SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
A mobile billboard calling for higher taxes on the ultra-wealthy depicts an image of billionaire businessman Jeff Bezos, the founder of Amazon, near the U.S. Capitol on May 17, 2021. (Photo: Drew Angerer/Getty Images)
'Tax. The. Rich.' After Pentagon Cancels Contract, Bezos' Wealth Hits Record $211 Billion
"It's time for them to pay their fair share," says Rep. Pramila Jayapal, lead House sponsor of the Ultra-Millionaire Tax Act of 2021.
Jul 07, 2021
After the Pentagon's decision to cancel a contract led Amazon founder Jeff Bezos' fortune to soar by $8.44 billion, hitting a record $211 billion, Rep. Pramila Jayapal Wednesday afternoon doubled down on her demand to raise taxes on the wealthiest Americans.
"The world's richest man reached a record $211 billion net worth Tuesday after Amazon.com Inc. shares rose 4.7% after the Pentagon announced it was canceling a cloud-computing contract with rival Microsoft Corp.," according to Bloomberg.
Jayapal (D-Wash.)--who leads the Ultra-Millionaire Tax Act of 2021 with Sen. Elizabeth Warren (D-Mass.)--took to Twitter to highlight Bezos' recent gains with a call to tax the rich, declaring that "it's time for them to pay their fair share."
Jayapal and Warren's bill would impose a 2% annual tax on the net worth of households and trusts above $50 million, plus a 1% annual surtax on billionaires--generating an estimated $3 trillion in revenue over a decade.
As of Tuesday Bezos was $30 billion richer than the second person on the Bloomberg Billionaires Index, Tesla's Elon Musk, whose net worth was $181 billion.
The last time someone neared Bezos' new record was when Musk briefly hit $210 billion in January, Bloomberg reported, pointing out that "the two men spent the first part of the year trading the top spot as the world's richest person, but Bezos has cemented his hold on No. 1 since mid-March as Amazon shares climbed almost 20% during that time."
In the Tuesday statement that appeared to cause Bezos' wealth to soar, the Pentagon announced the cancellation of a $10 billion cloud contract controversially awarded to Microsoft during the Trump administration but also said it would consider Microsoft and Amazon Web Services (AWS) for future cloud contracts.
The news came after Bezos' final day as Amazon's chief executive officer on Monday, a move that was made public months ago. Bezos stayed on as executive chair and Andy Jassy, the former head of AWS, is the company's new CEO.
In a report about the Pentagon's announcement, The New York Times noted that Jassy's appointment "accentuated the importance of cloud computing to big tech companies, which have built giant data centers all over the world to accommodate new business and government customers."
The planned leadership change at Amazon also sparked fresh calls for higher taxes on the wealthy, as Common Dreams reported Tuesday.
"Jeff Bezos makes some $2,537 every second of the day. Got that? That means Jeff Bezos--the richest guy on the face of planet--makes nearly 3x more in one second than the median worker in this country makes in an entire week," declared Sen. Bernie Sanders (I-Vt.). "That is morally obscene. Tax the billionaires."
Bezos and British businessman Richard Branson's ongoing "billionaire space race" is also provoking calls from progressives for higher taxes on the richest people and companies.
Branson, who founded Virgin Galactic in 2004, is set to go to space on July 11--just nine days before Bezos' scheduled trip through Blue Origin, which he founded in 2000.
In a Tuesday appearance on NBC's "Today," Branson denied that it is a competition, while also admitting that "I know nobody will believe me when I say it."
Meanwhile, Rep. Ro Khanna (D-Calif.) used coverage of the space race to call for a wealth tax.
"Should billionaires play out their space travel fantasies," Khanna tweeted Wednesday, "or should we invest in schooling, provide healthcare, and create prosperity for everyone?"
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
After the Pentagon's decision to cancel a contract led Amazon founder Jeff Bezos' fortune to soar by $8.44 billion, hitting a record $211 billion, Rep. Pramila Jayapal Wednesday afternoon doubled down on her demand to raise taxes on the wealthiest Americans.
"The world's richest man reached a record $211 billion net worth Tuesday after Amazon.com Inc. shares rose 4.7% after the Pentagon announced it was canceling a cloud-computing contract with rival Microsoft Corp.," according to Bloomberg.
Jayapal (D-Wash.)--who leads the Ultra-Millionaire Tax Act of 2021 with Sen. Elizabeth Warren (D-Mass.)--took to Twitter to highlight Bezos' recent gains with a call to tax the rich, declaring that "it's time for them to pay their fair share."
Jayapal and Warren's bill would impose a 2% annual tax on the net worth of households and trusts above $50 million, plus a 1% annual surtax on billionaires--generating an estimated $3 trillion in revenue over a decade.
As of Tuesday Bezos was $30 billion richer than the second person on the Bloomberg Billionaires Index, Tesla's Elon Musk, whose net worth was $181 billion.
The last time someone neared Bezos' new record was when Musk briefly hit $210 billion in January, Bloomberg reported, pointing out that "the two men spent the first part of the year trading the top spot as the world's richest person, but Bezos has cemented his hold on No. 1 since mid-March as Amazon shares climbed almost 20% during that time."
In the Tuesday statement that appeared to cause Bezos' wealth to soar, the Pentagon announced the cancellation of a $10 billion cloud contract controversially awarded to Microsoft during the Trump administration but also said it would consider Microsoft and Amazon Web Services (AWS) for future cloud contracts.
The news came after Bezos' final day as Amazon's chief executive officer on Monday, a move that was made public months ago. Bezos stayed on as executive chair and Andy Jassy, the former head of AWS, is the company's new CEO.
In a report about the Pentagon's announcement, The New York Times noted that Jassy's appointment "accentuated the importance of cloud computing to big tech companies, which have built giant data centers all over the world to accommodate new business and government customers."
The planned leadership change at Amazon also sparked fresh calls for higher taxes on the wealthy, as Common Dreams reported Tuesday.
"Jeff Bezos makes some $2,537 every second of the day. Got that? That means Jeff Bezos--the richest guy on the face of planet--makes nearly 3x more in one second than the median worker in this country makes in an entire week," declared Sen. Bernie Sanders (I-Vt.). "That is morally obscene. Tax the billionaires."
Bezos and British businessman Richard Branson's ongoing "billionaire space race" is also provoking calls from progressives for higher taxes on the richest people and companies.
Branson, who founded Virgin Galactic in 2004, is set to go to space on July 11--just nine days before Bezos' scheduled trip through Blue Origin, which he founded in 2000.
In a Tuesday appearance on NBC's "Today," Branson denied that it is a competition, while also admitting that "I know nobody will believe me when I say it."
Meanwhile, Rep. Ro Khanna (D-Calif.) used coverage of the space race to call for a wealth tax.
"Should billionaires play out their space travel fantasies," Khanna tweeted Wednesday, "or should we invest in schooling, provide healthcare, and create prosperity for everyone?"
After the Pentagon's decision to cancel a contract led Amazon founder Jeff Bezos' fortune to soar by $8.44 billion, hitting a record $211 billion, Rep. Pramila Jayapal Wednesday afternoon doubled down on her demand to raise taxes on the wealthiest Americans.
"The world's richest man reached a record $211 billion net worth Tuesday after Amazon.com Inc. shares rose 4.7% after the Pentagon announced it was canceling a cloud-computing contract with rival Microsoft Corp.," according to Bloomberg.
Jayapal (D-Wash.)--who leads the Ultra-Millionaire Tax Act of 2021 with Sen. Elizabeth Warren (D-Mass.)--took to Twitter to highlight Bezos' recent gains with a call to tax the rich, declaring that "it's time for them to pay their fair share."
Jayapal and Warren's bill would impose a 2% annual tax on the net worth of households and trusts above $50 million, plus a 1% annual surtax on billionaires--generating an estimated $3 trillion in revenue over a decade.
As of Tuesday Bezos was $30 billion richer than the second person on the Bloomberg Billionaires Index, Tesla's Elon Musk, whose net worth was $181 billion.
The last time someone neared Bezos' new record was when Musk briefly hit $210 billion in January, Bloomberg reported, pointing out that "the two men spent the first part of the year trading the top spot as the world's richest person, but Bezos has cemented his hold on No. 1 since mid-March as Amazon shares climbed almost 20% during that time."
In the Tuesday statement that appeared to cause Bezos' wealth to soar, the Pentagon announced the cancellation of a $10 billion cloud contract controversially awarded to Microsoft during the Trump administration but also said it would consider Microsoft and Amazon Web Services (AWS) for future cloud contracts.
The news came after Bezos' final day as Amazon's chief executive officer on Monday, a move that was made public months ago. Bezos stayed on as executive chair and Andy Jassy, the former head of AWS, is the company's new CEO.
In a report about the Pentagon's announcement, The New York Times noted that Jassy's appointment "accentuated the importance of cloud computing to big tech companies, which have built giant data centers all over the world to accommodate new business and government customers."
The planned leadership change at Amazon also sparked fresh calls for higher taxes on the wealthy, as Common Dreams reported Tuesday.
"Jeff Bezos makes some $2,537 every second of the day. Got that? That means Jeff Bezos--the richest guy on the face of planet--makes nearly 3x more in one second than the median worker in this country makes in an entire week," declared Sen. Bernie Sanders (I-Vt.). "That is morally obscene. Tax the billionaires."
Bezos and British businessman Richard Branson's ongoing "billionaire space race" is also provoking calls from progressives for higher taxes on the richest people and companies.
Branson, who founded Virgin Galactic in 2004, is set to go to space on July 11--just nine days before Bezos' scheduled trip through Blue Origin, which he founded in 2000.
In a Tuesday appearance on NBC's "Today," Branson denied that it is a competition, while also admitting that "I know nobody will believe me when I say it."
Meanwhile, Rep. Ro Khanna (D-Calif.) used coverage of the space race to call for a wealth tax.
"Should billionaires play out their space travel fantasies," Khanna tweeted Wednesday, "or should we invest in schooling, provide healthcare, and create prosperity for everyone?"
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.