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Amazon's Jeff Bezos backs corporate tax hike

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Amazon CEO Jeff Bezos said on Tuesday that he supports U.S. President Joe Biden’s proposed tax hikes on American companies.

Biden is pushing to increase corporate tax rates from 21 to 28 percent as part of an infrastructure plan.

He also wants to close loopholes that allow companies to move profits overseas.

Bezos said in a blog post on Tuesday, “We support the Biden Administration’s focus on making bold investments in American infrastructure. We recognize this investment will require concessions from all sides.”

Bezos’s statement of support comes after the largest U.S. online retailer faced criticism from the White House, Congress and social media for paying little or no federal income taxes.

Biden last week pointed to Amazon as one of nearly 100 Fortune 500 companies that use loopholes to pay QUOTE “not a single solitary penny” in federal income tax.

He said in 2019 that Amazon shouldn’t be paying less in taxes than firefighters and teachers.

After paying no federal income tax in 2017 or 2018, Amazon reported over $160 million in tax liability for 2019 and nearly $2 billion for 2020.

Bezos is stepping down as company CEO later this year.

Video Transcript

JEFF BEZOS: I think it is--

- Amazon's CEO Jeff Bezos said on Tuesday that he supports US President Joe Biden's proposed tax hikes on American companies. Biden is pushing to increase corporate tax rates from 21% to 28% as part of an infrastructure plan. He also wants to close loopholes that allow companies to move profits overseas.

Bezos said in a blog post on Tuesday, quote, "We support the Biden administration's focus on making bold investments in American infrastructure. We recognize this investment will require concessions from all sides." Bezos' statement of support comes after the largest US online retailer faced criticism from the White House, Congress, and social media for paying little or no federal income taxes.

Biden, last week, pointed to Amazon as one of nearly 100 Fortune 500 companies that use loopholes to pay, quote, "not a single solitary penny in federal income tax". He said in 2019 that Amazon shouldn't be paying less in taxes than firefighters and teachers. After paying no federal income tax in 2017 or 2018, Amazon reported over $160 million in tax liability for 2019 and nearly $2 billion for 2020. Bezos is stepping down as company CEO later this year.