Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Jeff Bezos supports higher corporate taxes on infrastructure

Jeff Bezos supports higher corporate taxes on infrastructure

WASHINGTON (AP) – Amazon founder and CEO Jeff Bezos backed President Joe Biden’s focus on building the country’s infrastructure on Tuesday, saying the company even supports raising corporate taxes to pay for it.

Bezos’ statement, posted on the company’s website, was remarkable because it came after Biden singled out the company for criticizing how much it pays federal taxes when it recently unveiled its $ 2.3 trillion infrastructure proposal.

Biden proposed raising the U.S. corporate tax rate to 28 percent from 21

percent to help pay for his plan, an idea that Republican leaders are proving to be dangerous to economic growth. Democrats will certainly cite support from individual companies to undermine this argument.

“We recognize that this investment will require concessions from all parties – both in terms of the specifics of what is included and in terms of how it is paid (we support the increase in corporate tax),” Bezos wrote. “We look forward to Congress and the administration coming together to find the right, balanced solution that maintains or improves the competitiveness of the United States.”

Bezos was careful not to approve a specific plan. Rather, he said, “We support the Biden administration’s focus on bold investment in American infrastructure.”

The company will benefit from investments made in roads, bridges, airports and broadband. Business groups joined the federal government’s call for more public investment, but they generally agreed with Biden’s call for an increase in corporate income tax, and the U.S. Chamber of Commerce described Biden’s proposal as “dangerously misleading, to pay for infrastructure. “

Along with the partial repeal of the corporate tax cut introduced during President Donald Trump’s administration, Biden also wants to set a minimum U.S. corporate income tax abroad and make it harder for companies to redirect profits offshore.

Amazon has long been criticized for paying virtually no federal taxes in the United States for years, despite building an e-commerce empire that currently has a market value of $ 1.6 trillion.

That has changed slightly in recent years as the Seattle company has become more profitable. Last year, it said it had paid $ 1.7 billion in federal taxes on its $ 20.2 billion revenue in the United States, reaching an effective tax rate of about 8 percent.

AP Business Writer Michael Lidtke of San Ramon, California, contributed to this report.

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