As far as I can tell, Bezos owns / controls about 11% of Amazon shares. That’s obviously not a controlling interest. Any two of the top 3 institutional holders (Advisor Group, Vanguard, Blackrock) have more shares than he does. Bezos’ ability to control the company stems from the confidence the other shareholders have in his leadership, and it is that confidence that matters at this point, not the number of shares he holds.
I’ll also note that MacKenzie Scott received a 4% stake in Amazon as part of her settlement, has given away $8 billion in the last couple of years, and still holds a 4% stake in Amazon. So I’m not really buying the Bezos can’t pay the wealth tax without dumping all his shares argument anyway.
Nesrie
3316
If he is using his stocks as collateral, the tax them when they get a loan part would address the lack of taxing in that regard.
Sure, but if we can pass legislation to tax him for that, we can pass legislation to tax the wealth directly. Maybe we can’t do either, but the latter is a lot more direct and would be more effective in my view.
Again, I think it is bad, perhaps fatal to democratic society to have super wealthy people, and as we have permitted them to develop, we need to go after some of that wealth. Income taxes alone will never do it.
Nesrie
3318
I think we have a far, far better chance on getting a tax anytime someone uses their stocks to buy things without actually selling that tax than we are to get a wealth tax.
The wealth tax is more likely going to slam the middle class than it is to get the rich because we’re so bad at implementing law, the rich have lawyers and accountants to walk them through anything they want, and some people think a 250k house is something only the ultra rich has which means they have not looked at what housing has been doing in just the past year.
A wealth tax that kicks in at tens of millions in wealth will not have any adverse impact on the middle class. That’s what we are talking about, something like Warren’s or Sanders’ plan.
Nesrie
3320
I am aware of what the two candidates who did not win the primary proposed. That 250k housing remark is due to a post that was made here bout houses over 250 being somehow extraordinary which I assume is someone who lives in the Mid-West or isn’t someone who actually follows housing in a meaningful way.
I don’t agree with the idea of a wealth tax. That hasn’t changed. I do agree to taxing anyone who tries to use that wealth without actually cashing it in order to avoid taxes though.
Yeah but what if we taxed him at a non-joking level? Who will build the next Amazon then???
What if Jeff Bezos just went to space and never came back?
rowe33
3324
Very few people have accomplished that feat. He should be tax immune from that point on!
In space, no one can hear your shares appreciating.
KevinC
3326
This thread needs a Bezos theme song.
Banzai
3327
ShivaX
3328
I’m mostly in the camp of billionaires aren’t a problem, but I’m rethinking it now.
Timex
3329
It’s worth noting that this is being done by virtue of a crackpot who was elected to office.
The parallels to the late Roman republic keep piling on…
Good thing that rarely happens.
Maybe this guy is the next Bezos.
He has bought and resold dozens of the newest PlayStation and Xbox machines for as much as $1,100—more than double their $500 sticker prices.
By doing the same with a selection of goods made scarce in the pandemic, such as patio heaters and Pokémon trading cards, Max ended last year with a profit of more than $110,000 on $1.7 million in revenue, according to the 16-year-old’s sales records reviewed by The Wall Street Journal. He expects to do even better this year as game consoles and other products remain elusive.
Max spends about 40 hours a week handling orders, managing inventory, supervising his two employees and poring over spreadsheets. In addition to studying for AP history, physics and English from a home office, Max talks with other resellers and follows business and political news to help spot trends.
Last spring, Max stocked up on dumbbells and hair clippers as Covid-19 stay-at-home orders forced gyms and salons to temporarily close. By summer, aboveground swimming pools were hot, though there was one spillover effect: The teenager had to start renting warehouse space because his family’s two-car garage was stuffed. Next up were Sony’s PlayStation 5 and Microsoft’s Xbox Series X and S systems when people were playing videogames more than ever.
Nesrie
3334
So like the trading card packs were hard to get? I mean I heard about a conflict at one store, but I didn’t realize that was a larger issue.
