Amazon’s founder and the world’s richest man, Jeff Bezos, says he understands the need for an increase in corporate taxes in order to upscale America’s crumbling infrastructure.

President Joe Biden is leading the charge to secure financing of the country’s roads, bridges, ports, airports and other vital public infrastructure facilities and is calling for corporate taxes to be raised from 21 per cent to 28 per cent. He is insisting that companies pay their fair share of federal taxes. This, he says, should go some way to fund his US$2.3 trillion infrastructure initiative.

Speaking on this matter, Bezos said: “We support the Biden Administration’s focus on making bold investments in American infrastructure. We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances US competitiveness.

“We recognise the investment will require concessions from all sides – both on specifics of what’s included as well as how it gets paid for.”

Last year, Amazon paid US$1.7 billion in federal taxes on net income of US$21.3 billion. Amazon is a US$1.62 trillion company.

Biden is facing a storm of criticism over his infrastructure plan, which many Republicans say will take place in the next eight years and will not generate revenue until 2036.

Speaking on his infrastructure plan, Biden said: “It’s going to create the strongest, most resilient, innovative economy in the world. It’s not a plan than tinkers around the edges. It’s a once-in-a-generation investment in America unlike anything we’ve seen or done since we built the interstate system.”