Jeff Bezos paid 2.7 billion in Federal income taxes in 2024 so enough of "billionaires don't pay taxes".
#75 | Posted by fishpaw
JFC, aren't you the fnkcin' sucker, you silly cultist!
The claim that Jeff Bezos paid $2.7 billion in federal income taxes in 2024 is supported by multiple reputable sources, including Forbes and analysis cited by inequality and tax policy watchdogs. However, this amount was primarily due to the sale of $13.6 billion in Amazon stock, which is taxed as long-term capital gains"not as regular wage income. This means Bezos paid taxes when he realized gains by selling stock, not on his total increase in wealth that year.[1][2]
Details on Bezos's 2024 Tax Payment
- Forbes estimated that Bezos paid about $2.7 billion in federal tax for 2024, directly tied to his substantial stock sales.[2][1]
- The vast majority of this tax payment comes from realized capital gains, which are taxed at a lower rate than ordinary income.
- According to Forbes, this $2.7 billion in tax represented only about 4.5% of the increase in his wealth in 2024, as his net worth rose by about $60 billion that year.[2]
- Bezos also reduced his taxable gains through substantial charitable donations of Amazon shares, which resulted in tax deductions and further lowered his overall liability.[2]
Context: Billionaires and Taxes
- Many billionaires, including Bezos, often pay relatively low effective tax rates compared to their net worth or wealth increases, because unrealized gains on assets (such as stock that hasn't been sold) are not taxed under current law.[3][1]
- The $2.7 billion figure does not represent a typical year; it is unusually high due to the record amount of stock Bezos sold in 2024.[2]
- Prior reporting has documented that in some years, Bezos and other billionaires paid no federal income taxes at all.[4]
Conclusion
The statement is factually accurate regarding the $2.7 billion tax payment, but it is misleading as an argument that "billionaires pay their fair share" in the broader sense. The payment was a one-time result of a massive stock sale rather than a pattern of regular, wage-like taxation, and the effective rate remains far lower relative to wealth accumulation than what most middle-class workers pay.[3][1][2]
[1](inequality.org)
[2](www.forbes.com)
[3](www.cbsnews.com)
[4](americansfortaxfairness.org)
[5](www.investopedia.com)
[6](www.reddit.com)
[7](www.heritage.org)
[8](ips-dc.org)
[9](itep.org)
[10](www.youtube.com)
If Mamdani gets through his term without getting indicted or being outed as a pervert, it's a win for NYC.
It seems like the guy actually cares about his community, so I'm optimistic.
I heard he wants free public transportation. That's some hardcore commie extremism! (meanwhile, mainstream conservatives literally stomp our citizenry into the asphalt)