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Opinion
The Editors

The US Needs to Get Real About Taxes and Inflation

Getting inflation under control calls for fiscal discipline — which involves spending as well as taxes.

The question is how.

The question is how.

Photographer: Taylor Glascock/Bloomberg

The Twitter spat about taxes and inflation involving President Joe Biden, Amazon.com Inc. founder Jeff Bezos and former Treasury Secretary Larry Summers has served mainly to prove that Twitter is a bad place to attempt intelligent debate. Still, the point at issue matters. It deserves a slightly less abbreviated treatment.

Last week, the president tweeted, “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.” Bezos replied: “Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection.” Summers declared Bezos “mostly wrong” — an oddly harsh assessment coming from a trenchant critic of the administration’s earlier fiscal planning.