Jeff Bezos Comes Out Guns Blazing for Corporate Taxes

For the first time in more than 25 years, the White House considers raising Corporate Taxes. The head of the world’s colossal tech company came out in support of the plan on Tuesday. Amazon CEO Jeff Bezos said in a statement that the company is supportive of the rise in the corporate tax rate.”Both Democrats and Republicans have supported infrastructure in the past, and it’s the right time to work together to make this happen. We recognize this investment will require concessions from all sides,” said Amazon’s CEO Jeff Bezos.

The White House is laying down the Framework of raising the corporate tax rates from their current level of 21%. It is believed that such an increase would help in funding the ambitious infrastructure project unveiled by the US administration last week.  Bezos’s statement comes as the freakiest line of approval.The uncertainty prevails in the business community that the rise could threaten recovery from the pandemic. While the tax gets raised to 28%, its funding would take America to the most gigantic force across the world.

The Amazon chief executive is a surprising advocate for a corporate tax hike. In 2019, the then-former Vice President Joe Biden was critical of Amazon’s strategy for using tax credits and deductions to reduce its corporate income tax bill. The tussle of war was ferocious and bold as scrutinizing arguments were constantly passed by both sides.

Amazon backfired saying that they pay every penny owed by the company. It also revealed the billing books and said that the company has paid $2.6 billion in corporate taxes since 2016. While it has had its critics, the gigantic infrastructure project may be compelling enough to convince more Corporate leaders to hand in their support to hiking business taxes.