Jeff Bezos endorsed greater company tax charges. But it surely will not price him a lot
Hardly any other company leaders have come out in support of Biden’s plan. But it’s a relatively easy plan for Bezos to get behind: His company pays nowhere close to the current 21% corporate tax rate, let alone the 28% rate Biden is pitching.
According to company filings, Amazon’s federal income tax bill came to $1.7 billion in 2020. That doesn’t mean that its actual payments came to that much — but that $1.7 billion tax figure nevertheless came to only about 7% of the pretax income of the $24.2 billion it reported to investors. Thus Amazon only paid about a third of the 21% rate.
One of the only other executives to endorse higher corporate tax rates is Lyft co-founder and president John Zimmer. But with Lyft (LYFT) still losing money, his firm won’t be paying any corporate income taxes for years to come.
Amazon (AMZN) isn’t doing anything illegal or improper — or unusual. Few corporations pay 21% of their reported pre-tax earnings in corporate income tax. That’s because there…
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