Bezos wants Twitter’s “Disinformation Board” to probe Biden’s message because he claimed the president inaccurately linked higher corporate taxes to lowering inflation. He allowed that raising corporate taxes is “fine to discuss.” But linking the taxes to lowering inflation is a “non sequitur,” he insisted.
Amazon has paid extremely low taxes in relation to its enormous income and wealth. It paid zero federal taxes for 2018 by claiming a $129 million rebate on $11 billion in profits. It was one of 60 of some of the largest publicly traded corporations that paid no taxes that year.
You want to bring down inflation?
Let’s make sure the wealthiest corporations pay their fair share.
— Joe Biden (@JoeBiden) May 13, 2022
The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection. https://t.co/ye4XiNNc2v
— Jeff Bezos (@JeffBezos) May 14, 2022
Higher corporate taxes can in fact lower inflation, according to economists, by tamping down an overheated economy, which causes inflation.
More money in the Treasury from corporations could also help provide aid to people suffering in a cooling economy, by expanding or increasing the amount of unemployment benefits, for example.
Raising taxes to reduce demand and lower inflation is a basic economic principle.
— The Empire is dying (@sam4soph) May 14, 2022
Actually, @JeffBezos increasing taxes is an excellent way to fight inflation as it curbs macroeconomic growth by moderating aggregate demand. It can, like rate hikes by the Federal Reserve, be recessionary if you are too aggressive with it, which nevertheless lessens inflation
— Nicholas Creel (@Prof_Peacock) May 14, 2022
Not necessarily true. Corporate taxes as % of GDP are at pretty much all time lows. Raising tax rates if done correctly would effectively take money out of hands of business owners and in turn reduce inflation all else equal. Might make sense to do this for personal taxes too… pic.twitter.com/TCLOS96GZ8
— RBPtechnology (@rbptechnology) May 14, 2022
Twitter users weren’t in the mood to cut Bezos any slack.
Says the wealthy oligarch whose corporation didn’t pay any taxes, whose wealth stood at 195 billion last year, while first year teachers and firemen paid more in taxes than you, who tried to prevent his minimum salary workers from unionizing.
— Belle Weather 🌻🔰🌻 (@Thoreaus_Horse) May 14, 2022
Rich man doesn’t want higher taxes, a shocking development
— Mankrik’s Wife (@Marty_Shannon) May 14, 2022