Bezos defends billionaires, hypes AI, talks taxes and praises Trump in CNBC interview

In a CNBC interview on Wednesday, Jeff Bezos, the founder of Amazon and Blue Origin, emphasized the potential of artificial intelligence, attributed economic challenges to government interference, and defended both himself and his fellow billionaires.

During a conversation with Andrew Ross Sorkin, Bezos adopted a tone reminiscent of populist rhetoric, which at times aligned him more closely with progressive Democratic ideals than with the profile of one of the world’s most prominent capitalists.

"It's kind of a tale of two economies," Bezos remarked at the outset when addressing the increasing criticism directed at billionaires. "You have a bunch of people in this country who are doing really well, but you also have a bunch of people in this country who are struggling."

He subsequently endorsed a tax policy concept akin to proposals from some Democrats seeking to attract working-class voters: eliminating income taxes for the bottom half of U.S. earners.

"A nurse in Queens who makes $75,000 a year pays more than $12,000 a year in taxes," Bezos stated. "Does that really make sense?"

Bezos decries 'vilification' of the rich

Following his acknowledgment of financial difficulties faced by many Americans, Bezos, who ranks as the world’s fourth-richest individual, criticized politicians for using an "age-old technique" of identifying a villain and assigning blame.

"The problem is, that doesn't solve anything," he asserted. Bezos then called out New York City Mayor Zohran Mamdani for his widely viewed video targeting billionaire Citadel CEO Ken Griffin while introducing a new pied-à-terre tax.

"It isn't right" for the mayor to "stand in front of Ken Griffin's house and act like he is some kind of villain," Bezos said. "Ken Griffin isn't a villain; he hasn't hurt anybody, he's not hurting New York, in fact quite the opposite."

When asked if his proposal for tax cuts for lower-income Americans should be accompanied by higher rates for the wealthiest, Bezos acknowledged the validity of that debate but condemned the "vilification" associated with it.

"We already have the most progressive tax system in the world," he asserted, maintaining that overspending, rather than revenue generation, is responsible for the fiscal issues facing the country.

He countered numerous criticisms, particularly those from figures such as Senator Elizabeth Warren, D-Mass., who allege he underpays his taxes: "People sometimes say that, you know, I don't pay taxes. Not true. I pay billions of dollars in taxes," he affirmed.

Simply increasing his tax liability, he argued, would not resolve broader issues: "You could double the taxes I pay, and it's not going to help that teacher in Queens. I promise you."

Mamdani later responded via X, stating, "I know a few teachers in Queens who would beg to differ."

Bezos continued by attributing high rental costs to governmental interference in market dynamics. While he acknowledged the excessive influence of corporations and wealthy individuals in politics, he also criticized unions for their political involvement.

Buy, borrow, deny?

Bezos firmly rejected allegations that the wealthiest individuals employ a strategy termed "buy, borrow, die," wherein they leverage their significant assets to minimize tax liability.

"There's no truth to this 'buy, borrow, die' thing. I don't even know where this comes from," he maintained. "I'm selling Amazon stock routinely."

When Sorkin brought up Elon Musk's approach of taking out substantial loans against his stock, Bezos noted, "I'm a little skeptical that that's a true loophole, but if it is, can we fix it? Then we should."

Nevertheless, he emphasized that rectifying this issue would have negligible impact on the broader economic landscape. "That nurse in Queens ... it's not going to help her at all," he reiterated.

Bezos asserted that the notion that billionaire wealth cannot be legitimately earned is fundamentally flawed. He countered this narrative, which has been promoted by politicians like Representative Alexandria Ocasio-Cortez, D-N.Y., by citing examples of capable service-oriented businesses such as In-N-Out Burger and Raising Cane's Chicken Fingers.

"The way ... you make $1 billion, or $100 million or $10 million or anything, is you create a service that people love, and if millions of people choose your service, you're going to end up with a billion dollars," he explained. "Just try it with a chicken franchise."

AI OK

Bezos voiced optimism regarding artificial intelligence, dismissing concerns about job displacement and asserting that the technology will enhance worker productivity and economic performance.

"I think those people are dead wrong," he said about AI skeptics. "What's really going to happen is that it's going to elevate all of these people."

He predicted that advancements in AI would drive down costs across various goods and services, provided that "we let this technology play out and don't hamstring it with regulation too early."

His assertions come as public sentiment towards AI has notably decreased in recent months. A Pew Research Center survey indicated that half of U.S. adults express more concern than excitement regarding the growing integration of AI into daily life, highlighting potential negative impacts on creativity, relationships, education, and employment.

Moreover, the rapid expansion of AI data centers, some spanning hundreds of thousands of square feet, has sparked criticism amid concerns about their effects on local communities.

The emergence of AI coding tools from companies like Anthropic and Cursor has also raised fears about the displacement of software engineers and programmers. While tech companies promote productivity gains from these tools, widespread layoffs have ensued.

Bezos argued that AI coding tools do not threaten software engineers. Instead, they will assist programmers in identifying and resolving challenges in their work.

"It's just that the work is going to be done at a higher level," he said. "It's going to be done with a bulldozer instead of a shovel, and that's going to be a good thing."

Bezos sees a 'more mature' Trump

Bezos expressed to Sorkin his perspective that President Donald Trump represents a "more mature, more disciplined version of himself than he was in his first term."

"Trump has lots of good ideas, and he has done a lot of — he's been right about a lot of things. You have to give him credit where credit is due," Bezos stated, although he did not elaborate on specific examples. The Trump administration's second term has been characterized by interventions in the free market to support various companies, including Intel, Boeing, and U.S. Steel.

He also refuted claims that Amazon's choice to release a high-priced documentary about First Lady Melania Trump was an attempt to gain favor with the president. "The Melania thing is a falsehood that will not die," he remarked.

Framing his efforts as nonpartisan, Bezos noted his conversations with former Democratic Presidents Barack Obama and Joe Biden, emphasizing the need for business leaders to contribute insights to the administration, irrespective of the governing party.

"We need our business leaders to provide input into the administration, regardless of who the president is," he concluded. "I'm on the side of America," he added. "And that's where business leaders should be."