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>In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011.
by omegaworks 5y ago
>In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011.
From 2014 to 2018 his wealth grew by 99B, and he paid under 1B in taxes. Would love a sub 1% effective tax rate.
- missedthecue 5y agoIt's a real curiosity how not having any income will result in not paying any income tax. Jeff Bezos did not sell any Amazon shares in 2007 or 2011. https://www.secform4.com/insider-trading/1018724-25.htm https://www.secform4.com/insider-trading/1018724-25.htm https://www.secform4.com/insider-trading/1018724-18.htm https://www.secform4.com/insider-trading/1018724-18.htm And a stock you own going up in value is not income. It does not trigger tax liability. If he doesn't sell shares right now, he is simply deferring tax liability to a future date. He is not cheating the tax man. His tax rate is not less than 1%.
- omegaworks 5y agoSuch a curiosity that poor people without an income starve to death or are made homeless but rich people without an income can take vanity rocket trips!
- chrishynes 5y agoIncrease in value of assets isn't taxable until you sell them -- this applies for the value of your house just the same as Bezos's Amazon stock.