Bezos makes statement in support of Biden’s proposed corporate tax hike

Washington, April 7 2021: In a statement made by CEO Jeff Bezos yesterday, Amazon said it supports President Joe Biden’s proposal for a corporate tax increase to fund infrastructure improvements, saying it should be part of a balanced solution that maintains or enhances US competitiveness.

This came days after Biden singled out the US e-commerce giant for avoiding income taxes as he proposed to boost the corporate tax rate to 28 percent. “We support the Biden administration’s focus on making bold investments in American infrastructure,” Bezos said.

The statement added, “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).”

According to Bezos, Amazon looks forward to Congress and the administration coming together to find the right, balanced solution that maintains or enhances US competitiveness.

The tech-giants Amazon has been the target of critics for years who claim it pays little or no corporate taxes. The company has defended its policies, saying that its investments offset taxes as intended by the tax code. Biden is proposing a $2 trillion infrastructure program funded in part by increasing the corporate tax rate from 21 percent to 28 percent, and moving against tax havens.

The previous month, Biden referred a 2019 study showing 91 Fortune 500 companies, don’t pay federal taxes depriving the government of revenue. “That is just wrong.”

Stay tuned to BaaghiTV for latest news and Updates!

The “Hirak” movement takes to the streets as President Tebboune cautions it against overstepping: Algeria

 

Leave A Reply

Your email address will not be published.