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Jeff Bezos comes out in support of increased corporate taxes

April 6, 2021. Summarized by summa-bot.

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As the White House considers raising taxes on corporations for the first time in more than 25 years, the head of one of America's largest companies is backing such a plan.

New York (CNN Busienss)As the White House considers raising taxes on corporations for the first time in more than 25 years, the head of one of America's largest companies is backing such a plan.

Amazon (AMZN) CEO Jeff Bezos said in a statement Tuesday that the company is "supportive of a rise in the corporate tax rate. "

In 2019, the then-former Vice President Joe Biden called out Amazon for its history of using tax credits and deductions to reduce its corporate income tax bill.

The company fired back, saying, "we pay every penny we owe," and that it had paid $2. 6 billion in corporate taxes since 2016.

And again last year, then-Presidential candidate Biden said Amazon should "start paying their taxes," as part of a broader critique of large, successful businesses.

Amazon has repeatedly said that it follows all applicable tax laws.

Last month Warren said in a tweet: "Giant corporations like Amazon report huge profits to their shareholders — but they exploit loopholes and tax havens to pay close to nothing in taxes.

Here are the facts: Amazon has paid billions of dollars in corporate taxes over the past few years alone. "

For the 2019 tax year, Amazon said it owed more than $1 billion in federal income tax, a figure experts said amounted to little more than 1% of its profits.

In 2020, Amazon paid $1. 7 billion in federal taxes, the company said in its response to Warren.

Rick Rieder, chief investment officer of global fixed income for BlackRock, the world's largest asset manager, said rolling back Trump-era corporate tax cuts won't hurt the economy — and could actually be positive for growth.

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by summa-bot

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