Amazon founder and CEO Jeff Bezos
Mark Ralston | AFP | Getty Images
On Tuesday, Amazon CEO Jeff Bezos backed the corporate tax hike. But did not mention briefly that he supported President Joe Biden’s further plans.
“We support the focus of the Biden Administration. In a bold investment in America̵7;s infrastructure, Bezos said in a statement. “We are aware that this investment has to be concessions from all aspects, including details of what’s included as well as how to get paid. (We support corporate tax rate hike) “
Last week, Biden released a $ 2 trillion package that represents a comprehensive upgrade to the country’s bridges, roads, public transport and airports, as well as other transport infrastructure. In caring for Americans with elderly and disabilities, creating and remodeling affordable housing, and increasing efforts to American job production and training.
To fund the package, Biden proposed raising the corporate tax rate to 28% from 21% .The corporate tax rate was lowered under President Donald Trump to 21% from 35% as part of the law. Tax year 2017
Bezos’ support of the tax hike is notable, as Amazon previously faced scrutiny on tax records, including from Biden, last May, Biden, a presidential candidate, told CNBC: Amazon “should start paying their taxes”
Biden split up Amazon again last week during his stay in Pittsburgh, giving the company “loopholes” so they don’t have to pay a single federal income tax.
In response, Amazon senior spokesperson Jay Carney said in a tweet: “ If the R&D tax credit is a ‘loophole’, it is definitely something Congress intends to have.The R&D tax credit, having been there since 1981, has been extended 15 times. With bi-partisan support and was made permanent in 2015 in a law signed by President Obama.
After paying $ 0 in federal income taxes for two years, Amazon paid $ 162 million in federal income tax in 2019.The company, which benefited from various tax credits and deductions, reported last year’s total income at $ 386 billion
– Jacob, Head of CNBC, contributed to this report.