Stock Groups

Bezos and White House battle over taxes and inflation -Breaking

[ad_1]

© Reuters. FILE PHOTO Jeff Bezos, founder of Amazon, speaks at the UN Climate Change Conference in Glasgow (Scotland), Britain on November 2, 2021. Paul Ellis/Pool via REUTERS

WASHINGTON, (Reuters) – Monday’s attack on Jeff Bezos by the White House for criticizing President Joe Biden over his plans to tax the wealthy would reduce consumer prices. As a result of the escalated war of words between Amazon.com Inc. (NASDAQ:), founder and the administration.

Bezos sent tweets this weekend accusing Biden for misleading the public.

Andrew Bates of White House responded to this statement by saying that “it doesn’t take a big leap to find out why one the wealthiest people on Earth opposes a economic agenda for middle class, which cuts some of most costly family costs, fights inflation for long-term, and contributes to the historic deficit decrease the president has achieved by asking the richest taxpayers, corporations, to pay their fair shares.”

This back and forth escalated the dispute between the White House (and one of the richest men in the world after Biden targeted Amazon for not paying enough taxes. Biden appeared to support workers looking to unionize Amazon.

Bates said, “It is also not surprising that this tweet comes following the President’s meeting with labor organizers including Amazon employees.”

Biden has come under pressure to reduce inflation. Economists suggest that increasing taxes may help lower prices.

Although the president would like to raise levies for corporations and billionaires (and he has not been able to secure sufficient support from Congress), his spending and tax plans, which include Manchin who is an important swing vote, have failed to gain enough.

Bezos stated that raising corp taxes was fine for discussion. It is crucial to talk about taming inflation. It is a misdirection to try and mash them together.

[ad_2]