Amazon founder Jeff Bezos, one of the richest men in the world, would owe some $2 billion a year in state taxes if Washington state legislators pass a proposed wealth tax. The bill (pdf) would impose a one percent tax on financial intangible assets, exempting the first $1 billion of assessed value. Bezos’s net worth is estimated at around $200 billion. According to state Rep. Noel Frame, a Democrat who helped craft the legislation, the state Department of Revenue estimates the bill would bring in $2.5 billion a year by taxing some 100 billionaires. The analysis includes confidential taxpayer data from the Internal Revenue Service and other information, Frame told questioners on Twitter. It’s not clear whether the estimate includes Bezos; Frame said Bezos “may not be domiciled here anymore.” Jared Walczak of the Tax Foundation projected that 97 percent of the tax revenue would come from four of approximately a …
Amazon founder Jeff Bezos, one of the richest men in the world, would owe some $2 billion a year in state taxes if Washington state legislators pass a proposed wealth tax. The bill (pdf) would impose a one percent tax on financial intangible assets, exempting the first $1 billion of assessed value. Bezos’s net worth
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