Amazon CEO Jeff Bezos endorsed President Biden’s focus on building up the country’s infrastructure on Tuesday. Bezos added that he supports a corporate tax hike to pay for the bill.
The statement made by Bezos was posted on Amazon’s website shortly after President Joe Biden criticized the company for the amount they pay in federal taxes and read, “We recognize 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 U.S. competitiveness.”
Biden’s criticism came when unveiling his $2.3 trillion infrastructure package. Biden has supported raising the corporate tax rate from 21 percent to 28 percent, an idea that many Republicans have criticized as they believe a higher corporate tax would cause companies to move to other countries with lower tax rates, taking the jobs with them.
Biden has pushed back against the criticism, stating, “Asking corporate America just to pay their fair share will not slow the economy at all, it will make the economy function better. It will create more energy.” Bezos was careful not to endorse a specific plan in his statement and instead stated, “we support the Biden Administration’s focus on making bold investments in American infrastructure.” Amazon has long been criticized for paying almost nothing in federal taxes. Last year the company paid about $1.7 billion in federal taxes on its $20.2 billion in income, coming out to about an 8 percent tax rate. Bezos has also faced public scrutiny for his efforts to thwart unionization attempts by Amazon employees.
According to a CNBC report from September of last year, Bezos even went as far to post job listings for two intelligence analysts charged with tracking “labor organizing threats” inside the company. Other business groups have joined the call for more public works investment by the federal government but have generally been against an increase to the corporate tax. The US Chamber of Commerce has criticized Biden’s plan as “dangerously misguided when it comes to how to pay for infrastructure.” While Biden plans to undo the corporate tax-cut put into place under the Trump administration, he also plans on setting a minimum US tax on overseas corporate income to make it harder for companies to shift earnings offshore.
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ARTICLE: DUSTIN RODGERS
POLITICS EDITOR: CARSON CHOATE
PHOTO CREDITS: BUSINESS – INSIDER