Jeff Bezos says there is ‘no truth’ to the ‘buy borrow die’ tax strategy
Jeff Bezos has dismissed the 'buy, borrow, die' tax strategy as a myth during an interview with CNBC. He stated that he pays taxes on the Amazon stock he sells and expressed skepticism about the existence of such a loophole. While he is open to tax reforms targeting this practice, he emphasized that addressing it alone won't resolve broader economic issues.
- ▪Jeff Bezos called the 'buy, borrow, die' tax strategy a myth during a CNBC interview.
- ▪He stated that he pays taxes on the Amazon stock he sells to fund his ventures.
- ▪Bezos expressed skepticism about the existence of the loophole but is open to reforms targeting it.
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Amazon executive chairman Jeff Bezos said a controversial tax strategy used by the wealthy to borrow against assets to lower their income taxes is largely a "myth.""There's no truth to this 'buy, borrow, die' thing," Bezos told CNBC's Andrew Ross Sorkin Wednesday in a wide-ranging interview. "I don't even know where this comes from."The "buy, borrow, die" strategy refers to the practice of wealthy founders or investors borrowing against their assets and using the loan proceeds as income. Since the loan isn't considered taxable income, their income stream avoids tax.
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