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Bill Gates Calls for Higher Taxes

Would this work in America?

Of all the people in this world, it is the second richest man alive who demands higher taxes for wealthy people like him in his blog. Only in this way can the state make important investments that are long overdue, writes the Microsoft founder. He rejects taxes on a voluntary basis alone.

Bill Gates is the second richest man in the world with an estimated fortune of 97.4 billion euros, only narrowly beaten by Amazon founder Jeff Bezos. Together with his wife Belinda, he runs by far the largest private foundation in the world, the Bill & Melinda Gates Foundation.

And yet Gates says in his blog Gatesnotes: Voluntary charity is not enough, higher taxes are needed for the rich: “Very wealthy people often have large investments they’ve held for long periods, and if those investments aren’t sold or traded, the money is never taxed. That doesn’t make sense.”

Taxing assets, not just income

Investment income should therefore be taxed in a similar way to average income. This should primarily affect “large fortunes that have been held for a long time (say, ten years or more)” – Bill Gates continued.

In addition, inheritance tax would have to be increased significantly and loopholes in the tax system would also have to be closed. Above all, the low taxation on capital gains is a thorn in his side, as it accounts for a large part of the income of fund managers. Top managers who pocket up to 20 percent of capital gains as a bonus pay less tax to the state than their ordinary employees.

USA: Land of tax exemption

According to Gates, a voluntary surrender of the super-rich, as is often discussed in the USA, is not enough.

“Leaving it up to people to give more than the government asks for is not a scalable solution,” writes Gates. “Additional voluntary giving will never raise enough money for everything the government needs to do.”

In the face of the ever-widening income gap, Gates is not only calling for a high tax on capital gains. In the USA, the states collect a large part of the taxes autonomously. His home state of Washington is one of seven US states that do not levy any income tax at all. This must change, according to Bill Gates. Above all, it is the high incomes that have to be paid.

 

 

This article was originally published in Kontrast.at by Alina Bachmayr-Heyda

Scoop.me. https://scoop.me/bill-gates-tax-rich/

9 thoughts on “Bill Gates Calls for Higher Taxes

    1. I understand your tax bill is the minimum you have too pay . If you want you always pay more Gates if you think you should pay more you can do it free your soul and pay double or triple you payment , now that would lead by example. That is the military philosophy of leading from the front. It will give you more creditable to us peons.

  1. If Bill Gates and others like him feel the wealthy should pay more taxes, why don’t they move to a state that has higher tax bills like CA or New York, and then if that’s not good enough, what they can do is to just write a check for more money to the IRS. No, they have this Foundation! Did you know that according to the laws, they can keep 90% of what they take in under the name of the fountain? So funds have a less tax burden! WOW! So why should he and his wife like to have a fountation.

    1. Bingo! If Bill & Melinda want to give extra money to the Government to help pay down our $30 TRILLION National Debt, then go right ahead! But don’t force the rest of us to follow suit! If you think giving the Gov’t more money is such a great idea, disband your tax shelter foundation and Pony Up! Otherwise, shut your trap, you bleeping hypocrite!

  2. Why does Bill Gates need over 97 billion dollars? I think he should hand it over to the government now and keep his nose out if everyone else’s money. What business is it of his to comment on how long people retain assets. He can go to hell. And not soon enough!
    O

  3. Then pay more and stop hiding behind your foundation. The only thing stopping you is greed and the power your money brings.

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