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Target’s CEO Brian Cornell fired back at Kamala Harris for saying that businesses hurt consumers with “price gouging.”
The vice president doled out heavy criticism for retailers like Target, who she accused last week of raising their prices during the pandemic and contributing to inflation. She said she would implement price controls so it wouldn’t happen again.
Cornell responded to the accusation on CNBC by saying retailers are in a “penny business.” He also added that raising taxes on corporate businesses, as Harris suggested, would hurt companies.
Cornell said that when corporate taxes were cut in 2017, Target spent almost $50 billion on building new stores nationwide and remodeling close to 1,000 existing stores.