Bill Gates is in favor of raising some taxes, but says some proposals seem to go too far.
The government “has to do more: health costs, pandemic recovery, climate investments, generosity in foreign aid,” the billionaire said Friday during a “Ask me anything” question and answer session on Reddit. “So I have pushed for taxes to be increased. I do not agree with some proposals that seem to go too far. “
The Microsoft Corp. co-founder called the taxes an “important” issue, but did not mention any tax proposals during the exchange.
His comments follow a series of Proposed state and national estate taxes. Democratic Sen. Elizabeth Warren this month proposed the Ultra Millionaire Tax Act, which would levy a 2% annual tax on homes and trusts valued at between $ 50 million and $ 1 billion. All net worth over $ 1 billion would be taxed at 3%, costing the 100 richest Americans about $ 78 billion, according to a Bloomberg analysis. The bill is unlikely to go far in a tightly divided Congress.
Read: Bill Gates criticizes Warren’s estate tax plan
Gates is the third richest person in the world with a fortune of 138,000 million dollars, according to the Bloomberg Billionaires Index. He has previously called for taxes on the rich to be raised to address growing inequality, even in a blog post in late 2019 that suggested closing the loopholes and raising the capital gains tax to equal the rate on earned income. He said on the Reddit forum that raising inheritance taxes can be an effective tool for increasing income and avoiding dynastic wealth.
During the forum, he also expressed doubts about the introduction of a universal basic income, an idea that has gained some support during the pandemic and was promoted by Andrew Yang during his far-reaching presidential run.
“We get richer as we innovate, but I wonder if we are rich enough to discourage people who are able to work,” Gates said. “Over time we have been more generous and we will be more generous. The discussion on this is very interesting, but it comes down to numbers. “
Other topics covered include:
- Cryptocurrency mining:
- “I have a lot of problems with anonymous money transfers compared to attributed systems where you can dispute and reverse transactions and make sure taxes are paid. The use of electricity is just one problem. We need digital money, but without those overheads. “
- Disinformation, disinformation and fake news:
- “Some false information is more interesting than the truth, which is why digital channels seem to magnify echo chambers with negative data. I haven’t seen as much creativity on how we solve this as we need to. “
- Climate denial:
- “The damage in the past was enormous. Now that the oil companies have stopped funding these things, I think climate denial will subside. There are problems with how we reduce emissions, but I hope all young people agree that it is a fundamental objective.
- If nothing is done about climate change, “it gets worse over time and natural ecosystems disappear. Migration out of the non-habitable areas around the equator will be massive. We won’t be able to support a large population if it’s much hotter. “
- Upon reaching net zero emissions by 2050:
- “There is more public support than ever for taking big steps to prevent a climate disaster. It is inspiring to see governments and companies around the world set ambitious targets to reduce emissions. The power of the world to invent makes me optimistic. “
(Add more comments in the seventh paragraph.)