Los Angeles Times: Column: Jeff Bezos Likes Biden’s Infrastructure Plan Because He Knows It’s Worth the Money
media mentionAs for raising the corporate tax rate, America’s CEOs might object, but let’s recognize that for many big corporations the statutory corporate tax rate is merely theoretical.
As the Institute on Taxation and Economic Policy has documented, 55 major corporations paid zero income tax on their profits in 2020. Among them were several that are dependent on government-funded transportation and digital infrastructure, such as FedEx and Charter Communications.
These companies are well practiced at taking advantage of tax breaks and loopholes in the law. Amazon, for example, makes liberal use of deductions for stock-based compensation, which has saved the company more than $3 billion in taxes in just the last three years. Unspecified “tax credits” saved another $1.5 billion.