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. From a report: The move sets Chamber of Progress, a new center-left group, apart from other business organizations that have opposed Biden's tax hike, like the Business Roundtable and U.S. Chamber of Commerce. While the group's endorsement does not reflect the individual views of each company that funds it, it does send a signal that the tech industry is open to higher tax rates and supports greater infrastructure investment. Chamber of Progress launched late last month and is an industry coalition focused on a range of economic, social and consumer issues, including creating a social safety net and tackling income inequality. 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. 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.

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