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economy

Amazon's Jeff Bezos Supports Infrastructure & Corporate Tax Hike

RAMROD

Amazon.com Inc. Chief Executive Officer Jeff Bezos said he supported investing in U.S. infrastructure and a hike in the corporate tax rate to help pay for it.

Weighing in as lawmakers debate the Biden administration’s $2.25 trillion infrastructure plan, the Amazon founder said his company backs “making bold investments in American infrastructure,” but stopped short of endorsing the president’s proposal.

“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),” Bezos said in a brief statement posted to Amazon’s corporate blog site. “We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances U.S. competitiveness.”

Amazon traditionally shuns hot-button political issues that aren’t directly tied to its business to avoid alienating customers. But the company has been caught up in the debate about infrastructure and how to pay for it. Just last week, Biden cited Amazon as an example of a company that didn’t pay any federal income tax, drawing a contrast with individuals unable to cut their tax bills to zero.

Amazon historically has low profit margins, in part because it reinvests most revenue back into the company. This reduces the burden of corporate taxes based on profit, makes Amazon eligible for R&D tax credits and means a hike in such taxes would be less of a blow than to higher-profit corporations.

Still, technology companies like Amazon will likely pay more under the Biden plan.

 

Source:

https://www.bloomberg.com/news/articles/2021-04-06/amazon-s-bezos-supports-infrastructure-bill-corporate-tax-hike?srnd=premium

(ノ◕ヮ◕)ノ✧*:・゚ やれやれだわ (*´艸`*) ♡♡♡
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BUtterfield 8

Whatever 

still ain’t buying from your site!

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StarstruckIllusion

bc he’s confident his lawyers can find another way to pay $0 in taxes...

do-yall-hear-sumn-36169701.png

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Economy
Posted (edited)
20 minutes ago, StarstruckIllusion said:

bc he’s confident his lawyers can find another way to pay $0 in taxes...

do-yall-hear-sumn-36169701.png

He doesnt even need to. Its not that complicated under current law

 

Corporate taxes are based on profit not raw revenue...

 

Since amazon reinvests all its profits its expensed off so it pays no income taxes

 

Some argue that means the tax system does encourage investment and growth which we wanr companies to do... problem is this takes away level playing field and makes the best performing Corporations pay virtually nothing (in some rare cases like amazon nothing at all) in income taxes while competitors that arent doing as well and therefore not expanding as quickly end up paying more in taxes which is not fair

 

Since doesnt really pay income taxes for them this would be good because it would give them even more competitive edge over others that do pay taxes. So of course they support it :toofunny:

Edited by Economy
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Pennywise

Oh, how very altruistic of him :excuseu:

YOUR GOD IS NOT HERE MICHAEL NOR WILL HE EVER BE

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Woolfsmck

The complexity of the system favors those who have expert tax consultants ..

 

Simplfy ,,, level the field ,,, you still get some companies out performing everyone else ...

 

I think that ensuring that basic needs are met, then it becomes a race to improve the quality of life for everyone... not just the few ...

 

I agree that there needs to be a balancing mechanism, but simply blaming those who succeed the most isn't solving the issue.

like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true

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