Perspectives; Thoughts; Comments; Opinions; Discussions

REPORTED BY NICOLE SILVERIO, MEDIA REPORTER | May 16, 2022

Read more at https://dailycaller.com/2022/05/16/biden-inflation-cnbc-squawk-box-andrew-ross-sorkin-pete-buttigieg/

CNBC's Andrew Ross Sorkin and Transportation Sec Pete Buttigieg
[Screenshot/Rumble/CNBC]

CNBC host Andrew Ross Sorkin confronted Transportation Secretary Pete Buttigieg on the administration’s plans to tackle inflation during Monday’s “Squawk Box.” Sorkin brought up the issue of the administration’s plans to raise corporate taxes in light of President Joe Biden’s tweet Friday urging that “the wealthiest corporations pay their fair share” in order to bring down inflation. The host then pressed Buttigieg, arguing that corporate taxes and inflation are two separate issues for the most part.

“Yes, in the immediate term, maybe it will have some impact on inflation,” Sorkin began. “But corporate taxes is a long-term issue, you either do it because you think it’s the right thing to do or the wrong thing to do, not because you’re trying to deal with inflation right this second.”

“A lot of it is what you’re going to do with the revenue and again, we have an agenda to use tax revenue on things that are going to ease inflationary pressures,” Buttigieg replied. “But also, we have a very clear contrast right now. You have Senate Republican proposals that are about raising taxes on the poor and middle class, and you have the president’s worldview, which is shared by the majority of Americans, that if anybody needs to be carrying more of the load right now, it is the wealthiest corporations that have become extremely profitable—”

“That’s not how you’re going to solve inflation,” Sorkin interjected. 

“Hold on, this is really important. Corporations that have invoked inflation as an excuse to keep prices high in ways that are not just reflected by the supply picture and are pocketing the difference,” the secretary continued.

Multibillionaire Jeff Bezos debunked Biden’s calls to raise corporate taxes, calling the “mushing” of tax rates and inflation “misdirection.”

“The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead,” Bezos said. “Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection.”

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

Inflation reached its quickest uptick since December 1981 after soaring 8.5% in March. The price of fuel reached a new all-time record of $4.37 per gallon Tuesday.

"Thank You" for taking the time to comment. I appreciate your time and input.

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tag Cloud

%d bloggers like this: