Bezos says Amazon backs increase

CNBC ^ | 4/6/2021 | Robert Schroeder

[SaxxonWoods]

Amazon AMZN, -0.09% Chief Executive Jeff Bezos on Tuesday said the company supports an increase in the U.S. corporate tax rate, as it backs the Biden administration's focus on improving American infrastructure.

[SaxxonWoods]

Amazon AMZN, -0.09% Chief Executive Jeff Bezos on Tuesday said the company supports an increase in the U.S. corporate tax rate, as it backs the Biden administration's focus on improving American infrastructure. President Joe Biden has proposed tax increases on corporations as part of a $2.3 trillion infrastructure plan, including raising the corporate rate to 28% from 21%. Bezos, in a tweet, did not put a number on a corporate rate he or Amazon would support. Last week, Biden criticized Amazon for using loopholes to avoid paying federal income tax. "I don't want to punish them but that's just wrong," the president said.

Of course Bezos and others big corporations aren't worried about higher corporate taxes. They won't pay them, they will just pass them along to consumers through higher pricing. Just another hidden tax that consumer will pay while corporations take the credit.

Paywall at site, I got this much, which may be the complete using Outline.com.

[SaxxonWoods]

Complete title: Bezos says Amazon backs increase in corporate tax rate

[Bonemaker]

“...supports an increase in the U.S. corporate tax rate..”

Chrome dome aleady has Amazon’s loophole written into the bill so why should he care?

[Little Ray]

That is because Amazon is not paying the tax. The customers are.

[RushIsMyTeddyBear]

Bingo.

[montag813]

Because he won't pay a dime of it.

[Leaning Right]

> They won’t pay them, they will just pass them along to consumers through higher pricing <

Amazon paid no federal taxes at all in In 2018 and 2019. And they only payed 1.2 % of their income as tax in 2020. So why should Bezos care how high the tax rate is? It would hardly affect him at all.

Now, the small business owner - that poor slob will be paying out the nose.

[JonPreston]

They won't pay them, they will just pass them along to consumers through higher pricing

Question for Republicans who think is traditional economic terms;

if an increase in the corporate tax rate = higher consumer prices, does a Trump-like decrease in corporate taxes = lower consumer prices?

Sorry for the rhetorical question but I'm done caring about corporate tax rates.

[Da Coyote]

Backs infrastructure?
In which multiverse?
Glad Bezos is a mere leftwing businesscritter rather someone who actually thinks and makes things.

[virgil]

Bezos isn’t going to lose his job either. Sure, they’re all for it, if it kills off the competition. Here’s fascism.

[LuxAerterna]

It’s a calculated and cynical endorsement to avoid harassment and intimidation from the Biden misgovernment. Jeff Bezos is groveling to a corrupt administration in hopes of avoiding scrutiny for any number of it’s business and labor practices.

[ridesthemiles]

Amazon isn’t paying any Corp taxes NOW-—Why would care of OTHER companies must do so???

[Leaning Right]

> Sure, they’re all for it, if it kills off the competition. <

Good point. The big boys have their tax lawyers and their lobbyists. They’ll do just fine. It’s the little guys who will end up paying more.

[Meatspace]

Amazon if free to pay extra taxes.

[GOPJ]

The reason Amazon can say this crap is because Bezos has an army of CPA’s and an equal number of lobbyists kissing democrat butt for ‘privilege and benefits’... Bezos isn’t gonna pay anything - and he knows it.

[GOPJ]

Amazon paid no federal taxes at all in 2018 and 2019. And they only payed 1.2 % of their income as tax in 2020. So why should Bezos care how high the tax rate is? It would hardly affect him at all.

Why should that asshat care? Because the higher the rate the more it hurts his competition that can't afford the army of CPA's and kiss-butt democrat lobbyists..

[escapefromboston]

Amazon can pay a higher tax rate now if it wants too.

[rightwingcrazy]

Corporations can react to higher taxes by raising prices, moving overseas, or reducing costs (e.g. by layoffs). Perversely, increasing executive perks and compensation packages could reduce net profits, and lower tax burdens. So how does this tax increase sock it to the rich?

If we are going this route, I would suggest a progressive corporate tax, baselining at 2% of *gross* profits for companies with a market value under $100 billion, say, and ramping up to 80% of gross profits for those with a market value over $1 trillion. That would fill the government’s coffers and frustrate monopolies at the same time. I’m sure Jeff would be all-in with that sort of tax equity scheme.

[zek157]

Amazon supports others paying higher tax rates to help destroy their competition.

[AZJeep]

It has been documented by the studies of Socialist Sweden. Large, established corporations benefit from bigger corporate taxes. They usually avoid them, an even when they pay some of them, it benefits them in the bottom line. They benefit because the smaller corporations and private business’s cannot avoid them so easily. The large corporate taxes are “destroy competition”, “preserve big business” type of taxes. With no competition, they can then pass the taxes to consumers even with the monopoly surcharges, they can charge, because they can.