Saudi Press

Saudi Arabia and the world
Tuesday, Aug 05, 2025

Bezos called for higher taxes, even as Amazon lobbied to keep rates low, report says

Bezos called for higher taxes, even as Amazon lobbied to keep rates low, report says

Jeff Bezos, the richest man in the world, publicly endorsed President Biden's plan to dramatically raise taxes on wealthy Americans and corporations, even as Amazon lobbied behind the scenes to preserve a tax loophole that's allowed it to reduce its liability, according to a new report.
The e-commerce behemoth's founder and CEO in April announced that he supported Biden's proposal to raise the corporate tax rate to 28% from 21% in order to fund a sweeping infrastructure overhaul – a notable statement after the president singled out Bezos for how little Amazon pays in federal taxes.

"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 (we’re supportive of a rise in the corporate tax rate)," Bezos wrote in a statement posted on the company's website. "We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances U.S. competitiveness."

But in private, Amazon has been making moves to keep its tax bill low, according to a new report published Thursday by Politico – highlighting the difficulties that Biden may face in ensuring the tax measure becomes law.

In June, Amazon hired the tax lobbyist Joshua Odintz, a former Democratic congressional aide and alumnus of the Obama administration, to lobby on the section of the tax code dealing with the research and development tax deduction, according to a disclosure filing cited by the outlet.

And the R&D Coalition — a coalition of companies that benefit from the deduction including Amazon, Intel, the National Association of Manufacturers and others — hired a slew of veteran tax lobbyists at PricewaterhouseCoopers earlier this year, Politico reported. Among the individual hired is a former top aide to Senate Minority Leader Mitch McConnell.

Under current policy, businesses can choose to fully expense the costs of research and development, meaning they can deduct R&D costs from their taxable income, according to the Tax Foundation. The R&D tax credit, first established in 1981, has broad bipartisan support among lawmakers.

It's unclear how much money Amazon has saved with the R&D tax credit, but in a regulatory filing with the Securities and Exchange Commission earlier this year, the company said the tax credits helped reduce its U.S. tax burden "were primarily related to the U.S. federal research and development credit."

Of course, Amazon benefits from other tax laws, including one that allows it to deduct the cost of the stock it gives employees as part of their pay packages.

Biden has not targeted the R&D tax credit as part of his roughly $4 trillion spending plan. But Politico reported that the credit could become less valuable next year if Congress doesn't act, because Republicans 2017 tax law included a provision that would prevent companies from immediately deducting the full amount of R&D expenses in 2022.

Companies would instead have to deduct a portion of it every year over the next five years.

The Tax Foundation estimated that repealing the changes would cost about $131 billion over a decade but would boost GDP by 0.1%.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
×