Amazon endorsed President Joe Biden’s proposed higher corporate tax rate despite its history of routinely avoiding most or all of its federal tax obligations.
The massive online retailer supports President Joe Biden’s plan to pay for the $2 trillion infrastructure plan he unveiled last week, Amazon CEO Jeff Bezos said in a statement Tuesday. Biden announced that the plan would raise the corporate tax rate from 21% to 28%.
Amazon CEO Jeff Bezos who announced plans to step down as Amazon’s CEO last month to focus on philanthropic and science interests, is set to spend the $10 billion he invested in the Bezos Earth Fund by 2030, the Associated Press reported.
Bezos announced the fund in February 2020, but he offered few details on how exactly the money would be distributed. Andrew Steer, who for eight years has been the head of the environmental nonprofit World Resources Institute (WRI), will be the fund’s CEO.
In a series of tweets, Steer revealed very few details, however he did say Bezos’ “goal is to spend it down between now and 2030.”
Amazon announced Tuesday that CEO Jeff Bezos is stepping down later this year and will become executive chair of the company.
Andy Jassy, who is the CEO of Amazon Web Services, will become Amazon’s new CEO when Bezos departs in the third quarter of this year from the CEO post.