Just a reminder, these donations go to his own charities as a tax deduction.
And there it is…
Also irs
This is the same thing that other billionaire did with his fortune. Gave 3 billion “away” to his own charity so his kids could inherit without paying a penny in taxes.
I make under 200k and the highest bracket I hit is 51% of my salary. Warren buffet has paid less than 10% taxes on his entire fortune. They’re playing us, the new cool thing is just to say it’s for the climate.
Bezos pledged 40 billion (maybe 20, can’t remember) I believe in 2019.
To date he has actually donated less than $200 million of it IIRC to any climate-related funds.
It’s just a bold face lie, not even taking his own charity scams into account.
Edit: also side rant: I have gotten a lot of wallstreetbets armchair investors in the past saying “b-b-but muh liquid vs assets, he would crash amazon stock.”
Bezos has liquidated a minimum of $12 billion per year without even a slight blip in amazon stock. PLENTY to fulfil his pledge. People don’t understand the scale of sold shares. The stock market is completely speculative bs. If he liquidated every stock of amazon in a short time after an anouncement like this, investors would absolutely speculate that it would recover, the price would lower for a week or so while every hedge fund in existence rushes to buy every single stock that they have and voila, it would magically recover within a month and bozo would not be a complete lying scumbag. It would probably cause him to be audited though which is every bilionaire’s nightmare because they have all done such shady things and dodges so many taxes for so many years. At least if the IRS had any balls.
FYI it’s “bald-faced” lie
Hey, don’t attack the man based on his follicles!
I’m just envious that he doesn’t have to shave. It’s really tedious.
This is totally correct, but the incorrect usage is so common now that “bold face” has become arguably accepted.
Originally it was “barefaced”, I believe.
True a long time ago it was, but if we want to disregard language evolution, then it is actually “bare-faced lie” lol
https://www.merriam-webster.com/grammar/is-that-lie-bald-faced-or-bold-faced-or-barefaced
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It’s tax “brackets”. So from say 20-30k you’re taxed ~21%, the following 30-50k you make is taxed at another amount like 30%, and so forth. The last 30k made from 160-190k is then taxed at 49% (51% because I’m taking a bit more money instead of dumping into my pension fund etc…)
And yeah it’s Canada, but in the province of Quebec, the most taxed province of all (where education is still heavily subsidized/ free for people born there etc…)…
I’ve done this whole exercise on /r/theydidthemath years ago on reddit comparing to the US, and with all the medical insurance garbage they have there like co-pays after deductibles, tax credits, dental, daycares, tolls/infrastructure etc… It amounts to roughly the same as the taxation + private insurance in the US. It just “looks worse” because it’s all mostly up front. I know ex-millionaires in the US who were basically homeless because they had a sick baby who needed to stay in the hospital for a year after birth. It cost them 5 million dollars to keep the baby alive without having to go to court with the insurer. This doesn’t happen in Canada.
I’m fine with it, I just want the rich assholes to pay the same. I live very comfortably, bought a home in February this year and have more than enough.
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Eeee. Youre completing forgetting that he can BORROW against those stocks, and pay a measly interest rate, paying out when it’s convenient through various loops of the tax system. Warren Buffet, even if his worth in billions is not in his pocket, has contributed less than most relative to his income.
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The thing you drug up about the US hasn’t been a thing for more than a decade. The individual out of pocket limit is $9,450 this year for an individual, and Pregnancy, maternity, and newborn care are considered “essential health benefits” so as long as it was an actual factual real health plan and not something like a health care sharing ministry, there’s no way you’re going in a millionaire and coming out destitute unless you did something phenomenally dumb like demand an NICU be built into your house. Out healthcare is broken in so many ways, but the bandaids do exist on the system.
I have no idea what his situation was, he had full healthcare. There’s the law, and then there’s bringing insurance companies to court over the law. This might have been about a decade ago.
An out-of-pocket maximum is a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year.
The key word being “covered health care services”. This also does not cover their own expenses, loss of salary etc… These laws are intentionally complicated so it’s theoretically possible to be covered, but good fucking luck going through the loops.
You can still find studies that claim that over 500k people file for bankruptcy every year due to accumulating medical costs I’m sure all these people are stupid and had NICUs built in their homes…
Might be Canada, I’m in a similar situation and GTFOing. No way am I going to continue paying this much in tax but still lack quality education and healthcare for our kids.
Are you/your children Quebec citizens? Education and healthcare are very cheap and accessible. If you’re a foreigner here then yeah it might not be as easy. Healthcare is still free and medicine is subsidized to a minimum of 80%. Also medicine potency is regulated, knock off brands of “advil” are guaranteed to be as potent as the brand name, which is a huge plus and keeps medicine costs very low.
I have a lot of experience with the medical system in canada; my parents both died of cancer, so did my mentor, and were in treatment in the public system the same week they got diagnosed. They didn’t wait months to see specialist like is often thrown around on reddit.
Yeah instead in the US you get to pay healthcare insurance premiums instead and have the companies try every trick to deny your healthcare claims. And pay who knows how much for your kids education, tens of thousands a year. All so your marginal (not effective) tax rate is what 40% instead? I think you need to recheck your math and your outrage. Don’t forget those expenses are after tax.
Taxes. He should pay taxes.
What good does that do when government bans books, defunds schools and persuades people to become parents against their will and then cares more about corps then citizens? and breathe
Maybe the government wouldn’t do those things if they weren’t in the pocket of corporations. Corporations who buy politicians so to create tax loopholes so they don’t have to pay taxes…
the wonders of capitalism
Why would the government be banning books because of corporations?
Lol, because money interests are united with the religious right.
They still would. Just look at any other country.
Revolt.
Revolt? We haven’t even volted.
Haven’t even:
Unless he’s donating everything tomorrow, this is all bullshit.
First off he doesn’t have 124 billion. He is WORTH 124 billion, the vast majority of it being the worth of his stakes in Amazon. If he sells all his stakes in it, the Amazon worth would plummet and he’d be worth a fraction of what he’s worth today.
But lets say he has a 124 billion dollars. If he gives out 10 millions every day it will still take over 300 years. In that time his worth likely would.grow faster than he’s spending it so in 300 years he’d still be worth more than he is today.
All this charity stuff is bullshit, TAX THE RICH. Taxes will give honest amounts of money to governments who can then use that money for universal healthcare, universal education, universal income…
I don’t think your math adds up.
yeah spending 10 million a day would take 34 years to add up to 124 billion
I was a favor 10 off but that doesn’t matter, the point still stands.
No single person should be ever control that much money
But while he gives away 3.65 billion a year, his remaining 120 billion appreciated to 130 billion or whatever. Then the next year he gives away 3.65 billion and his remaining 126 billion appreciated to 136 billion…
As long as he doesn’t give away more than his principal gains, it’s an indefinite loop.
I’m all for taxing the rich but the rest of this is just pure stupidity.
Like why did you cap how much he can give away at one time lol
Try to sell all your stocks at once if you own a big chunk of all available shares. The stock price would fall faster than you were able to sell your shares.
Bezos already engages in structured stock sell-offs worth vastly more than $10MM
I didn’t cap anything. There are realistic limits to what you can give to charity. Give a charity that normally gets a few millions a billion and they won’t be able to spend it in any normal way. Breeds corruption, etc.
Charity shouldn’t even exist, as it is always this patch on holes left by governments. Tax the rich until they are “normal rich” and then use that money for projects that normally would require charity
Also, his wife actually had the exact same situation I just described. She spent millions over millions and once done she had more wealth than she started with
If only there were more than one charity, worldwide.
No.
If only governments would tax the rich properly they’d have enough money to put good social programs in place. We wouldn’t need charity.
There will always be a use of some sort of charity until we live in a post-scarcity world.
“Billionaire pledges” is the same vibe as “hopes and prayers” .
Except prayers have a higher chance of changing anything.
No. The government should take it from him as taxes that he avoided. So the people can decide how best to invest it instead of over egomaniac with a history is abusing his people.
To be honest, going all toward climate change seems better than what the government would use it for. That being said, he should definitely pay more taxes.
Dude for sure is going to spin up his own charities with lofty mission statements that he “donates” to which exclusively pitch solutions that require a lot of investment in his for-profit endeavors.
Don’t mistake money laundering for benevolence.
You know he’s not really giving it away, right? I bet my bottom dollar that his assets are being transferred to a fund he controls. Because the fund is categorised non-profit, it will receive max tax write-offs.
His ex-wife on the other hand, has given away butt load of money to actual charities.
Jeff bezos funds a study how to fight climate change. Study finds humanity needs to decrease their usage of energy drastically and stop consumerism as we are doing it right now. Jeff bezos: (╯°□°）╯︵ ┻━┻)
The US government? LOL. How much of the taxes goes to fossil fuel and corn subsidies and to the military industrial complex?
The majority of our taxes goes to social programs and healthcare. Military spending is insane, but we have to keep in mind that taxing billionaires will absolutely bring benefits to the common folks.
I agree in principle, but the government would take the money and allocate 99% of it to the military budget rather than do anything useful with it.
No, the government generally has a plan and definite budget for their money, which includes social programs and infrastructure. You can debate about how good it is, but at least it’s there.
Giving money to a charity directly controlled by them (or their kids, or one of their billionaire friends) might just make that money disappear.
pledges
That weasel word is tiresome.
unify humanity
Coming from a techbro vampire, that term is especially creepy.
Unify how?
UNIFY HOW?
UNIFY HOW?
UNIFY HOW?
hes pledging it straight to his own “charity” im sure
According to some
here, that’s actually cool and good.
Moving $124B from the “Fuck Around Fund” to the “Fuck Around Fund (Tax Exempt)”
Exactly.
They aren’t giving their money to other people. They’re giving their money to their own charities, either that they created or that they have some control over the board.
They get to take a deduction on their personal taxes the year that they move the money, so they move is slowly based on how much they want to limit their tax liability that year. Good year for amazon = move lots of money. Bad year where he can take a business loss = retain direct control over the cash.
Then when it comes time to spend it, they know what it’s getting spent on. Vaccines for the poor like Bill Gates? Buy up pharma stocks. Climate change initiatives? Buy up stock in carbon capture companies, solar companies, etc.
They make this money back, and they get a benefit every time it moves.
All that plus they control even more stuff, which is all they care about at that level of wealth.
I’ll believe that if his plan is to unify humanity under his rule.
I pledge to not post this comment…whoops, darn, oh well. I tried.
bezos is a removedasaurus, I’ll never forget when Shatner was trying to share his feelings about the genuine experience of going into space, and cuck-lord bezo not only interrupts shatner, he sullies the moment by acting like a sore winner
I’ve hated bozos since forever, but this right here was unforgivable. Shatner trying to give inspiration after a really being in space, after a lifetime of being an icon? You fucking listen
Cool start by “donating” it to Amazon employees.
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If he doesn’t do it, don’t give him credit for doing it. If he does, be sure it’s not some incestuous Nonprofit moneylaundering scheme like those foundations usually do.
be sure it’s not some incestuous Nonprofit moneylaundering scheme like those foundations usually do
BUT BILL GATES IS ONE OF THE GOOD ONES
Lots of credulous rubes believe that Epstein’s buddy Bill Gates is one of the good ones because they attended a school that was “reformed” by the dynamic duo.
What that means is he will invest that much in energy related projects during the course of his life. He did this the last time as well. He is not giving his money away. We are just used to turd ass quality journalism.
lol, “Pledge” just means, I might do it, so you can write a nice fluff peace on me and then I just conveniently forget to “Pledge” x amount.
Unify humanity you mean like belt and road?
No, that’s authoritarian. He means unify humanity like company towns and corporate news do.
