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Jeff Bezos' support for Biden's corporate tax hike means nothing if Amazon can still dodge paying their fair share in taxes

5 19 36
16.05.2021

Last month, Amazon CEO Jeff Bezos offered his support for hiking the corporate tax rate as a way to pay for President Joe Biden's infrastructure plan.

At first glance, an endorsement for raising corporate taxes from one of the country's most influential corporate titans may seem like welcome news. However, it will ultimately amount to very little if Amazon and Big Tech are allowed to continue to use slick accounting loopholes to avoid paying their fair share in taxes — loopholes which small businesses that provide nearly half of all US jobs are ill-equipped to take.

During the 17 years I spent as an Amazon seller, my small business paid significantly higher federal tax rates than Amazon and other billion-dollar tech companies. As a business owner, paying a federal tax rate greater than 30% while Amazon and others paid little to none was a hard pill to swallow.

To pay for his sweeping infrastructure proposal, Biden has to aim just as high. The new administration has now proposed pushing up the corporate tax rate to 28% and implementing new ways to curb the flow of corporations moving profits offshore. The Treasury Department and the Joint Committee on Taxation have estimated that changes to offshore taxation would raise roughly $700 billion.

This number should not come as a shock; some of the most profitable........

© Business Insider


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