Amazon.com Inc. Chief Executive Jeff Bezos stated that he supports an increase in the corporate tax rate and supports President Biden’s focus on major US infrastructure spending.
Mr. Bezos made his support public in a memo on Tuesday. Amazon has faced scrutiny over its workplace policies and some criticism from members of Congress over what they view as minimal tax payments. Mr. Biden’s $2.3 trillion plan focuses on fixing roads and bridges, extending broadband internet access and improving funding for research and development.
“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,” Mr. Bezos wrote. He stated that Amazon was “supportive of an increase in the corporate tax rate” and stated that the company looked forward to seeing the US government’s progress on the plan.
Mr. Biden’s plan would impose a minimum tax on profitable corporations. Had a minimum tax he proposed been in place for 2020, Amazon’s cash taxes would have been roughly double of what it reported, The Wall Street Journal reported in February.