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Jeff Bezos says he supports a hike to the corporate tax rate

Jeff Bezos says he supports a hike to the corporate tax rate

April 8, 2021: -On Tuesday, Amazon CEO Jeff Bezos raised a voice to support raising the corporate tax rate but stopped saying that he supports Biden’s plan to increase.

“We support the focus of Biden Administration on making bold investments in American infrastructure,” Bezos said.

“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,” Bezos added.

Biden unveiled an over $2 trillion package last week that outlines sweeping upgrades to the nation’s bridges, roads, public transport, and airports, among other transportation infrastructure, including investments in taking care of elderly Americans, disabled Americans, building and retrofitting affordable housing, and advancing American manufacturing and job-training efforts, among other goals.

Biden has proposed hike the corporate tax rate to 28% from 21% to fund the package.

Bezos’ support for a tax increase is because Amazon has previously scrutinized its tax record, including from Biden.

Biden again singled out Amazon last week in an address in Pittsburgh, slamming the company for using “various loopholes so they’d pay not a single solitary penny in federal income tax.”

 Amazon’s top spokesperson, Jay Carney, responded in a tweet, “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 bipartisan support, and was made permanent in 2015 in a law signed by President Obama.”

After paying nothing in U.S. federal income tax for two years, Amazon paid $162 million in federal income taxes in 2019. The company, which benefits from various tax credits and deductions, reported total revenue last year of $386 billion.

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