Hardly any other company leaders have come out in support of Biden's plan. But it's a relatively easy plan for Bezos to get behind: His company pays nowhere close to the current 21% corporate tax rate, let alone the 28% rate Biden is pitching.
According to company filings, Amazon's federal income tax bill came to $1.7 billion in 2020. That doesn't mean that its actual payments came to that much -- but that $1.7 billion tax figure nevertheless came to only about 7% of the pretax income of the $24.2 billion it reported to investors. Thus Amazon only paid about a third of the 21% rate.
One of the only other executives to endorse higher corporate tax rates is Lyft co-founder and president John Zimmer. But with Lyft (LYFT) still losing money, his firm won't be paying any corporate income taxes for years to come.
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