After President Joe Biden posted that big companies should pay their fair share of taxes to bring down inflation, Amazon CEO Jeff Bezos accused the president of spreading "misdirection" on Twitter.
Later Friday, Jeff Bezos responded with his own tweet, stating that there is no correlation between inflation and corporation taxation. Inflation has been prevalent in the United States, harming consumers; however, it has just reduced for the first time since August.
Jeff Bezos Blasts Biden Administration on Inflation
Bezos also suggested that the "Disinformation Board," a joint effort of the Department of Homeland Security and the White House to combat disinformation, particularly on social media platforms, look into Biden's post.
Per CNN, Biden has already chastised Bezos' company. In an interview in May 2020, Biden remarked that Amazon should "start paying their taxes." Previously, Amazon's financial filings stated that it owing no income tax and was expecting a tax rebate from the federal government for the 2017 and 2018 tax years.
Amazon said it paid $1.7 billion in federal income tax and $1.8 billion in additional federal taxes in the fiscal year 2020. In addition, it stated that it paid $2.6 billion in state and local taxes. The e-commerce behemoth's federal income tax bill was nearly one-third of the corporation tax rate of 21%. And Bezos' personal tax bills have been questioned in the past; ProPublica revealed in 2020 that the billionaire did not pay any federal income taxes between 2007 and 2011.
Bezos' comments also come after President Joe Biden tweeted on Saturday that cutting the US budget would help to lower inflation. Bezos' tweet on Sunday was his second in as many days criticizing Biden on the social media site. In 2017 and 2018, Amazon did not pay any federal income taxes. According to the Bloomberg Billionaires Index, Jeff Bezos is worth $137 billion.
President Joe Biden Fails To Control Rising Inflation
The cost of consumer items, particularly gasoline, has continued to rise in the 300 days since President Joe Biden claimed that high inflation would be "temporary." In remarks held at the White House on July 19, 2021, Biden addressed inflation, arguing that the large price increases that had occurred during the reopening of the economy would not endure.
In June and July 2021, the annualized rate of inflation was 5.4 percent, as the economy recovered from the COVID-19 pandemic's stringent restrictions. The increase in prices in June was the largest in 13 years, and there was concern at the time that inflation had peaked, as per Newsweek via MSN.
However, prices have continued to grow 300 days after Biden's remarks, and the annualized rate of inflation is now greater than it was last summer. In April, inflation hit a near-record high of 8.3%, the highest level in over 40 years.
According to the American Automobile Association, the average price of a gallon of petrol hit a new high this week, costing more than $4.45 a gallon on Frida. The March inflation rate of 8.5 percent was the highest one-year increase in prices since December 1981.
Last July, Biden claimed he told Federal Reserve Chairman Jerome Powell that the Fed was autonomous and that it "should take whatever actions it considers appropriate to ensure a robust, durable economic recovery." The Federal Reserve raised interest rates by half a percentage point on May 4, and two more half-point hikes are likely in June and July. The central bank's inflation objective is 2% on an annually basis.
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