The richest billionaire in the world supports TT Biden's tax increase plan

The richest billionaire in the world supports TT Biden’s tax increase plan

Amazon CEO Jeff Bezos on Tuesday (April 6, US time) announced his support for President Joe Biden’s corporate tax increase plan included in an infrastructure spending bill of more than $ 2 trillion.

Embed from Getty Images

Amazon became the first company to endorse Mr. Biden’s tax increase plan to pay for the big payout, despite the business being one of the most tax-saving strategists in the world.

In a statement released on April 6, Mr. Bezos said: “We support the Biden Administration’s focus on bold investments in US infrastructure. Previously, both Democrats and Republicans supported [đầu tư vào] infrastructure, and this is the right time to work together to make this happen“.

We recognize this investment will require concessions from all parties, concessions both in terms of detailed portfolios, as well as how to collect money to pay (we support increased sales tax Karma). We expect Congress and the Government to work together to find the right, balanced solution to help maintain and promote U.S. competitiveness.”, Said billionaire Bezos.

The infrastructure investment plan that Mr. Biden calls the “American Employment Plan” will raise corporate taxes from 21% to 28% and raise the global minimum tax imposed on US companies to 21%, from about 10.5% to 13%. The plan also hopes to increase revenue by punishing foreign invested businesses for tax avoidance.

CEO Bezos is a member of the Business Roundtable Association (BRT) – a non-profit organization based in Washington DC with CEO members of major US companies. BRT was the first group of businesses to openly oppose Mr. Biden’s plans to raise taxes.

BRT Chairman and CEO Joshua Bolten released a statement the night before Biden announced his infrastructure plan: “The BRT strongly opposes raising corporate taxes to pay for infrastructure investment. Lawmakers should avoid setting up new barriers to job creation and economic growth, especially during the recovery period. [từ hậu quả của đại dịch virus]“.

The US Chamber of Commerce – the world’s largest business representative organization – has also called the plan proposed by Mr. Biden as “dangerously misdirected“And confirmed that this plan will jeopardize the US economic recovery from the COVID-19 pandemic.

CEO Bezos issued a statement supporting Mr. Biden’s tax increase plan amid Amazon facing pressure from both the Right and the Left.

An Amazon facility in Bessemer, Alabama, recently drew the attention of the entire United States on the historic vote to form workers’ unions. Preliminary election results will be released this week and Amazon is concerned that the acceptance vote to unionize at its Bessemer facility could herald an increase in interest in unionizing at its Bessemer facility. another facility of this group.

Also this week, the National Industrial Relations Commission concluded Amazon illegally fired two employees. The Labor Committee said that two Amazon user experience designers were fired last week because they spoke out against the company’s policies on climate change and labor practices in the warehouse. during the COVID-19 pandemic. Meanwhile, Amazon claimed the two employees had their employment contracts terminated for violating internal policies.

Notably, despite supporting the Biden administration to raise taxes, Amazon has historically been known as the world’s leading tax money saver. The corporation did not file any federal income tax coins between 2017 and 2018.

In 2019, Amazon only paid $ 162 million in federal taxes to the US government after reporting profits of more than $ 13 billion, according to its filing with the US Securities and Exchange Commission. As such, Amazon only has to pay at the 1.2% tax rate. If calculated at the 21% tax rate, the company will have to pay $ 2.8 billion in corporate income tax in 2019.

In December 2019, the campaign group Fair Tax Mark criticized Amazon as the worst company in the ‘Silicon Continent’ – along with Facebook, Google, Netflix, Apple and Microsoft – for transferring revenue and profits to other countries. taxes are low, and also because of delays in paying taxes.

In a statement released at the time, Amazon stated: “Governments are drafting tax laws and Amazon is doing what they do [các chính phủ] encourage businesses to do – pay all taxes, while also invest billions of dollars in job creation and building infrastructure. Combined with a low tax margin, this investment will naturally lead to lower tax payments ”.

In 2020, Amazon paid federal income tax at 9.4%, despite the business making big profits amid a viral pandemic, according to the Institute of Tax and Economic Policy.

Amazon’s profits for 2020, reported February 2021, soared to $ 21.3 billion – the highest level in company history.

Amazon’s share price in 2020 has also risen to 76%, leading to its current value of about $ 1.6 trillion.

According to the latest Forbes report, Amazon CEO Jeff Bezos continues to have the fourth year in a row as the richest person in the world, with an estimated net worth of $ 177 billion, up from $ 113 billion last year.

Critics say that Mr Bezos supported Biden’s tax increase policy because it will improve the infrastructure system Amazon needs.

The Fair Tax March team pointed out that Amazon has relied on “roads, bridges and infrastructure“Capital is built up of taxpayer money.”

Gravity Payments CEO Dan Price said his company is already working with about 20,000 small businesses that are paying higher tax rates than Amazon.

Xuan Thanh (Compiled from Daily Mail and Washington Examiner)

See more:

  • Just a quarter of Biden’s more than 2 trillion Infrastructure Plan spent on purpose

  • Steve Scalise: Mr. Biden’s infrastructure bill will create more jobs for China


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *