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Jeff Bezos Discusses Taxes and Capitalism in CNBC Interview
Amazon founder Jeff Bezos stated in a CNBC interview that for-profit companies create more societal value than charitable giving. He also proposed eliminating federal income taxes for the bottom half of earners.
May 25, 8:26 AM·1m read1 source
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Amazon founder Jeff Bezos said in an interview with CNBC’s Andrew Ross Sorkin that the value created by his for-profit companies exceeds the value of his charitable giving. U.S. tax system is the most progressive in the developed world, with the top 1% of taxpayers paying around 45% of federal income taxes and the top 10% paying around 75%.
U.S. billionaire would fund the federal government for roughly one month.
Bezos proposed eliminating federal income taxes for the bottom half of earners. He cited a nurse in Queens earning $75,000 a year who pays more than $1,000 a month in taxes. Bezos said bottom earners contribute around 3% of total federal revenue, but keeping that money would be “very meaningful” to individuals.
The article states that removing tax liability for around 70 million Americans could increase support for higher government spending. It notes that voters without a federal tax bill might be more likely to back additional expenditures. Bezos said economies are not a fixed pie and grow over time. He contrasted this view with what he described as zero-sum thinking among some policymakers.
