Amazon CEO Jeff Bezos: ‘We’re supportive of a rise in the corporate tax rate’

Business

NATIONAL HARBOR, MD – SEPTEMBER 19: Amazon CEO Jeff Bezos, founder of space venture Blue Origin and owner of The Washington Post, participates in an event hosted by the Air Force Association September 19, 2018 in National Harbor, Maryland. Bezos talked about innovating in large organizations as well as staying on the cutting edge in the space industry. (Photo by Alex Wong/Getty Images)

SEATTLE (WBTW) — Amazon CEO Jeff Bezos said in a statement Tuesday that the company supports a rise in the corporate tax rate.

In the statement posted to Amazon’s website, Bezos said the company supports the Biden Administration’s investments in American infrastructure. Bezos also said the investment will require “concessions on both sides” including how it gets paid for.

Read the full statement below:

“We support the Biden Administration’s focus on making bold investments in American infrastructure. Both Democrats and Republicans have supported infrastructure in the past and it’s the right time to work together to make this happen. 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.”

The Democratic president’s infrastructure projects would be financed by higher corporate taxes — a trade-off that could lead to fierce resistance from the business community and thwart attempts to work with Republican lawmakers. Biden hopes to pass an infrastructure plan by summer, which could mean relying solely on the slim Democratic majorities in the House and the Senate.

The higher corporate taxes would aim to raise the necessary piles of money over 15 years and then reduce the deficit going forward. In doing so, Biden would undo the 2017 tax overhaul by President Donald Trump and congressional Republicans and lift the corporate tax rate to 28% from the 21% rate.

The Associated Press contributed to this report.

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