Published On: Sat, Apr 18th, 2020

Amazon snub: How Bernie Sanders directly attacked Jeff Bezos exposed | City & Business | Finance

Featured Offers

Legal Notice: Product prices and availability are subject to change. Visit corresponding website for more details. Trade marks & images are copyrighted by their respective owners.

Mr Bezos is the richest person in the world with an estimated net worth of $130billion (£104billion), according to Bloomberg. He established Amazon as an online bookstore back in 1993 and it has since grown into an online megastore which stretches across the globe. The website is considered one of the Big Four tech companies, along with Apple, Google and Microsoft.

However, Mr Bezos has been criticised for his wealth over the years, particularly by independent senator Bernie Sanders.

According to CBS News, Mr Sanders announced a new measure, called ‘Stop Bad Employers by Zeroing Out Subsidies (BEZOS) Act’ back in November 2018.

Mr Sanders claimed Amazon pays thousands of its workers wages “so low that they must rely on food stamps, Medicaid or public housing in order to survive”.

His argument was that employees of the richest person in the world should not need such assistance.

He added this established the kind of corporate welfare which ends up costing US taxpayers billions of dollars per year.

The new legislation was going to impose 100 percent tax on companies — with more than 500 employees — equal to the amount of federal benefits received by the workers.

Therefore, if a worker needed food stamps, the employer would pay the same amount in taxes to cover the cost.

Mr Sanders alluded to the Amazon CEO in an online briefing when discussing the new legislation.

READ MORE: The ‘smartest ever business move’ made by Amazon’s Jeff Bezos

However, as noted at the time, the likelihood of the bill passing into law was very unlikely.

The article explained: “Sanders is an independent socialist who caucuses with Democrats; the Senate is controlled by Republicans.”

Mr Sanders had also run as one of the Democratic candidates for the 2016 presidential race.

He was not elected at the time, although he put himself forward for the 2020 competition.

However, he was beaten by Barack Obama’s former Vice-President Joe Biden.

Yet, did note that Mr Sanders’ 2018 move triggered a change within Amazon.

The 2018 article explained: “After a combination of legislative threats and public pressure, Amazon made a big change: raising its minimum wage for all US employees to $15 (£12) an hour, which largely accomplished the same thing Sanders’ law would have done.”

Amazon then had to pay an estimated extra $1.75 billion (£1.4 billion) a year in salaries.

Mr Sanders has since turned his attention to Walmart, the supermarket chain which spreads across the US.

He suggested the Stop Walmart Act, which targets the Waltons, who are believed to be the wealthiest single family in the US and richest non-royal family in the world, although it has not pass into law.

Source link

Clickbank Guide & Tools