In a recent interview with CNBC, Amazon's executive chairman Jeff Bezos addressed the controversial 'buy, borrow, die' tax strategy, which allows wealthy individuals to borrow against their assets to avoid income taxes. Bezos stated, 'There's no truth to this 'buy, borrow, die' thing,' expressing skepticism about the existence of such a loophole.
He acknowledged that while he pays taxes on the Amazon stock he sells, he could support reforms aimed at addressing this strategy if it is indeed a loophole. However, he cautioned that closing it would not resolve broader issues like government spending and economic inequality.
This strategy has faced criticism from lawmakers like Senators Elizabeth Warren and Ron Wyden, who advocate for taxing wealth rather than income. Bezos, with a net worth of approximately $269 billion, highlighted the complexity of tax issues, using the example of a nurse in Queens to illustrate that fixing one loophole would not alleviate the tax burden faced by lower-income individuals