President Joe Biden is reconsidering the economic recovery. He wants to increase the corporate tax rate from 21 percent to 26 percent. And Jeff Bezos, founder of the world’s richest e-commerce giant Amazon, is backing the Biden administration’s plan. Because, this revenue will be spent on the development of US infrastructure such as roads, ports, water supply pipes and internet services. This information was given in a report of BBC online.
In a recent speech, President Biden said that very low taxes have been imposed on US companies like Amazon. He wants to raise it. In a statement later, Jeff Bezos said he supported the tax increase for infrastructure development. He also called on Democrats and Republicans to work together and reach a compromise. “We acknowledge that this investment will require concessions from all quarters,” he said in a statement. We are in favor of raising the corporate tax rate.
However, Bezos did not say in his statement whether he supported the White House’s other argument for raising corporate taxes.
According to the Institute of Taxation and Economic Policy, Amazon pays a taxable federal income tax rate of 9.4 percent in 2020. The agency said it paid কোটি 1.8 billion in federal taxes last year. In addition, it has invested 35 trillion dollars. Amazon’s investment is linked to research and development activities, the company said. And so it has helped them reduce taxes.
Earlier, the new US Treasury Secretary Janet Yellen also raised the issue of global corporate tax rates in her first speech on foreign policy. He wants to get out of the race of competing countries to tempt corporations by imposing lower taxes.