Jeff Bezos says Biden mushing, misdirecting on big biz taxes, inflation (Ld)

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By Nikhila Natarajan
New York, May 14 |
“You want to bring down inflation? Lets make sure the wealthiest corporations pay their fair share,” US President Joe Biden had said in a tweet.

Never one to balk, Amazon founder Jeff Bezos pushed back calling Biden out publicly.

“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,” Bezos, the world’s third richest human after Elon Musk and Bernard Arnault, tweeted.

Bezos’ allusion left little unstated. That President was “mushing together” corporate taxes and “misdirecting” the country.

Inflation in the US is at its highest since the 1980s, affecting the price of essential goods like gas, food, healthcare, and housing.

Only in April, inflation slowed for the first time in eight months.

Commonly understood explanations are excess demand for goods and services, rising costs of wages and materials, erosion in currency, and Biden’s policies and regulations.

Amazon, the company Bezos founded, paid no federal income taxes in 2017 and 2018.

The company has long been accused of not paying its fair share of taxes, an accusation it contests.

Earlier this month, Biden announced the Department of Homeland Security’s new Disinformation Governance Board, to combat disinformation in online social media posts.

The White House said the board was “nonpartisan” and “apolitical”, even as Federal Communication Commission Commissioner Brendan Carr, described it as “Orwellian” and “unconstitutional”.

Republican officials have announced a multi-state lawsuit against the DHS and the “un-American” board.

Biden has tried to pin the record inflation on his predecessor, Donald Trump, and big corporations.

His saga with Bezos has never had a predictable moment. Nor for that matter has Bezos’s with Donald Trump.

“We recognise 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). We look forward to Congress and the Administration coming together to find the right, balanced solution that maintains or enhances US competitiveness,” Bezos said last year supporting Biden’s infrastructure funding plan by hiking corporation tax from 21 per cent to 28.

But then a series of antitrust and anti-workforce matters began being taken up by US regulators.

In 2016, Jill Biden, then the second lady of the US, drew attention for planting what the White House media described as “an awkward kiss” on Bezos.

(Nikhila Natarajan tracks Big Tech and tweets @byniknat)

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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