Amazon comes out in support of Biden’s infrastructure plans – including tax increases
The announcement comes after the president released a sprawling proposal to rebuild the nation’s crumbling infrastructure.
Amazon CEO Jeff Bezos on Tuesday threw his support behind President Joe Biden’s ambitious infrastructure plans as well as the massive increases in taxes that it will require.
“We support the Biden Administration’s focus on making bold investments in American infrastructure,” Bezos said in a statement posted on the company’s news page. “Both Democrats and Republicans have supported infrastructure in the past, and it’s the right to work together to make this happen.”
Bezos acknowledged that this investment will require “concessions” from all parties involved, including the specifics of what gets done and how it’s paid for.
CLICK HERE TO READ MORE FROM FOX BUSINESS
“We’re supportive of a rise in the corporate tax rate,” Bezos said. “We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances U.S. competitiveness.”
Amazon CEO Jeff Bezos announces the co-founding of The Climate Pledge at the National Press Club on September 19, 2019 in Washington, DC. (Getty Images)
The announcement comes after the president released a sprawling proposal to rebuild the nation’s crumbling infrastructure and pump money into manufacturing, transportation, renewable energy, and combating climate change – a $2.25 trillion measure that will be funded largely by raising taxes on U.S. corporations.
BIDEN FALSELY SAYS $2.25T SPENDING PLAN WILL CREATE 19M JOBS
The eight-year initiative, dubbed the American Jobs Plan, comes on the heels of Biden's $1.9 trillion American Rescue Plan. The White House said it will pay for the latest package by raising the corporate tax rate to 28% from 21% — rolling back part of former President Donald Trump's 2017 tax cuts — and increasing the global minimum tax on U.S. corporations to 21% from 13%.
On Sunday, Council of Economic Advisers Chair Cecilia Rouse said President Biden is proposing corporate tax increases because it’s the “right thing to do.”
“This is 15 years of higher taxes to pay for eight years of spending,” Rouse told CBS’s “Face the Nation” anchor Margaret Brennan. “Can you really say that’s not a cost?”
CLICK HERE TO GET FOX BUSINESS ON THE GO
"I would say that the reason why the president is proposing these corporate tax increases is because that's just the right thing to do," Rouse said. "He believes we should be... encouraging these corporations to pay their fair share."
Fox Business’ Megan Henney and Fox News’ Cameron Cawthorne contributed to this report.
