Amazon founder and CEO Jeff Bezos tweeted his support for an increase in corporate taxes to support President Joe Biden’s $ 2.25 trillion infrastructure plan.
Bezos said he supports bold investment in America’s infrastructure and said that “the investment will require a concession from all sides – both on the specifics as well as how it is paid (we in the corporate tax Support the increase) evaluate). “
Biden’s ambitious infrastructure plan has committed $ 621 billion toward rebuilding the nation’s roads, bridges and highways, as well as setting up electric vehicle charging stations and other transportation infrastructure. This expense would push the country away from the internal combustion engines that the auto industry sees as a fast-growing technology.
FILE – Amazon founder and CEO Jeff Bezos announced commitments from more than 50 companies during an event to recruit and train veterans and military spouses at the White House on May 5, 2016, in Washington, DC Committed to.
In addition, $ 111 billion will go to replace lead water pipes and upgrade sewers. Broadband Internet will give the country a $ 100 billion blanket. Will separately upgrade the $ 100 billion power grid to provide clean electricity. Homes will be renovated, schools will be modernized, workers will be trained and hospitals will be renovated under the plan, which also seeks to strengthen American manufacturing.
“It’s big, yes, it’s bold, yes, and we can get it done,” Biden said. “In 50 years, people are looking back and saying, this was the moment America won the future.”
To pay for the effort, Biden planned to increase taxes on corporations, calling it the “Made in America Plan”. the White House said Financing the first $ 2 trillion for construction and “hard” infrastructure projects would be an increase on corporate taxes that would raise the required amount over 15 years and then reduce further losses. It would undo the Trump administration’s policy achievement by raising the corporate tax rate to 28% from the 21% rate set in 2017 Tahl.
The 2017 GOP tax bill was about to usher in a new era of US investment and job creation, yet the growth never came close to the levels proposed and the economy fell into recession due to the epidemic.
Democratic senators led by Sen. Ron Whedon, D-Ore., Chairman of the Senate Finance Committee, unveiled their own framework on March 5 for an international taxation overhaul that could provide an opening to Biden’s approach.
In order to keep profits from overseas, companies will be levied a 21% global minimum tax to avoid taxation. The tax code will also be updated so that companies cannot merge with a foreign business and avoid taxes by moving their headquarters to a tax haven. And among other provisions, it will increase the IRS audit of corporations.
Biden hopes to pass an infrastructure plan by summer, which could mean relying solely on slim Democratic prominence in the House and Senate.
“They know we need it,” Biden said of the Republican as he returned to Washington on Monday. “Everyone around the world is investing billions and billions of dollars in infrastructure, and we’re going to do it here.”
The deadlock ensures a near-month-long run as Congress comes down to introduce a demolition law and the White House keeps the door open for working with Republicans, hoping to keep public attention from continuing support Will keep on drumming.
The Associated Press and Kelly Taylor Hayes contributed to this report.