Amazon.com Inc founder and CEO Jeff Bezos on Tuesday endorsed US President Joe Biden’s focus on building up the nation’s infrastructure and said the company even supports a corporate tax rate hike to help pay for it.
Bezos’ statement, posted on the company’s Web site, was notable because it came after Biden singled out the company for criticism about how much it pays in federal taxes when he unveiled his US$2.3 trillion infrastructure proposal.
Biden has proposed hiking the US corporate tax rate to 28 percent from 21 percent to help pay for his plan, an idea that Republican leaders are panning as harmful to economic growth.
Democrats would surely cite support from individual companies to undercut that argument.
“We recognize this investment will require concessions from all sides — both on the specifics what’s included as well as how it gets paid for (we’re supportive of a rise in the corporate tax rate),” Bezos wrote. “We look forward to [the US] Congress and the Administration coming together to find the right, balanced solution that maintains or enhances US competitiveness.”
Bezos was careful not to endorse a specific plan.
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 US 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 former US president Donald Trump’s administration, Biden also wants to set a minimum US tax on overseas corporate income and to make it harder for companies to shift earnings offshore.
Amazon has long been criticized for paying virtually no federal taxes in the US for years even as it built an e-commerce empire that currently has a market value of US$1.6 trillion.
That has changed slightly in recent years as the Seattle firm has become more profitable.
Last year, it reported paying US$1.7 billion in federal taxes on its US income of US$20.2 billion, working out to an effective tax rate of about 8 percent.
Several hundred people have already booked their tickets and begun training for a spectacular voyage: a few minutes, or perhaps days, in the weightlessness of space. The mainly wealthy first-time space travelers are preparing to take part in one of several private missions which are preparing to launch. The era of space tourism is on the horizon 60 years after Soviet cosmonaut Yuri Gagarin became the first person in space. Two companies, Virgin Galactic and Blue Origin LLC, are building spacecraft capable of sending private clients on suborbital flights to the edge of space lasting several minutes. Glenn King is the director of
SPECULATION: The integrated house and land transaction income tax has been amended as the real-estate market heats up because of high liquidity and low interest rates Lawmakers across party lines yesterday agreed to July 1 as the provisional date on which a draft amendment to the Income Tax Act (所得稅法) is to come into effect, with the aim of curbing real-estate speculation. The consensus was reached following interparty negotiations at the legislature’s Finance Committee to determine when revisions to the “integrated house and land transaction income tax” would take effect. The committee on Monday last week passed a number of revisions to the act, but failed to agree on when they would take effect. Under the proposed revisions, the tax would be set at 45 percent
TAICHUNG PLANT: An official said that generator No. 3 had been retrofitted and it generates 0.46g of particulate pollution per kilowatt-hour, down from 0.6g to 0.7g A spike in demand for electricity made it necessary to restart the third coal-fired generator at the Taichung Power Plant, Taiwan Power Co (Taipower, 台電) said yesterday as a feud with the Taichung City Government lingers. Taichung Mayor Lu Shiow-yen (盧秀燕) has sought to keep the generator from being used. In 2019, he revoked Taipower’s license to operate the generator. However, the state-run utility has taken the city government to court over the license revocation and won the case in February last year, Taipower manager Chang Ting-shu (張廷抒) said. “We would like to remind the Taichung City Government that operation of the third
Broadband providers are seeing delays of more than a year when ordering Internet routers, becoming yet another victim of chip shortages choking global supply chains and adding challenges for millions still working from home. Carriers have been quoted order times as long as 60 weeks, more than doubling previous waits, said people familiar with the matter, who asked not to be named because the discussions are private. Sharp COVID-19 manufacturing shutdowns a year ago were exacerbated by a prolonged surge in demand for better home broadband equipment, said Karsten Gewecke, head of European regional business for Zyxel Communications Corp (合勤), a Taiwan-based