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Jeff Bezos Says Amazon Supports Corporate Tax Hike To Pay For Biden’s Infrastructure Plan

by : Saman Javed on : 07 Apr 2021 12:00
Jeff Bezos Says Amazon Supports Corporate Tax Hike To Pay For Biden's Infrastructure PlanPA Images

Jeff Bezos has announced Amazon’s support of the corporate tax hike that has been proposed by President Joe Biden’s $2 trillion infrastructure plan.

In a statement posted via the Amazon Twitter account yesterday, April 6, Bezos said he supports Biden’s focus on making ‘bold investments’ in American infrastructure.

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‘Both Democrats and Republicans have supported infrastructure in the past, and it’s the right time to work together to make this happen,’ he said.

‘We recognise this investment will require concessions from all sides – both on the specifics of what’s included as well as how it gets paid for (we’re supportive of a rise in the corporate tax rate). We look forward to Congress and the administration coming together to find the right, balanced solution that maintains or enhances US competitiveness,’ the statement added.

At the end of March, Biden unveiled a two-part infrastructure plan to overhaul the US economy. Phase one, named the American Jobs Plan, is expected to cost $2 trillion.

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It will be largely funded by a corporate tax increase, from 21% to 28%, which is expected to offset the cost of the package for more than 15 years.

The main focus will be on improving transportation, broadband and water utilities, affordable housing as well as channelling more funding into the elderly and disabled care sector.

Biden said the second phase of the plan will be announced in the coming weeks. ‘These are investments we have to make. We can afford to make them. To put it another way – we can’t afford not to,’ he said.

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While Republicans have voiced support for improving infrastructure in the country, they have largely opposed tax hikes.

Following Biden’s announcement, Senate minority leader Mitch McConnell slammed the proposed tax.

‘It’s like a Trojan horse. It’s called infrastructure, but inside the Trojan horse it’s going to be more borrowed money, and massive tax increases on all the productive parts of our economy,’ McConnell told CNBC.

He said that if the plan is going to have ‘massive tax increases and trillions more added to the national debt’, it’s not likely that he will support it.

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Biden has previously countered criticism of the proposed tax hikes, assuring the public that it will only affect huge corporations, such as Amazon, and the most wealthy.

He said he did not intend to punish the wealthy, and will not increase the burden on anyone making less than $400,000 a year.

‘This is not to target those who’ve made it. Not to seek retribution. This is about opening opportunities for everybody else,’ he said.

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Topics: News, Amazon, Democrat, Jeff Bezos, Joe Biden, Now, republican

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CNBC
  1. CNBC

    Sen. Mitch McConnell slams tax hikes in Biden’s $2 trillion infrastructure bill, says he is unlikely to support it