Progressives ripped billionaire Jeff Bezos for his latest defense of corporate profiteering over the weekend in which the Amazon founder and world’s second-richest person criticized a call by President Joe Biden for oil companies to lower the price of gasoline. On Saturday, Bezos accused President Joe Biden of “misdirection” and ignorance “of basic market dynamic” in response to a tweet from the president which called on companies setting gasoline prices to “bring down the price you are charging.” While Bezos’ comment sparked a sharp response from White House press secretary Karine Jean-Pierre — who said pump prices remaining constant despite…
Jeff Bezos
26 of America’s Richest Billionaires Paid 4.8 Percent Tax Rate in Recent Years
A new analysis of leaked Internal Revenue Service (IRS) documents shows that some of the U.S.’s wealthiest people have paid a disproportionately low federal income tax rate in recent years. In an analysis released Thursday, Americans for Tax Fairness found that, in relation to their wealth, 26 of the nation’s richest billionaires paid an average effective federal income tax rate of just 4.8 percent between 2013 and 2018. Collectively, they paid just $24 billion in taxes — a miniscule amount compared to an immense growth of $500 billion in their wealth over those six years. The report demonstrates the vast…