Amazon founder and CEO Jeff Bezos issued a statement late Tuesday saying he generally supports President Joe Biden’s desire to invest in infrastructure, along with a rise in tax rates. Some of the things Bezos does not support in the statement are striking in their absence.
“We support the Biden administration’s focus on bold investments in U.S. infrastructure,” Bezos said. onlinewhich presumably means ‘Amazon’ when he says ‘us’.
“Both Democrats and Republicans have supported infrastructure in the past, and this is the right time to work together to make it happen,” Bezos continued.
But Bezos, which is apparently worth it $ 193 billion, stopped to specifically the $ 2 trillion infrastructure plan that is currently on the table, but chooses to say that there must be concessions “from both sides” to get something done.
“We realize that this investment will require concessions from all sides, both on the details of what is included in it and how it is paid for (we support an increase 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 improves American competitiveness.”
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The top tax rate on companies is currently down 21% from 35% through the massive tax bill of the Trump regime that acted in 2017 as a handout to millionaires, billionaires and corporations. And although Bezos says he supports a higher tax rate, he does not specify how high.
Big Business is generally not excited about taxes, so it’s not surprising that many other U.S. businesses are fighting Biden’s infrastructure plan, even though some companies are complaining about U.S. infrastructure, according to a new report from Politico. Large corporations are also grumbling behind the scenes about Finance Minister Janet Yellen to get the major rich countries on board with a minimum corporate tax that will expand the playing field and prevent international companies from seeking tax avenues.
From Politico:
Managers often say that they could live with a corporate tax rate of about 25 percent – which groups like the Business Roundtable had previously supported – but only with the deductions that were restored and without much of the international reform.
‘I did not think 21 per cent was the right number when we did tax reform. And 25 percent is a place where you could probably get a lot of consensus, ‘said the CEO of one of the largest financial companies in the world, provided they are not named. “It’s not the rate, it’s all the other things that will make us less competitive around the world. And work will go if we do these things. ‘
Everyone wants nice roads, fast internet all over the country and bridges that do not fall randomly, but big businesses want this to happen without paying taxes. Unfortunately, you can not get such nice things without tax. And anonymous CEOs may say “this is not the rate”, but this is the rate. They do not want to pay higher taxes and will do everything in their power to stop it.