Last week, Jeff Bezos donated $98.5 million to dozens of organizations that help homeless people. But his charity efforts continue to be criticized for his ability to donate more. Jeremy Corbyn, the Labour leader, also criticised Bezos’s charitable donations.
He noted on social media that Bezos’s latest donation stake was only “0.09 percent” of the billionaire’s net worth. (According to Forbes estimates of Bezos’s net worth, he is worth about $110.3 billion.) )
Mr Corbyn later called Mr Bezos’s actions “just his taxes”, which could mean that amazon,” which made a pre-tax profit of more than $11bn in 2018, did not pay a penny of its tax to the federal government.
In the past, the Amazon CHIEF executive has been criticised for not investing enough in philanthropy. So in September 2018, Bezos launched the Bezos Day One Charitable Foundation, which raises about $2 billion to help homeless people and support education in low-income communities. (The most recent grant is part of the Fund.) )
However, Bezos’s commitment remains in question, including questions about how the $2 billion will be spent and why the billionaire has pledged less than 2% of his total net worth. Bezos has also never said how long it will take to donate the full $2 billion, but he has hinted that the fund could grow over time.
Despite his pledge of $2 billion in donations, Bezos is still ranked only 23rd on Forbes’ 2018 list of charitable donors.
According to Forbes, the Amazon CEO donated a total of $131 million last year, including $97.5 million to 24 organizations that help homeless people (more than $1 million last week). By contrast, billionaire Warren Buffett donated $3.4 billion to charity last year, while Bill Gates and his wife donated $2.6 billion. Forbes estimates that Bezos has the highest net worth among the world’s richest people.
An Amazon spokesman said: “We pay tax on our operations anywhere. “The UK government has a tax code designed to encourage investment, and we are investing heavily in job creation and infrastructure across the UK, with a total investment of more than 18 billion pounds ($23.1 billion) since 2010. The spokesman added that Amazon’s uk investments in 2018 “contribute at least $1 billion to uk tax revenues.” The company also announced plans to create 2,000 new jobs in the UK in July, which will bring Amazon’s total UK workforce to more than 29,500.
Mr Corbyn, the Labour leader, has been a frequent critic of Mr Bezos and Amazon’s low taxes in the past, including a satirical birthday card for Amazon on its 25th anniversary in July.
In the card, Mr Corbyn wished Amazon “a happy tax” and insisted that the company pay higher taxes in the UK. In his letter, Mr Corbyn wrote: “You owe millions of pounds in taxes to the British people, which you use to pay for our public services. ”
Politicians on both sides of the aisle, from U.S. President Donald Trump to Senator Bernie Sanders, have criticized Amazon for using various tax breaks to reduce corporate tax obligations.
“In the U.S. or any country operated by Amazon, we pay taxes, including $2.6 billion in corporate taxes and $3.4 billion in tax expenses over the past three years,” an Amazon spokesman said in a statement.
Although Bezos’ personal tax returns have not been made public, his name is often mentioned by those who advocate higher taxes on billionaires, including two prominent Democratic presidential candidates. Senator Elizabeth Warren’s proposed wealth tax could cost Bezos about $6.5 billion a year, up from $9 billion under a similar tax proposed by Sanders.