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Jeff Bezos testifies at a House Judiciary Subcommittee hearing in July 2020. Photo: Graeme Jennings/Washington Examiner/Bloomberg via Getty Images

Amazon founder Jeff Bezos on Tuesday publicly backed using long-term corporate tax hikes to support President Biden's $2 trillion infrastructure plan.

The big picture: Amazon, one of the world's most valuable companies, was singled out by Biden in a recent speech for not paying federal income tax for several years prior to 2019.

What he's saying: "Both Democrats and Republicans have supported infrastructure in the past, and it's the right time to work together to make this happen," Bezos said in a statement.

  • "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)."

Go deeper

Apr 5, 2021 - Politics & Policy

Exclusive: Janet Yellen to call for global minimum tax rate

Janet Yellen in Washington, D.C., U.S., on Friday, March 26, 2021. Photographer: Erin Scott/Bloomberg via Getty Images

Janet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.

Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.

Manchin opposes corporate tax hike to 28% in Biden's infrastructure bill

Sen. Joe Manchin. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Sen. Joe Manchin (D-W.Va.) forewarned in a radio interview Monday that he will not support a hike in the corporate tax rate from 21% to 28% as proposed in President Biden's infrastructure bill, adding that there are "six or seven other Democrats that feel very strongly about this.”

Why it matters: The tax hike is Biden's pitch on how to pay for the $2 trillion price tag on his American Jobs Plan. But pushback from moderates like Manchin could kill the bill, as a 50-50 split in the upper chamber has made every Democratic vote a must-have.

  • Manchin said he thinks the corporate tax rate should have "never been below [25%]" and that he would be comfortable with that number.

Between the lines: Senate Minority Leader Mitch McConnell said last week that he will fight against Biden's plan, signaling that there will be no Republican support for the measure.

  • And with the filibuster still in place, Democrats will also likely still need to pass the measure through a budget reconciliation process in order to avoid the need for 10 Republican votes, even if the entire Democratic caucus supports it.

What he's saying: "As the bill exists today, it needs to be changed. ... Bottom line is that's what legislation is all about. This bill will not be in the same form you've seen it introduced." Manchin said, adding that Biden's proposal might be broken up into three separate bills.

Apr 5, 2021 - Podcasts

Siemens USA CEO Barbara Humpton on Biden's infrastructure plan

The White House is pitching its $2 trillion infrastructure plan, Republicans are opposed and Corporate America is caught between wanting robust infrastructure and not wanting higher taxes.

Axios Re:Cap goes deeper with Barbara Humpton, president and CEO of Siemens USA, to get her thoughts on Biden’s proposal.