President Joe Biden targeted Amazon and other big businesses in his speech unveiling his $2 trillion infrastructure plan Wednesday in Pittsburgh.
Biden’s infrastructure plan is the next major initiative for his administration following the passage of his $1.9 trillion American Rescue Plan. He says the plan will create “millions” of American jobs and lower the deficit “in the long run.” To pay for the legislation, he proposed hiking taxes on corporations and the wealthy, arguing that Amazon and other world-leading companies have gotten away with paying nothing in federal taxes.
“Right now a middle class couple … making a combined 110, 120 thousand dollars a year pays 22 cents for each additional dollar they earn in federal income tax,” Biden said. “But a multi-national corporation that builds a factory abroad and then bring it home and sells it — They pay nothing at all.” (RELATED: Biden’s $2 Trillion Infrastructure Plan Is Fueled By Rolling Back Trump’s Corporate Tax Cuts — Here’s What We Know)
In his speech, Biden singles out Amazon Inc. for paying nothing in federal corporate taxes.
“I’m going to put an end to that,” he said.
— Josh Wingrove (@josh_wingrove) March 31, 2021
Biden went on to say he plans to raise the corporate tax rate from 21 percent to 28 percent. He said it had previously been 35 percent, which he conceded was “too high.” He said the tax hike would generate $1 trillion in additional revenue over 15 years. He then went on to hit Amazon and other Fortune 500 companies.
“In 2019 an independent analysis found that there are 91 … fortune 500 companies — the biggest companies in the world, including Amazon — that use various loopholes so that they pay not a single solitary penny in federal income tax,” Biden said. “I don’t want to punish them; that’s just wrong.”
“I’m gonna put an end to that,” he added.
Biden added that he is open to negotiating with Republicans so long as none of their proposals involve increasing taxes on Americans making less than $400,000 a year.