Billionaire CEO accuses Democrats of 'lying' about tax agenda: 'Taking advantage' of the poor, middle class

Red Apple Group Chairman CEO John Catsimatidis argued Tuesday that Democrat lawmakers are lying about solely raising taxes on the rich in the Inflation Reduction Act, telling "Cavuto: Coast to Coast" they are taking advantage of the poor and middle class who do not understand the "real economy."

JOHN CATSIMATIDIS: The price of diesel has doubled for the farmers. So what does that mean? That means higher food prices. Getting the product from the farmers to the manufacturers, to the stores, diesel fuel has doubled, as we said, and that is also in the factories that make the food, make the cans, the products. Nobody understands why the Chinese, why some people are buying large quantities of farmland. So we have Chinese. We have people like [Bill] Gates buying lots of farmland. The price of fertilizer has doubled. The price of diesel fuel has doubled. So what does that mean to food prices next year? That 2 or 3% is probably very low. It could be a lot higher than that.

WHITE HOUSE DENIES MANCHIN SPENDING BILL WILL RAISE TAXES ON AMERICANS MAKING LESS THAN $400K

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If Washington says we’re going to raise the taxes on the rich, we’re going to raise taxes on corporations, they’re just lying. They’re taking advantage of the poor and middle class that are not educated and say, "look, we’re going after them." In Washington, you talk about racism? They’re being racist against the poor and middle class that doesn’t understand the real economy. 

WATCH FULL INTERVIEW HERE: