Jeff Bezos Supports Corporate Tax Hikes in Biden’s $2 Trillion American Jobs Plan
Amazon founder and CEO Jeff Bezos said yesterday that he was supporting President Biden’s corporate tax rate hike, which is part of the $2 trillion American Jobs Plan the president unveiled last week.
See: How Will Ongoing Climate Change Efforts Impact US Jobs?
Find: Fortune 500 Companies That Haven’t Paid Federal Taxes Recently
The sweeping infrastructure bill, along with Biden’s Made in America corporate tax plan, “will be fully paid for within the next 15 years and reduce deficits in the years after,” Biden said last week.
“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,” Bezos said in a statement, which was also tweeted. “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.”
As part of the infrastructure plan, Biden unveiled the Made in America Tax Plan “to fix the corporate tax code so that it incentivizes job creation and investment here in the United States, stops unfair and wasteful profit shifting to tax havens, and ensures that large corporations are paying their fair share.”
See: Biden Unveils $2 Trillion American Jobs Infrastructure Plan, Along With Made in America Tax plan
Find: Yellen Calls for a Global Corporate Tax Minimum – Could She Stop Companies from Moving Overseas?
Specifically, this would translate into setting the corporate tax rate at 28% and strengthening the global minimum tax for U.S. multinational corporations by increasing the minimum tax to 21% and calculating it on a country-by-country basis so it hits profits in tax havens.
This plan follows the $1.9 trillion American Rescue Plan Biden signed into law earlier this month. Republicans have already voiced strong opposition, with Senate Republican Leader Mitch McConnell issuing a statement earlier this week calling it “a missed opportunity by the administration” and saying there would be no bipartisan support.
“This proposal appears to use ‘infrastructure’ as a Trojan horse for the largest set of tax hikes in a generation,” McConnell said in the statement. “These sweeping tax hikes would kill jobs and hold down wages at the worst possible time, as Americans try to dig out from the pandemic. But don’t worry, coastal elites — House Democrats are demanding a special SALT carve-out that would cut taxes for wealthy people in blue states.”
More from GOBankingRates
- Do You Support a Biden Tax Increase? Take Our Poll
- 20 Home Renovations That Will Hurt Your Home’s Value
- What Income Level Is Considered Middle Class in Your State?
- 20 Ways to Pay Less at Costco