In Focus delivers deeper coverage of the political, cultural, and ideological issues shaping America. Published daily by senior writers and experts, these in-depth pieces go beyond the headlines to give readers the full picture. You can find our full list of In Focus pieces here.“You could double the taxes I pay, and it’s not going to help that teacher in Queens,” argued billionaire Jeff Bezos on CNBC’s Squawk Box this week. “What’s happening here is politicians are using the kind of age-old technique … picking a villain and pointing fingers. But the problem is that doesn’t solve anything.” Bezos didn’t say their names directly, but this was clearly a shot at Rep. Alexandria Ocasio-Cortez (D-NY), Sen. Bernie Sanders (I-VT), and New York Mayor Zohran Mamdani, all of whom have called on millionaires and billionaires to “pay their fair share.” It’s a rich argument considering that the top 10% of earners already pay 71% of total federal tax revenue. But to Bezos’s point, a villain is needed in order to push their agenda: Government good. Spending good. Spending cuts bad.
In 2019, AOC successfully convinced Amazon not to build a massive headquarters near her district in Queens. Such a hub would have created 25,000 jobs with an average salary of $150,000, with overall wages totaling $4 billion. Over a 10-year span, approximately $27 billion in taxes would have been collected. In order to entice Bezos, then-New York Gov. Andrew Cuomo offered $3 billion in tax breaks. Do the math: $3 billion in tax breaks but $27 billion in new tax revenue. It was a no-brainer to everyone except the congresswoman.
