“We help the Biden Administration’s give attention to making daring investments in American infrastructure,” Bezos mentioned. “Each Democrats and Republicans have supported infrastructure up to now, and it is the proper time to work collectively to make this occur. We acknowledge this funding would require concessions from all sides — each on the specifics of what is included in addition to the way it will get paid for.”
In 2019, the then-former Vice President Joe Biden referred to as out
Amazon for its historical past of utilizing tax credit and deductions to scale back its company earnings tax
invoice. The firm fired again
, saying, “we pay each penny we owe,” and that it had paid $2.6 billion in company taxes since 2016.
And once more final yr, then-Presidential candidate Biden mentioned
Amazon ought to “begin paying their taxes,” as a part of a broader critique of huge, profitable companies. Amazon has repeatedly mentioned that it follows all relevant tax legal guidelines.
The corporate additionally just lately sparred with Sen. Elizabeth Warren, who has advocated for elevating taxes on huge firms
. Final month Warren mentioned in a tweet
: “Big firms like Amazon report large earnings to their shareholders — however they exploit loopholes and tax havens to pay near nothing in taxes. That is simply not proper.”
Amazon responded to her, saying
: “You make the tax legal guidelines @SenWarren; we simply comply with them. In the event you do not just like the legal guidelines you have created, by all means, change them. Listed here are the details: Amazon has paid billions of in company taxes over the previous few years alone.”
For the 2017 and 2018 tax years, Amazon’s monetary filings confirmed that it anticipated to obtain a reimbursement
from the federal authorities, not that it owed cash in earnings tax. For the 2019 tax yr, Amazon mentioned
it owed greater than $1 billion in federal earnings tax.
In 2020, Amazon paid $1.7 billion in federal taxes, the corporate mentioned
in its response to Warren. Its web earnings for the yr
was $21.three billion.
Whereas it has already drawn some criticism, the Biden administration’s infrastructure plan could also be compelling sufficient to persuade extra company leaders to signal on in help of mountaineering enterprise taxes.
Bezos mentioned in his assertion: “We look ahead to Congress and the Administration coming collectively to seek out the proper, balanced answer that maintains or enhances U.S. competitiveness.”
And he isn’t alone. Rick Rieder, chief funding officer of worldwide mounted earnings for BlackRock, the world’s largest asset supervisor, mentioned rolling again Trump-era company tax cuts
will not damage the financial system — and will truly be optimistic for development.
Rieder informed CNN Enterprise final month
that he thinks the US financial system can “undoubtedly” face up to increased company taxes, and recommended that elevating the company price may assist be sure that financial beneficial properties are distributed extra evenly amongst firms and employees.
“The US financial system is amazingly resilient,” he mentioned, “and in reality will carry out properly while you get a few of this earnings redistribution and consumption at a neater and a greater place, notably for decrease and center earnings.”
–CNN’s Brian Fung and Matt Egan contributed to this report
–Correction: An earlier model of this story misstated the share of Amazon’s 2019 earnings it owed in complete US federal earnings taxes that yr.