Summary List Placement
Lyft president and cofounder John Zimmer voiced his support for President Joe Biden’s proposed 28% corporate tax rate in an interview with CNN Wednesday.
He called the increased rate a “smart investment” and voiced his broader support for Biden’s $2 trillion infrastructure plan, noting specifically that some policies would help drive electric vehicles into mainstream use. The plan is designed to bolster transportation and broadband networks across the US, among other sectors, and proposes corporate tax hikes to offset the costs.
“I think it’s important to make investments again in the country and the economy, and as the economy grows, so too does jobs and so too does people’s needs to get around,” Zimmer told CNN’s Poppy Harlow.
As Harlow noted, Zimmer is one of the first top executives of a public company to back the idea of an increased corporate tax rate. Lyft did not immediately respond to Insider’s request for comment.
Lyft Co-Founder and President John Zimmer tells @poppyharlowCNN he supports President Biden’s proposed increased corporate tax rate to help pay for the administration’s infrastructure plan. https://t.co/9cmZXLR3ub pic.twitter.com/VwmEOGL1LT
— CNN Newsroom (@CNNnewsroom) April 7, 2021
Amazon CEO Jeff Bezos came out in support of the infrastructure plan on Tuesday, including support of a corporate tax increase, saying he recognizes that “this investment will require concessions from all sides.” Bezos’ letter did not specifically say he supports the proposal to raise the corporate tax rate from 21% to 28%.
Biden introduced the infrastructure package last week that includes federal plans to stimulate transportation, broadband, water, elder care, research and development, and more in the US. The president has described the plan as a “once-in-a-generation investment in America.”