Amazon (AMZN) Executive Calls for Zero Income Taxes on Lower Earners
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowJeff Bezos, Executive Chairman of Amazon (AMZN), advocated for zero federal income taxes for the bottom half of earners, who had an adjusted gross income of nearly $54,000 in 2023. The top 1% pays about 40% of tax revenue, while the bottom half pays only 3%. Bezos highlighted that the average federal income tax rate in 2023 was 14.1%, contrasting with 26.3% for the top 1%. His comments come amid proposals for tax relief for low earners, such as Sen. Cory Booker's Keep Your Pay Act, which aims to eliminate taxes on the first $75,000 of income for families filing jointly.
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About Amazon.com Inc. (AMZN)
Amazon is the largest U.S. e-commerce retailer and, through Amazon Web Services (AWS), the leading cloud-infrastructure provider, with growing advertising and logistics arms.
The Consumer Discretionary sector covers retailers, automakers and leisure companies whose sales rise and fall with consumer confidence.
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