Bezos endorses higher corporate taxes for infrastructure

Pedestrians wearing face masks walk past a commercial advertisement billboard of the American multinational financial services corporation and credit card business American Express in Hong Kong

The news comes a week after President Joe Biden twice mentioned the company by name in a speech touting his $100 billion infrastructure plan, saying USA companies such as Amazon "use various loopholes so they pay not a single solitary penny in federal income tax". "No federal tax, no addition".

To pay for the plan, President Biden proposed raising the corporate tax rate to 28% from 21%. Democrats will surely cite support from individual companies to undercut that argument.

"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)", he wrote. "We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances USA competitiveness". In his statement, the Amazon boss didn't specifically endorse the infrastructure plan or its seven-percent tax hike. Rather, he said "we support the Biden Administration's focus on making bold investments in American infrastructure". It includes federal spending to improve the nation's aging roads, bridges, and ports; clean-energy projects; broadband in rural areas; affordable-housing initiatives; and funding for care workers.

"Our plan is simple: Corporations should pay their fair share, just like OH families do, and they shouldn't get a tax break for shipping workers' jobs overseas".

Wyden joined Sens. Sherrod Brown (D-Ohio) and Mark Warner (D-Va.) in introducing the new proposal as U.S. Treasury Secretary Janet Yellen delivered a speech arguing for a global minimum tax, a separate but related effort to halt the decades-long worldwide "race to the bottom" on corporate taxation and finance a multi-trillion dollar infrastructure package.

That has changed slightly in recent years as the Seattle company has become more profitable. In 2020, Amazon paid an effective federal income-tax rate of 9.4%, despite a year of massive pandemic-driven profits, according to the Institute on Taxation and Economic Policy.



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