Jeff Bezos: Low-income Americans should not pay taxes
Amazon founder Jeff Bezos criticized the US tax system in an interview with CNBC, stating that low-income citizens should be completely exempt from federal income tax. The billionaire cited the example of a nurse earning $75,000 a year who pays over $1,000 in taxes per month. He believes these funds would be better spent on rent or groceries. This is reported by Techcrunch.com reports .
According to Bezos, the lowest-income population accounts for only 3% of total tax revenue in the country. Therefore, collecting taxes from them is not significant for the Washington budget, but it hits the living standards of ordinary citizens hard. Such empathy from one of the world's richest people surprised many, as billionaires themselves often exploit loopholes in the tax system.
According to a ProPublica investigation, although Bezos's wealth grew by $127 billion between 2006 and 2018, he reported only $6.5 billion in income. Although he paid $1.4 billion in taxes, this represents only 1% of his total wealth growth. Under US law, unrealized capital gains are not taxed until sold, allowing the wealthy to live off low-interest loans by using their assets as collateral.
During the interview, Bezos emphasized that the US has a spending problem, not a revenue problem. He believes the country has the most progressive tax system in the world, with the top 1% of the population paying 40% of all tax revenue. Therefore, instead of raising tax rates, he suggests reviewing government spending.
