Arab Press

بالشعب و للشعب
Friday, Dec 19, 2025

Jeff Bezos comes out in support of increased corporate taxes

Jeff Bezos comes out in support of increased corporate taxes

As the White House considers raising taxes on corporations for the first time in more than 25 years, the head of one of America's largest companies is backing such a plan.
Amazon (AMZN) CEO Jeff Bezos said in a statement Tuesday that the company is "supportive of a rise in the corporate tax rate."

"We support the Biden Administration's focus on making bold investments in American infrastructure," Bezos said. "Both Democrats and Republicans have supported infrastructure in the past, and it's the right time to work together to make this happen. 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."

The White House is laying the groundwork for lifting the corporate tax rate above its current level of 21% to help pay for an ambitious infrastructure package. Bezos' statement is a notable show of approval for the move given that many others in the business community have warned that it could threaten recovery from the pandemic.

The outgoing Amazon chief executive is, in some ways, a surprising advocate for a corporate tax hike.

In 2019, the then-former Vice President Joe Biden called out Amazon for its history of using tax credits and deductions to reduce its corporate income tax bill.

The company fired back, saying, "we pay every penny we owe," and that it had paid $2.6 billion in corporate taxes since 2016.

And again last year, then-Presidential candidate Biden said Amazon should "start paying their taxes," as part of a broader critique of large, successful businesses. Amazon has repeatedly said that it follows all applicable tax laws.

The company also recently sparred with Sen. Elizabeth Warren, who has advocated for raising taxes on big corporations. Last month Warren said in a tweet: "Giant corporations like Amazon report huge profits to their shareholders — but they exploit loopholes and tax havens to pay close to nothing in taxes. That's just not right."

Amazon responded to her, saying: "You make the tax laws @SenWarren; we just follow them. If you don't like the laws you've created, by all means, change them. Here are the facts: Amazon has paid billions of dollars in corporate taxes over the past few years alone."

For the 2017 and 2018 tax years, Amazon's financial filings showed that it expected to receive money back from the federal government, not that it owed money in income tax. For the 2019 tax year, Amazon said it owed more than $1 billion in federal income tax.

In 2020, Amazon paid $1.7 billion in federal taxes, the company said in its response to Warren. Its net income for the year was $21.3 billion.

While it has already drawn some criticism, the Biden administration's infrastructure plan may be compelling enough to convince more corporate leaders to sign on in support of hiking business taxes.

Bezos said in his statement: "We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances U.S. competitiveness."

And he's not alone. Rick Rieder, chief investment officer of global fixed income for BlackRock, the world's largest asset manager, said rolling back Trump-era corporate tax cuts won't hurt the economy — and could actually be positive for growth.

Rieder told CNN Business last month that he thinks the US economy can "definitely" withstand higher corporate taxes, and suggested that raising the corporate rate could help ensure that economic gains are distributed more evenly among corporations and workers.

"The US economy is amazingly resilient," he said, "and in fact will perform well when you get some of this income redistribution and consumption at an easier and a better place, particularly for lower and middle income."
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Hotels Prepare for New Hospitality Roles as Alcohol Curbs Ease
Global Airports Forum Highlights Saudi Arabia’s Emergence as a Leading Aviation Powerhouse
Saudi Arabia Weighs Strategic Choice on Iran Amid Regional Turbulence
Saudi Arabia Condemns Sydney Bondi Beach Shooting and Expresses Solidarity with Australia
Washington Watches Beijing–Riyadh Rapprochement as Strategic Balance Shifts
Saudi Arabia’s Vision 2030 Drives Measurable Lift in Global Reputation and Influence
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
OPEC+ Unveils New Capacity-Based System to Anchor Future Oil Output Levels
Hong Kong Residents Mourn Victims as 1,500 People Relocated After Devastating Tower Fire
Saudi Arabia’s SAMAI Initiative Surpasses One-Million-Citizen Milestone in National AI Upskilling Drive
Saudi Arabia’s Specialty Coffee Market Set to Surge as Demand Soars and New Exhibition Drops in December
Saudi Arabia Moves to Open Two New Alcohol Stores for Foreigners Under Vision 2030 Reform
Saudi Arabia’s AI Ambitions Gain Momentum — but Water, Talent and Infrastructure Pose Major Hurdles
Tensions Surface in Trump-MBS Talks as Saudi Pushes Back on Israel Normalisation
Saudi Arabia Signals Major Maritime Crack-Down on Houthi Routes in Red Sea
Italy and Saudi Arabia Seal Over 20 Strategic Deals at Business Forum in Riyadh
COP30 Ends Without Fossil Fuel Phase-Out as US, Saudi Arabia and Russia Align in Obstruction Role
Saudi-Portuguese Economic Horizons Expand Through Strategic Business Council
DHL Commits $150 Million for Landmark Logistics Hub in Saudi Arabia
Saudi Aramco Weighs Disposals Amid $10 Billion-Plus Asset Sales Discussion
Trump Hosts Saudi Crown Prince for Major Defence and Investment Agreements
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
Trump Elevates Saudi Arabia to Major Non-NATO Ally as MBS Visit Yields Deepened Ties
Iran Appeals to Saudi Arabia to Mediate Restart of U.S. Nuclear Talks
Musk, Barra and Ford Join Trump in Lavish White House Dinner for Saudi Crown Prince
Lawmaker Seeks Declassification of ‘Shocking’ 2019 Call Between Trump and Saudi Crown Prince
US and Saudi Arabia Forge Strategic Defence Pact Featuring F-35 Sale and $1 Trillion Investment Pledge
×