Jeff Bezos backs Biden’s infrastructure plan, tax hike proposal

Amazon founder and CEO Jeff Bezos has endorsed US president Joe Biden’s infrastructure plan and even a hike in corporate tax rate.

Biden last week unveiled an ambitious $2 trillion plan to overhaul the nation’s infrastructure and create jobs.

It is to be financed through an increase in corporate taxes from 21 per cent to 28 per cent and hiking taxes on those making more than $400,000 a year.

“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 on Tuesday.

“We recognise 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 said.

His statement gains significance in view of the fact that Biden, while unveiling his infrastructure plan, singled out Amazon for not paying federal taxes.

Citing a 2019 analysis, the US president said Amazon was one of the 91 Fortune 500 companies that did not pay federal income tax in 2018.

“We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances US competitiveness,” Bezos said in the statement, posted on the company’s website.