Jeff Bezos, Joe Biden Engage in War of Words: Can Corporate Taxes Tame Inflation?

Jeff Bezos this weekend became the latest centibillionaire to launch a political fight on Twitter by denouncing a tweet from President Joe Biden about corporate taxes as “disinformation” and “misdirection.”

The White House quickly retorted Monday that Bezos “opposes an economic agenda for the middle class.” And then Bezos fired back, arguing that the Biden administration would have made inflation worse if its $3.5 trillion (roughly Rs. 2,72,14,250 crore) economic and social spending bill, known as “Build Back Better,” had made it into law.

“They failed, but if they had succeeded, inflation would be even higher than it is today, and inflation today is at a 40 year high,” Bezos tweeted.

The dispute marks an unusually high-profile one for Bezos, who has generally sought to avoid political fights in public. Bezos is the second-wealthiest person in the world, with a net worth of $150 billion (roughly Rs. 11,66,325 crore), behind Elon Musk, whose wealth has reached $268 billion (roughly Rs. 20,50,725 crore). Musk, the Tesla founder who is seeking to purchase Twitter, has frequently used the social media platform to attack his perceived critics and to pick fights about free speech.

The spat began on Friday, when Biden’s account tweeted: “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.”

Biden has often accused Amazon, the e-commerce giant that Bezos founded and led for nearly a quarter-century, of failing to pay its fair share in taxes. In 2017 and 2018, Amazon paid no income tax despite earning billions in profits. Since then, the company has made modest tax payments.

“Raising corp taxes is fine to discuss,” Bezos tweeted in response. “Taming inflation is critical to discuss. Mushing them together is just misdirection.”

On the actual policy question — whether raising corporate income taxes would in fact restrain inflation — most economists give Biden the edge, with a caveat.

Larry Summers, a Harvard economist who served as Treasury secretary during the Clinton administration, tweeted, “I think Jeff Bezos is mostly wrong in his recent attack” on the Biden administration.

“It is perfectly reasonable to believe, as I do,” Summers added, “that we should raise taxes to reduce demand to contain inflation and that the increases should be as progressive as possible.”

Indeed, raising corporate taxes would reduce corporate spending, lowering overall demand “and put downward pressure on prices,” said Michael Strain, an economist at the conservative American Enterprise Institute.

Still, Strain and other economists caution that it would take many months for any rate increase to have much impact, and even then, would not reduce inflation by much.

“Of all the things I would do to rein in inflation, the corporate income tax is a long way down the list,” added Carl Tannenbaum, chief economist at Northern Trust, an asset management firm in Chicago.

Alan Auerbach, an economist and tax expert at the University of California, Berkeley, suggested that Bezos has a point when it comes to the longer-run impact of higher corporate taxes.

A higher corporate income tax would leave companies with less money to invest in extra capacity, Auerbach said. Over time, this financial burden would increase their production costs.

“In the long run, it would be true that you’d expect prices to be higher as a result of a higher corporate tax,” Auerbach said.

Neither the White House nor Bezos mentioned one curious backdrop to their dispute: A year ago, Bezos endorsed a Biden proposal to raise the corporate income tax rate to pay for more infrastructure investment.

“We recognize this investment will require concessions from all sides — both on the specifics of what’s included as well as how it gets paid for (we’re supportive of a rise in the corporate tax rate),” Bezos wrote on Amazon’s website in April 2021.


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iPhone 12, iPhone 12 Mini on Sale With Up to Rs. 11,910 Discount via Amazon India, Flipkart

iPhone 12 and iPhone 12 mini are available for purchase at discounted rates from Amazon India and Flipkart. The discounts applied on the handsets vary according to the storage and colour differences of the variants. The e-commerce sites are also offering bank and exchange offers on iPhone 12 models. Some of the colour variants and certain storage options of the Apple iPhone 12 and iPhone 12 Mini are unavailable in both Amazon and Flipkart.

The iPhone 12 64GB Black is on sale at a discount of Rs. 11,910 on Amazon India from an MRP of Rs. 65,900. The Blue and White variant will be available at a discount of Rs. 11,000 while the Red colour will be on a discount of Rs. 9,910. The Purple and Green colour options of the same storage option feature a discount of Rs. 8,910.

In the meanwhile, the iPhone 12 128GB is available for purchase with a discount of up to Rs. 11,000 from the MRP of Rs. 70,900 on Amazon. The iPhone 12 256GB is available at discounted price of Rs. 26,901 from the MRP of Rs. 94,900.

Additionally, the e-commerce site is also offering a discount of up to Rs. 11,650 upon exchange and up to Rs. 2,000 off on Bank of Baroda credit card.

The iPhone 12 Mini is currently unavailable on Amazon.

On Flipkart, all colour variants of the iPhone 12 64GB being offered at a discount of Rs. 10,910 from an MRP of Rs. 65,900. All the colour variants of iPhone 12 128GB comes at a discount of Rs. 9,910 from an MRP of Rs. 70,900. The iPhone 12 256GB is currently unavailable on the website.

The iPhone 12 Mini 64GB Black, Blue, Red, and White are selling for a discount of Rs. 9,901 from an MRP of Rs. 59,900 while the Purple and Green variants are not available right now. The iPhone 12 Mini 128GB is currently unavailable on the website. The iPhone 12 Mini 256GB is selling at a discount of Rs. 9,901 from an MRP Rs. 74,900. The iPhone 12 mini series is available with a discount of up to Rs. 13,000 upon exchange and Rs. 3,250 off or a 10 percent discount on SBI credit card transactions from Flipkart.


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Amazon Sale: 7 Face mist to flaunt a fresh face throughout the day this summer

Tired of hefty skincare products and layering one after the other is a tedious job. But if your summer skin is drying out in thirst and you have no energy to nourish it with multiple skincare products, face mists must be your go-to product. Simply shake the bottle and spray it on your face from a distance! That’s all you have to do to give your skin a fresh, moisturised, glowing look. Here we bring to you 7 face mists that actually work to help your skin glow!

Here are 7 face mists from the Amazon sale:

The below-listed face mists from Amazon sale are from branded skincare companies that assure to provide what it claims for your skin. Check it out!

1. Forest Essentials Facial Tonic Mist 

This face mist contains steam distilled water of the exquisite Bela flowers that hydrates the skin and gives it a fresh energetic look. Summer can make one’s skin look dull and dry. This toning face mist minimises the pores and gives a natural cooling effect thereby nourishing the skin.

Price: Rs 1150

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2. Chia Seed Hydro Mist

The refreshing mist with chia seed extract and pink Vitamin B12 helps soothe dry skin with its intensely hydrating formula. This calming toner mist soothes dry and is suitable for sensitive skin too. The toner mist drenches your dry skin like soft rain on a desert, without leaving a sticky residue.

Price: Rs 1352

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3. Rose Dewy Glow Face Mist

Want a dewy glow to your face that lasts all day and night? Get this face mist from the Amazon sale that leaves skin feeling hydrated and instantly refreshed after a spritz. It illuminates the skin and gives it a natural glow and sweet fragnance with its natural fruit blend formula.

Price: Rs 718

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4. GoshLife Vitamin C Face Mist

Face mist is not only for hydrating your skin, the ingredients in the spray can also nourish your skin and induce cell regeneration. This is an elixir in a bottle that helps boost your natural glow and brightens your skin instantly. You can use it on the go or as a toner every day.

Price: Rs 520

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5. Pilgrim Pack of 2 Alcohol-Free Face Mist

Alcohol-free face mists keep the skin hydrated all day long! The skin-replenishing properties in this mist penetrate deep into the skin and help improve skin elasticity. It also helps to soothe, purify and refresh tired skin. This hydrating mist and toner is surprisingly gentle and is suitable for even the most sensitive skin types. 

Price: Rs 504

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6. Perenne Revitalising Tonic Mist

Your face mist can also be used as a toner, the essential second step of your CTM routine. This natural toner maintains the pH balance of the skin, hydrates it deeply and reduces dullness making it a must-have skincare product for this summer!

Price: Rs 705

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7. Quench Botanics Brightening Face Mist

Here’s yet another skin brightening face mist that you can easily carry around in your handbag and give your face a fresh spray whenever it craves a hydration boost. The pearl extracts in it enhance radiance and improve skin elasticity and cherry blossom helps to repair the skin’s natural barrier and lighten uneven skin tone.

Price: Rs 359

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The face mists from the Amazon sale are now available at slashed prices. The weekend sale event is on for only limited products so shop from our curated list featuring best-reviewed products to make the most from the sale!

Disclaimer: The article contains sponsored links. The content is created by Pinkvilla.

Also read: Foaming face washes that will give you clear, glowing & hydrated skin



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