Jeff Bezos says bottom half of earners should pay zero in income taxes
Jeff Bezos has proposed that the bottom half of earners should not pay any federal income taxes. He highlighted that the top 1% contribute significantly more to tax revenue compared to the lower earners. His remarks come amid discussions in several Democratic states about increasing taxes on wealthy individuals.
- ▪Jeff Bezos advocates for zero federal income taxes for the bottom half of earners.
- ▪The top 1% of taxpayers contribute 40% of all tax revenue, while the bottom half contribute only 3%.
- ▪In 2023, the average income tax rate was 14.1%, with the top 1% paying an average of 26.3%.
- ▪Bezos made these comments during an interview with CNBC's Andrew Ross Sorkin.
- ▪The discussion on tax policy is gaining traction in several Democratic states.
Opening excerpt (first ~120 words) tap to expand
Amazon executive chairman Jeff Bezos on Wednesday called for zero federal income taxes on the bottom half of earners.The top 1% of taxpayers pay 40% of all the tax revenue, and the bottom half pay 3%, Bezos told CNBC's Andrew Ross Sorkin."I don't think it should be 3%," Bezos said. "I think it should be zero."Bezos' comments come as a number of Democratic states explore higher taxes on the wealthy. In 2023, the average income tax rate was 14.1%, while the top 1% of taxpayers paid 26.3% on average, according to a Tax Foundation analysis of the latest IRS data.This is breaking news. Please refresh for updates.
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