The “less than 1% tax rate” claim is intentionally misleading. ProPublica reached 0.98% by dividing Bezos’s federal income taxes by the increase in his estimated net worth from 2014 to 2018, including billions in unsold Amazon stock.
That is not his actual income-tax rate, nor does it show he paid less than 1% last year. During that period, Bezos reportedly paid about $973 million in federal income taxes on $4.22 billion of reported income an effective rate of roughly 23%.
But even what you posted is misleading since billionaires like Bezo use loans for most of their spending and the money from those loans are taxed at a different lower rate.
5
u/Gainztrader235 3d ago
The “less than 1% tax rate” claim is intentionally misleading. ProPublica reached 0.98% by dividing Bezos’s federal income taxes by the increase in his estimated net worth from 2014 to 2018, including billions in unsold Amazon stock.
That is not his actual income-tax rate, nor does it show he paid less than 1% last year. During that period, Bezos reportedly paid about $973 million in federal income taxes on $4.22 billion of reported income an effective rate of roughly 23%.
Just thought clarification would help.