Currently the world’s richest man and Amazon Inc.’s (AMZN) chief executive officer Jeff Bezos said that he is supporting a hike in the U.S. corporate tax rate proposed by the administration of President Biden as part of an infrastructure overhaul.
President Biden is seeking to increase corporate tax to 28% down from the current 21%. The U.S government says it will revise the tax code to close any loopholes which allow companies operating in the United States to direct their profits overseas.
“We support the Biden Administration’s focus on making bold investments in American infrastructure. 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,” said Bezos.
These sentiments from Bezos attracted sharp criticism from all across ranging from individuals, companies and even government institutions.
Amazon the world’s leading e-commerce company has always been under criticism for paying little or no U.S. federal income tax at all. The company didn’t pay any federal income tax in 2017 and 2018.
During the administration of former President Trump, he worked together with the Republican lawmakers reducing the corporate tax from 35% to 21% in 2017.
Last month, the U.S Chamber of Commerce dismissed President’s Biden proposals terming them dangerous and misguided further adding they will be slowing down economic recovery and make the U.S. less competitive globally.