WASHINGTON (AP) – Amazon founder and CEO Jeff Bezos on Tuesday backed President Joe Biden’s attention to building the country’s infrastructure and said the company even supports an increase in the corporate tax rate to help pay for it.
Bezos’ statement, posted on the company’s website, was remarkable because it came after Biden criticized the company for criticizing how much it pays in federal taxes when it recently unveiled its $ 2.3 billion infrastructure proposal. of dollars.
Biden proposed raising the US corporate tax rate to 28% from 21% to help pay for his plan, an idea that Republican leaders see as detrimental to economic growth. Democrats will certainly cite the support of individual companies to undermine this argument.
“We recognize that this investment will require concessions from all sides – both in terms of the specifics of what is included and how it is paid for (we support an increase in the corporate tax rate),” Bezos wrote. . “We look forward to Congress and the Administration coming together to find the right and balanced solution to maintain or increase US competitiveness.”
Bezos was careful not to support a specific plan. Rather, he said, “We support the Biden administration’s focus on bold investment in American infrastructure.”
The company would benefit from investments made in roads, bridges, airports and broadband. Business groups have joined the call for more investment in public works by the federal government, but have generally opposed Biden’s call for a corporate income tax increase, with the US Chamber of Commerce describing Biden’s proposal as ” dangerously wrong when it comes to how to pay for infrastructure. ”
Along with the partial cancellation of the corporate tax cut made during President Donald Trump’s administration, Biden also wants to set a minimum US tax on the income of overseas companies and make it harder for companies to transfer their revenues overseas.
Amazon has long been criticized for not paying federal taxes in the United States for years, even though it has built an e-commerce empire that currently has a market value of $ 1.6 trillion.
This has changed slightly in recent years as the Seattle company has become more profitable. Last year, it reported that it paid $ 1.7 billion in federal taxes on its US $ 20.2 billion in revenue, reaching an effective tax rate of about 8%.
AP Business writer Michael Liedtke of San Ramon, California, contributed to the report.
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