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Jeff Bezos endorses President Joe Biden’s infrastructure plan, says Amazon supports corporate tax rate hike to help pay for it – Fresno, California

Fresno, California 2021-04-07 12:55:34 –

From Washington-Amazon founder and CEO Jeff Bezos supported President Joe Biden’s focus on building the country’s infrastructure on Tuesday, and the company is paying corporate taxes. He said he would support the withdrawal and support the payment.

Bezos’ statement posted on the company’s website is noteworthy as Biden recently announced a $ 2.3 trillion infrastructure proposal after selecting the company for criticism of the amount to be paid in federal taxes. Did.

Biden has proposed raising the US corporate tax rate from 21% to 28% to help pay for his plans. This is considered by Republican leaders to be detrimental to economic growth. Democrats will certainly quote support from individual companies to undermine that debate.

“We recognize that this investment requires concessions from all sides, both in detail and in payment methods,” Bezos said. “We look forward to bringing Congress and the administration together to find the right and balanced solution to maintain or strengthen the competitiveness of the United States.”

Bezos was careful not to support a particular plan. Rather, he said, “We support the Biden administration’s focus on making bold investments in US infrastructure.”

The company will benefit from investments in roads, bridges, airports and broadband. A group of companies joined the federal government’s call for increased investment in public works, but the American Chamber of Commerce called Biden’s proposal “to pay for infrastructure.”

Details | Biden administration touts higher business tax

Biden wants to partially cancel the corporate tax cuts implemented during President Donald Trump’s administration and set a minimum US tax on foreign corporate income, making it difficult for companies to shift their income abroad. I think.

Amazon has long been criticized for not paying virtually federal taxes in the United States for years, despite building an e-commerce empire that currently has a market value of $ 1.6 trillion.

This has changed slightly in recent years as the Seattle company’s profitability has improved. Last year, the company reported that it would pay $ 1.7 billion in federal taxes on US income of $ 20.2 billion, with an effective tax rate of about 8%.

Details | Jeff Bezos resigns as Amazon CEO later this year

Copyright © 2021 By AP communication. all rights reserved.



Jeff Bezos endorses President Joe Biden’s infrastructure plan, says Amazon supports corporate tax rate hike to help pay for it Source link Jeff Bezos endorses President Joe Biden’s infrastructure plan, says Amazon supports corporate tax rate hike to help pay for it

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