Alphabet CFO Google’s Parent Company: Supports Tax Increases for High-Income Earners
According to reports, Google and Alphabet Chief Financial Officer Ruth Porat said that she supports US President Joe Biden’s proposal to increase taxes for high-income earners.
Among them, Biden’s proposal would increase the highest federal tax rate on long-term capital gains and qualified dividends for taxpayers with annual income of more than $1 million from 20% to 39.6%, making it one of the highest tax rates in developed countries. This tax rate only applies to a very small number of people, that is, the top 0.3% of the population. The government will also change the rules on how taxpayers dispose of assets after death.
Porat’s 2020 salary is US$50.89 million, including long-term stock awards.
Porat was asked about Biden’s plans at the “Women in Technology” conference held by the Washington Post this Wednesday.
“Ten years ago, you said’the rich can afford more taxes’, which surprised many people,” said the host Heather Lon. “President Biden proposed a very specific The proposal of increasing taxes on the rich.
Do you still think so?
Do you support the President’s proposal?
Porat replied: “Yes, I still insist on the view at the time, that is, taxation must have sustainable growth, which is good for everyone, it needs to be inclusive growth, and each of us I need to do my part.” “As a company leader, I think everything we do is right…As an individual, I feel the same now.”
She also said that she and Google (2529.23, -10.76, -0.42%) support the Organization for Economic Co-operation and Development (OECD) proposal to impose the lowest global tax rate on cross-border cooperation. The plan It also received the support of US Treasury Secretary Janet Yellen and support for raising corporate taxes.
“When we look at the intention behind it, the focus is how do we…finance the infrastructure projects this country needs? We are committed to playing our part in this,” she said. “We are very supportive of the OECD, We think this creates a sustainable solution and ensures that we do the right things all over the United States.”
Porat has led Google and Morgan Stanley, where she used to work, through the crisis. She said that she often thinks about how the government and business leaders respond to the epidemic. She added, “Unfortunately, this will not be the last epidemic we have experienced.”
Porat also seems to have praised the stimulus spending on American citizens during the COVID-19 pandemic.
“The positive side is to inject a lot of liquidity into the market,” Porat said. “At first I was very worried about how far things might go. Continuous support-especially support for small and medium-sized enterprises and the most marginalized companies- That’s the key.”