On Tuesday, CEO and Founder of Amazon, Jeff Bezos, endorsed President Biden’s focus on building up the country’s infrastructure. He said that the company also supports the corporate tax rate hike to help pay for the same. Bezos’ statement on his website was noted to come after Biden singled out the company for criticism related to the federal taxes.
Recently, Biden unveiled his $2.3 trillion infrastructure proposal. He has proposed increasing the U.S. corporate tax rate to 28% from 21% to help pay for the plan. Democrats will site the support from individual companies to undercut the argument.
Jeff Bezos was quite careful in not endorsing a specific plan. Instead, he claimed to support Biden’s administration and their agenda. It is known that the company would benefit from the investments made in bridges, roads, airports, and broadband. Several business groups are backing the investment plans by the federal government.
Generally, business groups have balked at the Biden Administration for raising the corporate income tax. They describe the proposal as “dangerously misguided when it comes to how to pay for infrastructure.” Apart from undoing the tax cut put in place by the Trump administration, Biden has set a minimum U.S. tax on overseas corporate income.