Politics: Bill Gates: Taxing the rich is fine, but some politicians miss the point - PressFrom - US
  •   
  •   
  •   

PoliticsBill Gates: Taxing the rich is fine, but some politicians miss the point

17:50  12 february  2019
17:50  12 february  2019 Source:   cnbc.com

Democratic contenders hoping to run on soaking the rich

Democratic contenders hoping to run on soaking the rich Some Democratic presidential hopefuls are enthusiastically embracing plans to raise taxes on the richest Americans. It's a shift for the party, which has generally avoided pitching higher taxes on anyone during presidential campaigns. And it underscores the party's lurch to the left. One Republican senator, John Cornyn of Texas, says some of these plans play off what he calls "the politics of personal envy." He predicted economic blowback from reversing the current tax laws muscled through by Republicans in 2017. The $2 trillion tax bill Trump signed into law was a boon for many wealthy Americans, with low-and middle-income Americans receiving smaller cuts.

Microsoft co-founder Bill Gates could be the wealthiest person in the world right now, but he's not. Bezos first overtook Gates as the richest man the world in October, when his net worth reached Bezos hasn't yet made a "a major philanthropic mark," as Bloomberg puts it, but some predict that 's

Ian Birrell: The world's richest man is seen as a secular saint. But he should question the example Microsoft is setting by avoiding tax .

Bill Gates supports a "more progressive" tax policy on the rich, but he thinks proposals targeting high income brackets, like the policy proposed by freshman liberal Rep. Alexandria Ocasio-Cortez, D-N.Y., are missing the point.

Ocasio-Cortez has pushed raising the top marginal tax rate to 70 percent on income over $10 million. The top marginal rate is currently 37 percent. But Microsoft founder Gates, without mentioning Ocasio-Cortez by name, said this kind of approach is "a misfocus. If you focus on that, you're missing the picture."

"In terms of revenue collection, you wouldn't want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income," Gates, one of the richest people in the world, told The Verge in a new interview. "They have income that just is the value of their stock, which if they don't sell it, it doesn't show up as income at all, or if it shows up, it shows over in the capital gains side. So the ability of hedge fund people, various people — they aren't paying that ordinary income rate."

Report: NBA to fine Pelicans $100K for each game Davis sits

Report: NBA to fine Pelicans $100K for each game Davis sits Even with the NBA trade deadline in the rearview, the drama surrounding New Orleans Pelicans superstar Anthony Davis continues. The league informed the Pelicans that they'll be fined $100,000 per game if Davis is benched, sources told ESPN's Brian Windhorst. In 2017, the NBA implemented a rule that restricts teams from resting healthy players. Davis' playing schedule has been discussed often, even before the club didn't deal the six-time All-Star at the deadline. His agent, Rich Paul, called the league office to express concern that the Pelicans wouldn't play Davis if he isn't traded, according to Windhorst.

William Henry Gates III KBE DFBCS (born October 28, 1955) is an American business magnate, investor, author, philanthropist, and humanitarian.

Another super- rich celebrity is voicing support for taxing himself more than other Americans. Billionaire Microsoft founder Bill Gates said in an interview with ABC's This Week, highlighted by Think Progress, that he's "generally in favor of the idea that the rich should pay somewhat more" than

Instead, he said lawmakers should focus on things like the estate tax, taxes on capital and Social Security. His view may be more closely aligned with Sen. Elizabeth Warren's proposed tax policy that focuses on taxing net worth on households worth more than $50 million.

"Now, you finally have some politicians who are so extreme that I'd say, 'No, that's even beyond.' You do start to create tax dodging and disincentives, and an incentive to have the income show up in other countries and things," Gates said, an apparent reference to Ocasio-Cortez. "We can be more progressive without really threatening income generation — what you have left to decide how to spread around."

Gates, who held the title of the richest man on Earth on and off for decades before Amazon CEO Jeff Bezos unseated him last year, also ripped the increasingly popular modern monetary theory.

3 reasons Democrats are climbing all over themselves to tax the rich

3 reasons Democrats are climbing all over themselves to tax the rich The push to take more from the wealthy is becoming a defining feature of the early presidential contest.

More than any other entrepreneur, Bill Gates is the reason you're using a personal computing device to look at this story right now. Now, Gates is no longer the world's richest man because he's busy spending his money trying to save the world from disease and poor education.

Bill Gates would still be the richest man in the world, if he didn’t keep giving his money away. Inevitably, Gates is making decisions and funding projects that have all sorts of political implications. Never miss a story from Financial Times, when you sign up for Medium.

The school of thought has received backing on the left from politicians such as Ocasio-Cortez and her fellow Democratic-socialist Sen. Bernie Sanders, who is likely to run for president in 2020. President Donald Trump has expressed views that align with it, too. "First of all, you never have to default because you print the money. I hate to tell you. So there's never a default," he said while campaigning in 2016.

MMT dismisses concerns about sovereign debt since countries that print their own currency can't really run out of money.

"That is some crazy talk," Gates told The Verge.


Tax brown energy or subsidize green? The choice is easy.
Taxing brown energy can achieve the “double dividend” of improving environmental quality and increasing employment.

—   Share news in the SOC. Networks

Topical videos:

usr: 1
This is interesting!