infrastructure Bill, Corporate Tax Hike:
Loading ...What do you think about Biden’s proposal to hike taxes for corporations to fund his infrastructure program? Also, what do you think about Amazon’s ability to pay lower taxes? Let us know what you think about taxes in American corporations. Share your thoughts below.
19 Comments
Biden is trying the Wilsonisn BS and is usurping us into a massive depression. Eliminate the sob’s
It’s not rocket science. Giant, multi-national corporations can afford a tax hike easily. Smaller corporations (which might someday be competitors) are less able to do so. It’s another win for the big guys, and, fankly, while infrastructure improvements might benefit everyone, the big corporations really don’t care if it all goes down the crony drain, just as President Obama’s tax hike money did. They might even get some through one of their innumerable subsidiaries.
Oh, and one other point: the corporate tax is the great government scam. Corporationd don’t pay tax, their customers do, inflating the cost of goods and services for everyone. Let’s just have a national.sales tax (when pigs fly).
All that does is drive businesses out of the country and these businesses will take there money and invest in other tax friendly.nations
Corporations employ millions. Have you ever worked for a person that is broke. No, I didn’t think so. Raising corporate taxes will kill massive amounts of jobs, creating an even larger welfare state. Which is right where leftists want all of us. They need a permanent underclass to be dependent on them(and thereby vote for them). Because they can’t win based on their stupid policies. WAKE UP PEOPLE.
Econ 101, Higher taxes means higher prices which means you and me are the ones paying for higher Corporate taxes. Also less hiring and more layoffs. It’s that simple.
Raising taxes a few percent isn’t going to cripple/hurt large corporates. There will still be enough tax loopholes to offset any tax increase. What is needed is a tax rewrite or flat tax so every one pays a portion.
This will only hurt the smaller and mid sized corporations and the individually owned corporations. The big corporations pay little if any taxes and Bezos /Amazon like Microsoft ,
Twitter, Google, Ford, GM, Coke Pepsi and others pay little if any taxes. WHY? Well they have so much in investments that they depreciate,
direct and indirect overhead ,Payroll, Insurance etc that their taxable income could actually show as a loss. Amazon uses the US Post office or did getting away with You and Me or We The People paying for shipping his packages on top of him paying little to no Corporate or Personal Taxes.
Let’s face it most corporations pay far less than 21% because of loopholes. Close them and there is no need for a tax increase..In this article Amazon paid 8%. I paid far more than that, and that’s the main issue taxes fall on the backs of those who can least afford it and no deductions to offset the tax rate
Govt is way too corrupt, way too big, way too wasteful(glutenous), self-centered, self adoring, self-promoting, SELF-WORSHIPPING! Should tax payers support that?! Any corporation who can resist and be exempt from overburdening, unjust tax extortion should do just that. That’s the way it should BE anyway! The overwhelming majority of tax extortion is misappropriated, wasted and twisted into support for lazy, corrupt, unworthy human scum which has risen to the top of an empire of political puss and filth! I hope I wasn’t unclear.
I think Biden is a joke and not strong enough to lead anything nevermind a whole country. It’s not right to propose something and say oh by the way your’re gonna pay for it. There should have been a vote on it. But reading the comments made me think. How many corporations get tax breaks for whatever reason? Are they really gonna pay for this or is the whole country gonna pay for this? And I don’t mean just with money. I don’t think he has a clue about anything.
Of course Jeff Bezos is approving a corporate tax hike. Amazon pays no corporate tax. He’s just another fraud.
Thank-you Jeff Bezos for being wealthy with integrity, and honesty. “Give us your tired…” is becoming evident lies of memorializing hypocrisy to a weird extreme. Of late corporations revealed work ethics contrasting overseas child labor in horrendous conditions. Examples memorably to slaves building America, but not allowed citizenship. With more comes a greater responsibility, and if corporations will not be honest (moving abroad to escape pecuniary responsibility) they should be treated accordingly: make them PAY fairly!
I voted only to be able to write a comment. Our government thinks raising corporate taxes would mean that someone/corporations will actually pay taxes. WOW that would be a new concept. The rich paying taxes. I’m a poor ass American and my wife and I most definitely are made to pay our fair share, so why should they be any different.
fix the border firs
rise the cooperate tax and send all our jobs back to china and Mexico. perhaps people should learn how corporations work before wanting to tax them in to submission. its funny that when we had a business man in the white house taxes went down unemployment was the lowest in history for every ethnic group and pay and incentives actual went up. now were going to rise taxes kill jobs and destroy and chance of any future for our children and grand children. Absolutely nothing will change except a lot of Politian’s will get a lot wealthier and the people will get a lot poorer
Anyone wanting to support anything dealing with tax hiking statewide, especially, when dealing with our government**, should know this, the rich don’t pay, and the rest are either evading or lying about income, tips or lack of, on tax return. If this tax hike is to support some BS program, within a presidential plans; they can go fly a body kite into Niagara Falls…
I would not support any tax hike to fund Biden’s infrastructure. Anything Biden wants will not be in the best interest for America.
BEZOS cuts a Sweetheart deal since the CIA & Military use his servers for ALL their networks & BEZOS got a $600 Million loan from the CIA to buy the Washington Post of Propaganda while ALL OF THE COMPETITION GETS TAXED OUT OF EXISTENCE. AMAZON: Our Mission is to put EVERYONE ELSE Out of Business!