May 17, 2022
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5:48Now PlayingJeff Bezos has decided to take the Elon Musk route and has become a massive Twitter troll in recent days, taking aim at the Biden administration for calling on wealthy people like himself to start paying taxes. Bezos decided to use this opportunity to praise Joe Manchin for helping to kill Biden's agenda and, as Bezos put it, saving Democrats "from themselves." Bezos is terrified of paying taxes, and he doesn't care how many people have to suffer as he lives it up. Ring of Fire's Farron Cousins explains what's happening.
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Jeff Bezos, the billionaire who gained an extra $77 billion throughout the pandemic. So far has a couple things to say about president Biden recently saying that corporations and wealthy individuals need to pay their fair share in taxes. So in case you haven't been following along, president Biden did say that recently on Twitter, you know, how do we deal with inflation? Well, we get the wealthy to help pay their fair share in taxes. Is that gonna solve all of inflation here in the United States? It definitely is not, but I will get to in a minute, how that actually does help with inflation, but Jeff Bezos took issue with this. So he decided to pull an Elon Musk and become a massive Twitter troll. And in one of the tweets that he sent in response to Biden's claim that the wealthier not paying taxes, which clearly set Bezos off Bezos praised Joe mansion for killing Biden's agenda.
Let me read this one. Tweet from Bezos here, the administration tried hard to inject even more stimulus into an already overheated inflationary economy and only mansion saved them from themselves. Inflation is a regressive tax that most hurts the least affluent misdirection. Doesn't help the country. Now in one of the tweets, he did go on to talk about, yeah, we can have a conversation about, you know, the wealthy paying their fair share in taxes, but how dare you link it to inflation? Well, I'll tell you how, in fact, I don't need to tell you how, because Bernie Sanders has actually sponsored legislation that really lays it out pretty well. And I think this is kind of what Biden was hinting at, even though he didn't say it so eloquently. The fact is corporations like Amazon, Mr. Bezos have been price gouging consumers for several years, mostly due to the, uh, pandemic, right?
There is a supply chain shortage, not just in the United States, actually it's global. So all these people who think, oh, we're suffering here in the United States. Yeah. Get in line folks. It's happening all over the planet, inflation happening all over the planet. Why don't you open your eyes a little bit and look beyond our borders and see that this is not a unique problem to the United States. It was not caused by Biden. It was caused by a pandemic. So anyway, what these corporations have also done is their price, gouging consumers, they're artificially inflating, the already inflated prices. So Bernie Sanders comes along and he says, all right, we're gonna put in place a windfall tax. That's what his legislation wants to do. Of course, people like mansion. Aren't gonna let it become a reality, but he says this windfall tax is basically gonna tax you at 90% on all of your profits that are above pre pandemic levels. So not even all your profits, if you made 500 billion prior to the pandemic, but then you made 600 billion after the
Pandemic or during the pandemic, only the 100 billion difference would be taxed at that higher rate because that folks is the price gouging portion of it. So yes, if we tax these price, gouging profits, corporations would have more incentive to stop the price gouging. So what would that do to prices for consumers, folks, it would lower them.
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