Amazon founder and CEO Jeff Bezos says he supports President Joe Biden‘s proposed $2 trillion infrastructure bill and increase of the corporate tax rate to pay for it.
In a statement on Tuesday, Bezos said, “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.”
“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,” he added.
Read the statement below:
A message from Jeff Bezos. https://t.co/ZAcpnaRu6z pic.twitter.com/81AkgVyQke
— Amazon News (@amazonnews) April 6, 2021
During remarks in Pittsburgh last week, Biden called his proposal a “once-in-a-generation investment in America, unlike anything we’ve seen or done.”
“It’s big, yes. It’s bold, yes. And we can get it done,” he said.
His plan aims to provide billions to rebuild the nation’s roads and bridges, make investments in the electric car market, extend affordable care for aging Americans, and invest in green energy to combat climate change.
To pay for his plan, he is proposing to raise the corporate tax rate from 21% to 28%.
However, Republicans have blasted the plan and signaled opposition to it. Senate Minority Leader Mitch McConnell (R-Ky.) said, “If it’s going to have massive tax increases and trillions more added to the national debt, it’s not likely” he would support it.
Conservatives have argued that raising the corporate tax rate would “destroy jobs.”
However, Biden told reporters on Monday that he is not concerned that the tax hike would hurt the economy and drive companies away. He said, “There’s no evidence of that.”