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 for infrastructure

Jeff Bezos supports higher corporate taxes for infrastructure



WASHINGTON (AP) – Amazon founder and CEO Jeff Bezos joined President Joe Biden’s focus on building the country’s infrastructure on Tuesday, saying 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 notable because it came after Biden named the company for criticizing how much it pays in federal taxes when it recently unveiled its $ 2.3 trillion infrastructure proposal.

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

% to help pay for its plan, an idea that Republican leaders are panning as detrimental to economic growth. Democrats will certainly cite support from individual companies to substantiate this argument.

“We recognize that this investment will require concessions from all sides – both in terms 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 meeting to find the right, balanced solution that maintains or enhances the competitiveness of the United States.”

Bezos was careful not to join a particular plan. Rather, he said “we support the Biden administration’s focus on making bold investments in US infrastructure.”

The company would benefit from investments in roads, bridges, airports and broadband. Business groups have taken part in the call for more public investment by the federal government, but they have generally avoided Biden’s call to raise corporate taxes, with the US Chamber of Commerce describing Biden’s proposal as’ dangerously misleading when it comes to paying for infrastructure. ”

Along with partially regretting the corporate tax cut introduced under President Donald Trump’s administration, Biden also wants to set a U.S. minimum tax on overseas corporate income and make it harder for companies to move earnings offshore.

Amazon has long been criticized for paying almost no federal taxes in the United States for years, even though it built an e-commerce empire that currently has a market value of $ 1.6 trillion.

That has changed a bit in recent years as the Seattle company has become more profitable. Last year, it reported paying $ 1.7 billion. $ In federal taxes on its U.S. income of $ 20.2 billion. Dollars and expect an effective tax rate of approx. 8%.

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


Source link