Bill Gates says he would raise taxes for about 70% of the wealthiest Americans if he controlled the U.S. tax system.
The Microsoft founder said his ideal tax system would make him “tens of billion dollars poorer"
Bill Gates says he would raise taxes for about 70% of the wealthiest Americans if he controlled the U.S. tax system.
In an interview with The Independent earlier this month, Gates said that he is a “huge believer in estate tax and more progressive taxation.” He even said a tax system under his control would make him “tens of billion dollars poorer.”
Gates currently has a net worth of $128 billion, making him the 8th richest person in the world behind Elon Musk and Warren Buffet, according to Forbes. The US tax system currently taxes billionaires about 23%.
“The tax system could be more progressive without damaging significantly the incentive to do fantastic things,” Gates said in the interview.
The Bill & Melinda Gates Foundation co-founder has long argued that the U.S. should have more efficient social safety protection. In his most recent interview, he again advocated for raising taxes to increase access to universal healthcare as well as proper housing and education — causes at the forefront of his foundation.
Vermont senator Bernie Sanders — who has stated on numerous occasions that he would increase taxes for rich Americans by 60% — made an appearance on Gates’ Netflix (NFLX) show. Sanders told Gates that if it was up to him he would make it impossible to become a billionaire.
“So if you’re asking me, ‘Do I think we should eliminate the concept of billionaires?’ Yeah, I do,” Sanders said in the episode.
Sanders does not spare Gates here. While the senator called Gates a “very innovative guy” for his contributions in the technology sector, he made clear that he thinks billions of dollars is too much money for any one person.
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