Bezos will not pay taxes, as he will borrow against his stock, at 1.8%, versus sell it. The average tax rate on big tech is now 12%. Coincidentally, the Congressional Budget Office this weekgovernment expenditures of $4.5 trillion and tax revenues of $3.5 trillion … yielding a deficit of almost $1 trillion. Deficits aren't necessarily bad, since investments can spur growth. Each of these is a bet, similar to a CEO deciding where to best allocate capital.
What is our trillion-dollar bet — where are we spending the trillion our kids will be saddled with? Simple: rich people. Lower tax rates on the wealthy and corporations were supposed to inspire growth and investment. They haven't. If it feels as if there is a connection between idolatry of innovators, monopoly power, tax avoidance, Jeff Bezos being worth more than the GDP of Morocco, and your indebted grandkids … trust your instincts. We. Have. Lost. The. Script.
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