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Tech industry group funded by Amazon, Facebook and Google says it supports a corporate tax hike

Chamber of Progress, a new tech industry group funded by giants like Amazon, Facebook and Google, is announcing its support for a corporate tax increase like the one President Joe Biden proposed to fund his $2 trillion infrastructure plan. Biden proposed raising the corporate tax rate from 21% to 28% to help fund his American Jobs Plan, which includes infrastructure proposals that span the entire economy. Biden previously singled out Amazon for its historically low federal income tax payments, which the company has attributed to tax credits including for research and development. Amazon paid $162 million in federal income taxes in 2019 after two years of paying $0. It reported total revenue last year of $386 billion. The plan includes money to expand broadband availability, which is key to the success of internet businesses, and other priorities the tech industry has emphasized, like clean energy. Kovacevich wrote that he respects businesses that worry the tax increase will have a negative impact, but said serious action needs to take place to upgrade U.S. infrastructure.

Source: CNBC

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