Biden will raise taxes for companies, as cited by Amazon as an example

On Wednesday, US President Joe Biden promised that big companies like Amazon would pay their fair share of taxes, which would allow him to raise funds for an ambitious $ 2 trillion (1.71 billion) infrastructure investment plan. According to the president, this is not about "retaliation" for the rich and successful, but about the fact that Amazon pays zero federal taxes in the US, which he considers "wrong". On Wednesday, Biden presented its comprehensive plan to support the development of infrastructure - highways, bridges and ports, as well as the modernization of telecommunications equipment, as well as improving R&D funding to increase US competitiveness, especially compared to China. A key source of funding should be to increase the corporate tax rate from 21 to 28 percent and tighten access to tax havens to prevent taxes being paid outside the United States. However, large corporations that have enjoyed tax breaks do not like this. These were signed at the end of 2017 by the then President Donald Trump. His measure reduced the corporate tax rate from 35 to 21 percent. Finally, with various deductions and "holes" in the regulations, the average tax rate that corporations actually pay was much lower. According to a recent analysis by the Joint Tax Committee, companies in the US pay an average tax rate of only 8 percent, compared to 16 percent before 2017. In a speech in Pittsburgh, Biden expressed outrage at the imbalance between taxes paid by the richest companies and the tax burden on middle-class people. He cited a study from 2019, which showed that 90 Fortune 500 companies, the largest companies in the world, including Amazon, do not pay a penny of federal income tax. "That's just wrong," the president said. "The firefighter and the teacher pay 22% and Amazon and 90 other major companies pay zero federal taxes? That puts an end to this," he said. However, Biden's proposal has yet to be approved by Congress.