Bomb#20
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Bezos' trajectory was parabolic; Warren's and the NDP's rhetoric is hyperbolic. Bezos and Amazon pay taxes, obviously....
In the U.S. Senate, progressive Elizabeth Warren of Massachusetts tore into the billionaire, repeating her call for a "wealth tax" and accusing Bezos and the company he founded, Amazon, of paying no taxes:
"Jeff Bezos forgot to thank all the hardworking Americans who actually paid taxes to keep this country running while he and Amazon paid nothing," Warren tweeted.
...
Across the northern border, the leader of Canada's far-left New Democratic Party echoed Warren, calculating that Bezos became $1.6 million wealthier during the 11-minute flight, and accusing Prime Minister Justin Trudeau of allowing Amazon to pay "$0 in taxes."
The reason Bezos's $1-billionish tax bill is so out of proportion with his $200-billionish market cap is that he doesn't really have $200 billion. That's what he's worth "on paper". That's a phrase that refers to multiplying his shares of Amazon by the current going price of Amazon stock. In other words, it's how much money he would have had in an alternate history where other people had bought those shares from him and the price didn't plummet in reaction. It's hypothetical money. If he ever wants to buy anything with all that paper wealth then he'll have to sell stock. At that time the wealth will become actual instead of potential, and then he'll pay tax on it. When people say Bezos's tax rate is 1% or whatever the popular accusation is, what they are complaining about is the fact that he doesn't have to pre-pay tax in 2021 on his, say, 2031 income. Oh the horror! You don't have to pre-pay tax in 2021 on your 2031 income either.