In a recent interview with The Independent, Bill Gates reflected on his wealth and a tax system he believes could help change wealth inequality in America – or at the very least help fund some of the increasingly worthless programs, such as Social Security.
Gates even acknowledged that his wealth would be much lower under his ideal tax system. “If I designed the tax system, I would be tens of billions of dollars poorer,” he said. He has long advocated higher taxes on wealthier individuals.
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Gates’ position closely mirrors proposals from Bernie Sanders, who advocates a wealth tax targeted at the top 0.1% of American households. Sanders’ plan would tax people with a net worth of more than $32 million and he estimates it would raise $4.35 trillion over the next decade, halving the wealth of billionaires in 15 years.
Gates noted that Sanders’ plans are more progressive than he would design the tax code, but he still supports changes that closely mirror Sanders’ proposals. He supports the general goal of expanding the safety net by raising taxes on the ultra-rich and believes that with technological innovations like AI, it will be easier and more feasible to tackle tax plans like this.
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To reverse this trend, Gates said, it will take more than just charitable donations from billionaires. It will take systemic change, starting with the way the government taxes its wealthiest citizens. While Gates has contributed billions through the Bill & Melinda Gates Foundation, he stressed that philanthropy alone cannot address the scale of inequality in the country. “The tax system could be more progressive without significantly damaging the incentive to do great things,” he said.
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While many billionaires might balk at the prospect of losing billions in taxes, Gates argues that his life would remain comfortable even under a more progressive tax system. “My life is fantastic,” he has said. “I am the luckiest person on the planet to do the work that I do.” Despite public criticism, including wild conspiracy theories about his involvement in vaccine development, Gates remains focused on the bigger picture: creating a future in which everyone has a fair shot at prosperity.
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Gates argues that addressing wealth inequality is not just about moral responsibility, but also about ensuring a stable and thriving society. He warns younger generations to pay attention to growing misinformation and declining trust in government, noting that reversing these trends will be crucial to building a fairer future.
Ultimately, Gates’ willingness to support a tax system that would make him “tens of billions poorer” demonstrates his commitment to a vision of greater fairness. For those nearing or in retirement, understanding how wealth inequality and tax policy impact the broader economy is critical. Consulting with a financial advisor can help people navigate these changes and secure their financial futures.
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This article Bill Gates says he would be ‘tens of billions poorer’ under his ideal tax system — but he still supports it Originally appeared on Benzinga.com
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