Tax Hike Under Biden Poses Bigger Threat to Tech Than Hearing
- Bezos, Zuckerberg set for ‘flogging’ in Congress on Wednesday
- Tax bite if Biden were to win would be much worse, AGF says
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Amazon.com Inc., Apple Inc., Facebook Inc. and Alphabet Inc. are girding for a tough hearing in Congress on Wednesday. But the real threat facing the tech firms comes not from lawmakers now, but from higher taxes later if Joe Biden beats President Trump in November, according to one analyst.
“A public flogging is likely” when chief executives Jeff Bezos, Tim Cook, Mark Zuckerberg and Sundar Pichai testify before House members who “unabashedly say they want to break up the industry,” AGF Investments Chief U.S. Policy Strategist Greg Valliere wrote in a note. Valliere doubts, however, that tech companies will in fact be forced to split up.