Bill Gates, one of the richest people in the world, shared his true thoughts on implementing higher tax rates for wealthy individuals. Known for his humble and ‘fatherly’ persona, Gates expressed that he is not opposed to this idea, often described as a philanthropist generous with his wealth.
Bill Gates said the tax system should not be abused
In his recent appearance on the “On With Kara Swisher” podcast, Gates stated that wealthy individuals should pay more in taxes but emphasized that the tax rates need to maintain a balance.
Gates mentioned that he would accept having 62% of his wealth taken as tax. However, he disagreed with Senator Bernie Sanders’ suggestion in his new Netflix show, which proposed taxing over 99% of wealth.
Sanders advocates that billionaires should give the majority of their wealth to the government through taxes. Gates, however, warned that such high rates could hinder innovation and prevent the emergence of new billionaires.
The famous billionaire stressed the importance of preserving aspects of the tax system that allow wealth creation. “We don’t want to kill the goose that lays the golden egg,” Gates said, pointing out that overly egalitarian systems, like North Korea’s, stifle economic development.
Gates also mentioned that the U.S. is admired worldwide as a place where the largest companies are founded, emphasizing that preserving this economic structure is essential for expanding the social safety net.
According to the Bloomberg Billionaires Index, Microsoft co-founder Bill Gates currently has a net worth of $163 billion. Gates said that a significant portion of his wealth is directed toward charitable efforts, stressing that the wealthy should contribute not only to the government but also to society.
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