Jeff Bezos says Amazon supports corporate tax rate hike
Just last week, President Biden called out Amazon for using loopholes to avoid paying federal income taxes as he explained his goal of raising the corporate tax rate to 28 percent.
As it turns out, Amazon CEO Jeff Bezos is on board with the hike, which the White House says would help pay for Biden's massive new infrastructure proposal. Bezos said the company backs the Biden administration's "focus on making bold investments in American infrastructure" and "we recognize this investment will require concessions from all sides," clarifying that raising the corporate rate is one such sacrifice Amazon is willing to accept.
The tax increase may be one of the primary points of contention as Congress considers the proposal. Sen. Joe Manchin (D-W.V.), a crucial swing vote, recently said 28 percent is too high for his liking.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
5 fun Easter activities from The Week Junior
The Week Junior Easter Activities Looking for some fun, simple Easter activities to do with the kids? Look no further – The Week Junior has you covered with these five fun and family-friendly activities.
By The Week UK Published
-
A Taste of Honey: 'wonderful' revival remains 'vital and relevant'
The Week Recommends The 'period-perfect' production features a 'universally excellent cast'
By The Week UK Published
-
Bormio: 'a great Alpine getaway'
The Week Recommends From snowy slopes and hot-spring spas, to high-end food and wine, this Italian town has something to offer everyone
By Asya Likhtman Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published