Home / Business / Jeff Bezos has come out in support of increased corporate taxes.

Jeff Bezos has come out in support of increased corporate taxes.

Amazon (AMZN) CEO Jeff Bezos It said in a statement on Tuesday that it “supports a corporate tax hike”.

“We support the focus of the Biden Administration. “It’s a bold investment in American infrastructure,” Bezos said. “Both Democrats and Republicans have supported infrastructure, and it’s the right time to work together to make it happen. Realize that this investment is subject to concessions from all parties, both on the specific part of what is included and how it is paid for. ”

In 2019, former Vice President Joe Biden urged Amazon to disclose a history of using tax credits and tax deductions to reduce corporate income taxes. “We pay every penny we owe,” and have paid $ 2.6 billion in corporate taxes since 2016.
And again, last year, presidential candidate Biden said Amazon should “start paying taxes” as part of broad criticism of big businesses being successful. In accordance with all applicable tax laws
The company recently joined forces with Sen. Elizabeth Warren, a supporter of major corporate tax hikes last month, Warren said in a tweet: “Giants like Amazon reported huge profits. With their shareholders – but they use loopholes and tax hidges to pay almost all of their taxes.
Amazon replied to her: “You follow @SenWarren tax laws, so we do. If you don’t like the law you create, replace it. Here’s a fact: Amazon pays billions. Of corporate taxes for the past few years alone ”
For the 2017 and 2018 tax years, Amazon’s financial filing shows that it is expected to receive a federal refund, not as a payback in income taxes.For the 2019 tax year, Amazon says it owes more to federal income taxes. $ 1 billion, figures experts say, amounts to just over 1% of profits.
In 2020, Amazon paid $ 1.7 billion in federal taxes, the company said, in response to Warren.Net revenues for this year were $ 21.3 billion.

While criticism has already been made, the Biden’s management infrastructure plan may be compelling enough to convince more corporate leaders to sign in to support the hiking business tax.

Bezos said in his statement: “We hope Congress and the administration work together to find an appropriate and balanced solution that maintains or increases the competitiveness of the United States.”

And he’s not alone, said Rick Rieder, BlackRock’s chief investment officer at Global Fixed Income, the world’s largest asset manager, said Trump-era corporate tax cuts would not hurt the economy and May have a positive effect on growth
Rieder told CNN Business last month that he thinks the U.S. economy can “ definitely ” resist higher corporate taxes, and suggested that raising corporate rates would ensure that economic profits would be more evenly distributed. Up among companies and workers

“The US economy is amazingly resilient,” he said, “and in fact works well when you get some income and consumption distribution in a much easier, particularly better location. Especially for low and middle income earners. “

CNN’s Brian Fung and Matt Egan contributed to this report.

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