Saudi Press

Saudi Arabia and the world
Friday, Mar 29, 2024

The comical billions landed by the tech bosses during Covid

The comical billions landed by the tech bosses during Covid

City Comment: The tech bosses billions are a failure of tax and of regulation
In some ways, the extraordinary billions lately accrued by American tech bosses are just a curiosity.

Something for the rest of us to gawp at, while we analyse share price charts and regret not taking the advice from that bloke in the pub 10 years ago to pile into the stocks.

The amounts of money involved are so ludicrous as to almost be comical.

Certainly, in many cases it is clear the men themselves have no clue what to do with these fortunes.

Jeff Bezos of Amazon has so little idea that he’s been building rockets and firing them into space with him inside.

Elon Musk is so bored he sent one of his own cars into space, partly as a scientific experiment, but mostly just because he could.

Since these fortunes have largely accrued to people who founded their own companies it is tempting to see any complaints as sour grapes.

As the Economist just noted on Apple’s Tim Cook: No other chief executive has created more absolute value for shareholders. So, you should have bought the shares and if you didn’t, that’s just too bad.

There’s something else here though. Merely to compile these words, I used products sold by Apple, Google and Microsoft. I didn’t drive to the office in a Tesla, but I would if I could.

The point is that in many cases these businesses are basically monopolies, they are near impossible to opt out of.

Which in turn makes it difficult for competitors to establish themselves.

So it is tempting to see the fortunes of Bezos and co as at least partly a failure of both regulation and the tax system.

The small amount of taxes the billionaires pay, zero in federal income tax in some cases, is just bad manners.

A recent report from ProPublica estimated that the top 25 billionaires paid a federal tax rate of just 3.4%. Elon Musk has often paid zero federal income tax.

That is in line with the law, because he typically doesn’t take an income – his wealth accumulates in capital, which is taxed differently.

But that’s not an immovable, natural state of affairs, it is a political decision which allows the very rich to play an entirely different game to the rest of us.

All in it together? Not even remotely.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×