Sunday, December 10, 2023

Joe Biden chastises Amazon for failure to pay income taxes

US President Joe Biden criticized online retailer Amazon for not paying federal taxes. In a speech in Pittsburgh, Pennsylvania last week, Biden explained the need to raise corporate taxes to fund his proposed $ 2.3 billion jobs and infrastructure program.

Under the Biden infrastructure plan, the corporate tax will increase from the current 21 percent to 28 percent. According to the White House, it also closes a loophole that allows companies to transfer profits overseas.

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Biden also said Amazon was among 91 Fortune 500 companies that “exploited a lot of loopholes where they didn’t pay a dime in federal income tax.” He compared this to middle-class families who pay a tax rate of more than 20 percent.

An Amazon spokesman commented on Biden’s criticism, citing research by Jay Carney, head of corporate policy and former White House spokesman for former President Barack Obama.

“If the research and development tax credit is a loophole, this will surely be one of the most eagerly awaited conventions. The research and development tax credit has existed since 1981, has been renewed 15 times with bilateral support, and was incorporated into law signed by President Obama in 2015 permanently, “tweeted Carney.

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