Bezos Repeatedly Refutes Biden's Corporate Tax Criticism... "Inflation Is Due to Government Stimulus"

Retweet of the article "Congress and the Biden Administration Did Nothing"
"Inflation, a Regressive Tax That Hits Poor People the Hardest"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Jeff Bezos, founder and chairman of the global company Amazon, sharply rebutted U.S. President Joe Biden's remarks that corporate tax issues are behind inflation.

On the 15th (local time), Chairman Bezos posted on his Twitter, "The U.S. has already poured out more stimulus in an overheated and severely inflationary situation, and only Senator Joe Manchin's opposition prevented the situation from worsening," adding, "Inflation is a regressive tax that hurts the poorest the most." He further pointed out, "The wrong direction does not help the country."

This referred to the $1.9 trillion economic stimulus bill, the American Rescue Plan, signed by President Biden in March last year, during which Senator Manchin of the Democratic Party opposed it on principle due to economic burdens.

While writing this, Bezos also retweeted with agreement a post from the ‘Neoliberal’ account that rebutted President Biden’s tweet on the 13th stating, "The budget deficit, which increased every year during the predecessor’s term, decreased by $1.5 trillion this year. Reducing the deficit is one way to ease inflationary pressures," saying, "That is foolish. The deficit reduction is because pandemic support is no longer provided, and thanks to inflation, federal government revenue is also increasing. Congress and the Biden administration have done nothing."

The controversy began on the 12th when President Biden mentioned that inflation should be curbed by imposing corporate taxes on wealthy companies. At that time, President Biden wrote on his Twitter, "Want to bring down inflation? Let the richest companies pay their fair share."

In response, on the 13th, Chairman Bezos said, "It’s good to discuss raising corporate taxes. Discussing taming inflation is very important," but he pointed out, "Mixing those (corporate taxes and inflation) into a mess is the wrong direction." He also said, "The Misinformation Committee should review this tweet and organize a new ‘Unreasonable Reasoning Committee.’"

President Biden has previously publicly criticized Amazon for paying no federal income tax in 2017 and 2018 by using tax deduction benefits. Bezos was also frequently mentioned in former President Donald Trump’s tweets, who called Bezos’s Washington Post a ‘lobbying group.’

Meanwhile, Amazon suffered a major blow this year due to rising costs including labor costs, recording its first quarterly loss in seven years (about $3.8 billion, approximately 4.8518 trillion KRW) in the first quarter.

This content was produced with the assistance of AI translation services.