Jeff Bezos Didn't Pay His Taxes
Updated: Sep 19
I really enjoyed the insights that were shared with me about the minimum wage, but now I want to go to the other side of the spectrum, I guess what you could call the “maximum wage.” I want to engage with you about how people who make billions of dollars get away with spending so little in taxes.
But before I get into that, would you consider making a contribution? Every bit helps, and $5 from everyone on this mailing list could help us surpass our September goal.
According to IRS records, two of the richest men on the planet, Jeff Bezos and Elon Musk, skipped out on paying income taxes for at least two years between 2006 and 2019.
Millions upon millions of dollars that should fairly be contributed are staying in their pockets.
Just to give you an idea of how crazy this is, Jeff Bezos makes in 1 week enough money to fund the City of Wooster for 7 years.
There are well known legal financial manipulations which allow billionaires to get out of paying taxes. They go to the bank, and they take out hundreds of millions of dollars in loans, using the stock they own in their own companies as collateral. They get taxed zero dollars for these hundreds of millions of dollars, because our current tax code doesn’t consider these hundreds of millions of dollars “income.”
The solution is simple, and I hope I can count on your help to implement it. We have to start taxing billionaires based on how much money they have access to in general, and that means stocks too, besides their “income.”
We have to start taxing billionaires’ assets as well as their income, because that’s the only way we can hold them accountable for contributing fairly to our communities and essential services.
Wealth disparity is at a record high in the United States, and yet billionaires are contributing less money than ever for essential services. Will you consider contributing to our cause, so that we can make billionaires pay what they owe?
Thanks for your time. I’d love to hear from you, either by replying to this email, or on Twitter, Facebook, or Instagram.