Amazon. Jeff Bezos, chief executive of com Inc., said he supported a corporate tax rate hike and supported President Biden’s focus on key US infrastructure spending.
Mr Bezos made his support public in a memo on Tuesday. Amazon has been closely criticized by its Congressional policies and criticized by members of Congress for what they see as low tax payments. Mr. Biden’s $ 2.3 trillion plan focuses on repairing roads and bridges, expanding broadband Internet access, and increasing funding for research and development.
“We understand that this investment will require concessions on all sides – both in terms of the details of the benefits included and the way in which they are paid for,” wrote Bezos. He said Amazon supports “a corporate tax rate hike” and looks forward to seeing the US government make progress on the plan.
Mr Biden’s plan would impose a minimum tax on profitable companies. If the 2020 minimum tax he proposed had been introduced, Amazon’s cash taxes would have been about double what it was in February, the Wall Street Journal reported.
Mr. Biden met with CEOs of JPMorgan Chase, Walmart Inc. and other companies in February to discuss wage differentials and economic recovery, among other things. Joshua Bolten, president and chief executive officer of the Business Roundtable, an association of CEOs of major US corporations, said policy makers “should avoid creating new barriers to job creation and economic growth, especially during the boom” .