The Biden administration's proposal to raise taxes on the wealthiest corporations in America won't solve inflation, CNBC host Andrew Ross Sorkin told Transportation Secretary Pete Buttigieg on Monday.
"Yes, in the immediate term, maybe it will have some impact on inflation," Sorkin told Buttigieg during Monday's "Squawk Box" show.
"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."
President Joe Biden on Friday urged the "wealthiest corporations" to pay their fair share in an effort to bring down inflation.
"You want to bring down inflation? Let's make sure the wealthiest corporations pay their fair share," Biden tweeted.
"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 said. "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," Buttigieg continued. "Corporations 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."
Consumer inflation rose at an 8.3% pace in April, near the highest level in more than 40 years.
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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