Amazon boss Jeff Bezos has said he supports raising taxes on US companies.
The comments by the world’s richest man come as US President Joe Biden is pushing to raise the corporate rate from 21% to 28%.
In case it was unclear, let me help explain this. Bezos and Amazon are very rich and operate on a global scale. They have legions of lawyers and accountants to shift money around the globe to minimize their tax burden. Emerging competitors do not have that scale or capacity. Higher taxes eat into an emerging competitor’s profit and ability to grow, innovate, and acquire. Bezos supports higher taxes because he knows that he won’t pay them, but many of his competitors will.