Washington:
Amazon stated Tuesday it supports President Joe Biden’s proposal for a corporate tax raise to fund infrastructure improvements, saying it must be portion of a “balanced solution that maintains or enhances US competitiveness.”
Chief executive Jeff Bezos created the comment in a statement days immediately after Biden singled out the US technologies and e-commerce giant for avoiding earnings taxes as he proposed to enhance the corporate tax price to 28 %.
“We support the Biden administration’s focus on making bold investments in American infrastructure,” Bezos stated.
“We recognize this investment will require concessions from all sides — both on the specifics of what’s included as well as how it gets paid for (we’re supportive of a rise in the corporate tax rate).”
Bezos added: “We look forward to Congress and the administration coming together to find the right, balanced solution that maintains or enhances US competitiveness.”
Amazon has been the target of critics for years who claim it pays small or no corporate taxes. The corporation has defended its policies, saying that its investments offset taxes as intended by the tax code.
Biden is proposing a $2 trillion infrastructure plan funded in portion by escalating the corporate tax price from 21 % to 28 %, and cracking down on the use of tax havens.
Last month, Biden cited a 2019 study displaying 91 Fortune 500 organizations, “the biggest companies in the world, including Amazon… pay not a single, solitary penny of federal income tax,” adding, “That is just wrong.”
(This story has not been edited by TheSpuzz employees and is auto-generated from a syndicated feed.)