Comment by NickC25
Comment by NickC25 5 days ago
Jeff Bezos in FY 2024 filed for, and received, a $2k child tax credit.
While the company he was the founder of passed over a trillion dollars in market cap.
Comment by NickC25 5 days ago
Jeff Bezos in FY 2024 filed for, and received, a $2k child tax credit.
While the company he was the founder of passed over a trillion dollars in market cap.
It’s really simple. Loans don’t count as income so you use your stock to get guaranteed loans. And you don’t take most of your income on a W2 you take it in stock.
I know. I would still be impressed if Bezos’s w-2 income was below $400k.
Edit: also you need to pay the loan back, and the income to pay it back is taxable. You can die with an outstanding loan, but i’m sure bezos lenders will structure the loan to make sure they get most of their money back.
Or you just get another loan from another party to pay the initial loan back.
Bezos probably has an army of banks, private lenders, and private capital connections to effectively have a lifetime of loans against his Amazon shares.
It's a pyramid scheme, except the guy at the top actually has the money and collateral.
>then everyone it applies to should get it; that helps social cohesion
You know what else helps social cohesion?
One person NOT being able to effectively rig the economic and political landscape because they were outsized beneficiaries of it.
You know what also helps social cohesion?
Someone who realizes that they've got more than enough money, and realizes that they don't have a life-or-death need for more, and is happy to pay their taxes.
>(and why shouldn't they?)
Because they've literally got billions of dollars, and the tax credit system was not designed with extreme outliers in mind. "Oh jeeze, I'm just a billionaire, woe is me, I'm not eligible for a $2k tax refund, the world will end".
> You know what also helps social cohesion?
> Someone who realizes that they've got more than enough money, and realizes that they don't have a life-or-death need for more, and is happy to pay their taxes.
Sure. And the best way to make that happen is to make a tax system that feels fair to everyone.
> Because they've literally got billions of dollars, and the tax credit system was not designed with extreme outliers in mind. "Oh jeeze, I'm just a billionaire, woe is me, I'm not eligible for a $2k tax refund, the world will end".
Why shouldn't they be eligible? If we think giving $2k to those who have children is in the public interest (and I do!), it's still in the public interest when it's a billionaire.
The child tax credit starts tapering off if your adjusted gross income is more than $200k single ($400k joint). If Bezos is reporting less than that due to other deductions then that’s truly impressive.