Bezos Supports Tax Hike 💰

by 7 Apr, 2021

Bezos Supports Tax Hike

CEO of Amazon and the richest man in the world, Jeff Bezos, said that he supported an increase in the corporate tax rate on Tuesday. However, Bezos did not directly voice his support for President Joe Biden’s tax hike plan.

In a statement posted on the @amazonnews Twitter account, Bezos said, “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).”

Last week President Biden announced his plans for a whopping $2.3 trillion infrastructure package that would focus on improving roads, bridges, public transportation, and airports. The package would also include investments in care for elderly and disabled Americans, American manufacturing, and money to build and upgrade schools.

President Biden proposed raising the corporate tax rate from 21% to 28% to fund his infrastructure bill —  undoing former U.S. President Donald Trump’s 2017 corporate tax cut from 35% to 21%.

Bezos’ support for the tax increase is unexpected and noteworthy due to Amazon’s controversial tax record. Last week while giving his address in Pittsburgh, Pennsylvania, Biden threw jabs at Amazon, criticizing the company for using “various loopholes so they’d pay not a single solitary penny in federal income tax.” Last May, Biden also said Amazon needed to “start paying their taxes.”

Were you surprised to see Jeff Bezos voicing his support for a corporate tax hike?

Today’s special mention goes out to Fantasy Finance user @drewskij for closing their trade in Ripple USD resulting in a 62% gain in 4 days!

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

 

 

 

 

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