Bezos endorses higher corporate taxes for infrastructure
3 years, 8 months ago

Bezos endorses higher corporate taxes for infrastructure

Associated Press  

WASHINGTON — Amazon founder and CEO Jeff Bezos endorsed President Joe Biden’s focus on building up the country’s infrastructure Tuesday and said the company even supports a corporate tax rate hike to help pay for it. Biden has proposed hiking the U.S. corporate tax rate to 28% from 21% to help pay for his plan, an idea that Republican leaders are panning as harmful to economic growth. Rather, he said “we support the Biden Administration’s focus on making bold investments in American infrastructure.” The company would benefit from the investments made in roads, bridges, airports and broadband. Business groups have joined in the call for more public works investment by the federal government, but they have generally balked at Biden’s call for raising the corporate income tax, with the U.S. Chamber of Commerce describing Biden’s proposal as “dangerously misguided when it comes to how to pay for infrastructure.” Along with partially undoing the corporate tax cut put in place during President Donald Trump’s administration, Biden also wants to set a minimum U.S. tax on overseas corporate income, and to make it harder for companies to shift earnings offshore.

Corporate Tax Pay Biden Federal Taxes Rate Bezos  higher  tax  pay  corporate  endorses  infrastructure  income  biden  taxes  federal  bidens  company  rate  bezos

History of this topic

Treasury proposes rule to prevent large corporations from evading income taxes
3 months, 1 week ago

Treasury proposes rule to prevent large corporations from evading income taxes

Associated Press  

WASHINGTON — The Biden administration on Thursday proposed a new rule that would require the largest U.S. companies to pay at least 15% of their profits in taxes. Treasury Department officials estimate that about 100 of the biggest corporations — those with at least $1 billion in annual profits — would be forced to pay more in taxes under a …

Jeff Bezos sells more Amazon shares, billionaire unloads over $4 billion worth in less than a week
10 months, 1 week ago

Jeff Bezos sells more Amazon shares, billionaire unloads over $4 billion worth in less than a week

Firstpost  

Jeff Bezos, the billionaire founder of Amazon, has recently sold additional shares in the company, totalling more than $4 billion in value, in just a week. This follows an announcement earlier in the month that Bezos planned to sell a total of 50 million shares over the next year, valued at around $8.4 billion at current market prices. Speculation arose …

A Bezos-Biden squabble: Can corporate taxes tame inflation?
2 years, 7 months ago

A Bezos-Biden squabble: Can corporate taxes tame inflation?

Associated Press  

WASHINGTON — Jeff Bezos this weekend became the latest centibillionaire to launch a political fight on Twitter by denouncing a tweet from President Joe Biden about corporate taxes as “disinformation” and “misdirection.” The White House quickly retorted Monday that Bezos “opposes an economic agenda for the middle class.” And then Bezos fired back, arguing that the Biden administration would have …

Why are billionaires like Jeff Bezos launching themselves into a new space race?
3 years, 5 months ago

Why are billionaires like Jeff Bezos launching themselves into a new space race?

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. His exploits also come nine days after Sir Richard Branson’s space travel venture Virgin Galactict took to …

ProPublica: Many of the uber-rich pay next to no income tax
3 years, 6 months ago

ProPublica: Many of the uber-rich pay next to no income tax

Associated Press  

WASHINGTON — The rich really are different from you and me: They’re better at dodging the tax collector. And financier George Soros went three straight years without paying federal income tax, according to a report Tuesday from the nonprofit investigative journalism organization ProPublica. Overall, the richest 25 Americans pay less in tax — an average of 15.8% of adjusted gross …

Amazon, Facebook and other tech giants paid almost $100B less in taxes than they claimed: analysis
3 years, 6 months ago

Amazon, Facebook and other tech giants paid almost $100B less in taxes than they claimed: analysis

Salon  

This article originally appeared at Common Dreams. Between 2011 and 2020, Amazon, Facebook, Alphabet, Netflix, Apple and Microsoft — known as the "Silicon Six" — paid roughly $219 billion in income taxes, which amounts to just 3.6% of their $6 trillion-plus in total revenue, according to the Fair Tax Foundation. Had the "Silicon Six" paid the prevailing tax rates in …

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes
3 years, 8 months ago

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes

Daily Mail  

President Joe Biden launched a full-throated defense of his corporate tax hike to fund his $2.3 trillion dollar infrastructure plan, saying he was tired of ordinary Americans being fleeced. Biden's tax proposal would hike the corporate tax rate to 28 per cent, increase the de facto global minimum tax and crack down on companies that pay little or no income …

Biden administration makes pitch for higher business taxes
3 years, 8 months ago

Biden administration makes pitch for higher business taxes

Live Mint  

The Biden administration is drilling down on the argument that higher corporate tax rates would ultimately help an ailing economy, saying the resulting infrastructure investments would boost growth. Treasury Secretary Janet Yellen said Wednesday it was “self-defeating” for then-President Donald Trump to assume that cutting the corporate tax rate to 21% from 35% in 2017 would make the economy more …

Amazon CEO Bezos supports hiking U.S. corporate tax rate
3 years, 8 months ago

Amazon CEO Bezos supports hiking U.S. corporate tax rate

The Hindu  

Amazon founder and CEO Jeff Bezos endorsed President Joe Biden’s focus on building up the country’s infrastructure Tuesday and said the company even supports a corporate tax rate hike to help pay for it. Biden has proposed hiking the U.S. corporate tax rate to 28% from 21% to help pay for his plan, an idea that Republican leaders are panning …

Opinion: Jeff Bezos is right about raising taxes
3 years, 8 months ago

Opinion: Jeff Bezos is right about raising taxes

CNN  

Editor’s Note: Edward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California. Edward J. McCaffery Rather, the world’s richest man is endorsing – albeit without a lot of specificity – the Biden administration’s plan to increase the corporate tax rate and close down many …

What Matters: Taxes will have to go up for someone
3 years, 8 months ago

What Matters: Taxes will have to go up for someone

CNN  

A version of this story appeared in CNN’s What Matters newsletter. Treasury Secretary Janet Yellen laid out the balance sheet, blaming the GOP tax plan for the red ink as she pitched the president’s plan to raise the corporate tax rate. CNN’s Tamie Luhby and Katie Lobosco write: Noting that corporate tax collections have fallen to their lowest level since …

AP FACT CHECK: Biden’s job inflation on infrastructure
3 years, 8 months ago

AP FACT CHECK: Biden’s job inflation on infrastructure

Associated Press  

WASHINGTON — President Joe Biden and his team have offered a vastly inflated projection of how many jobs his infrastructure plan would create, an account his press secretary corrected Tuesday. A look at the administration’s infrastructure sales pitch over recent days: CORPORATE TAXES BIDEN, when asked if his proposed corporate income tax increase would drive U.S. companies overseas: “Not at …

Race to the bottom: Yellen makes case for global minimum tax rate
3 years, 8 months ago

Race to the bottom: Yellen makes case for global minimum tax rate

Al Jazeera  

The US Treasury secretary says a global minimum corporate tax rate will ensure firms pay their fair share — but critics say it’s not that simple. A global minimum corporate tax rate can help ensure everyone pays their fair share and will prevent companies from fleeing to countries with lower corporate tax rates, United States Treasury Secretary Janet Yellen said …

US President Joe Biden plans to reverse Donald Trump's corporate tax cut legislation
3 years, 8 months ago

US President Joe Biden plans to reverse Donald Trump's corporate tax cut legislation

ABC  

US President Joe Biden has outlined a plan to reengineer the nation's infrastructure, undoing a signature piece of Trump legislation in the process. Key points: The White House said the plan would create jobs to help the country combat climate change Donald Trump had previously reduced the corporate tax rate from 35 to 21 per cent Mr Trump labelled the …

Biden plans to up corporate tax rates to fund infrastructure boom
3 years, 8 months ago

Biden plans to up corporate tax rates to fund infrastructure boom

Al Jazeera  

The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad. “They’re not just rolling back the tax cuts from 2017,” said David Noren, a former legislative counsel to the congressional …

Discover Related