Content Guy’s Note: Stories in this section are, in my estimation, important and relevant to business. However, they are relegated to this slot because some MNB readers have made clear that they prefer a politics-free MNB; I can't do that because sometimes the news calls out for coverage and commentary, but at least I can make it easy for folks to skip it if they so desire.
The Wall Street Journal reports that Amazon founder-chairman Jeff Bezos got involved in a Twitter spat with the Biden White House over the weekend, as he criticized the administration's contention that changing the corporate tax structure would bring down inflation. In a Friday posting, President Biden wrote, “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.”
Bezos, the Journal writes, "responded by saying the two issues should be discussed separately. 'Mushing them together is just misdirection,' he tweeted."
On Sunday, Bezos continue his criticisms, saying that "the passage of the $1.9 trillion America Rescue Plan, which Mr. Biden signed into law in March, contributed to high inflation. He also said that Sen. Joe Manchin (D., W.Va.)’s objection to Mr. Biden’s other spending plans kept the administration from adding to inflation."
The Journal goes on:
"Mr. Biden didn’t mention Amazon in his tweet, but he has previously called out the company as not paying enough in corporate taxes.
"Former President Donald Trump frequently called out chief executives of the nation’s largest companies, including Mr. Bezos, during his time in office. He attacked Amazon in tweets over taxes, its use of the U.S. Postal Service and its effect on other retailers. He also called the Washington Post, which Mr. Bezos owns personally, a lobbying arm.
"Amazon has been hit hard this year by inflation, including from higher labor costs, and the company has also struggled with supply-chain woes. In April, the company reported its first quarterly loss in seven years, a result that reflected broad economic trends but also surprised some investors who had come to see Amazon as a safe haven during the pandemic."
- KC's View:
Seems to me that it is entirely possible that changing corporate tax rates will not actually affect inflation, and that there ought to be a change in the way corporate tax rates are structured.
But you know what really irritates me? The term "Twitter spat." Because it seems to me that people ought to have a better, more nuanced, and effective way of communicating with each other than trolling each other on social media.