Tags: Financial Markets | Money | world | Bill Gates | universal basic income | system

Gates: World Isn't Ready For Universal Basic Income System

Gates: World Isn't Ready For Universal Basic Income System

Bill Gates (AP Photo/Grigoriy Sisoev)

By    |   Monday, 27 February 2017 04:56 PM

Bill Gates, one of the world's richest man with a net worth of $81 billion, thinks nations – including the United States – are not wealthy enough yet for a universal basic income system that would give everyone a set amount of money.

In a Reddit "Ask Me Anything" conversation Monday, the philanthropist and co-chair of the Gates Foundation was questioned about what he thought about a UBI, which some have argued would close gaps in equality.

"Over time, countries will be rich enough to do this; however, we still have a lot of work that should be done – helping older people, helping kids with special needs, having more adults helping in education," Gates said.

"Even the [United States] isn't rich enough to allow people not to work. Some day we will be, but until then things like the Earned Income Tax Credit will help increase the demand for labor."

The Earned Income Tax Credit, or EITC, is a form of "negative income tax," explained Business Insider, which flagged the Reddit item.

Families who make under a certain threshold and maintain a steady job, get money from the government at tax season instead of paying income tax – aiming to help low-income families save money and escape poverty for good.

In the same conversation, Gates pushed back at the idea of giving poor families cash when they can be given the means to provide themselves with work and food.

"It's the classic thing of teaching someone how to fish," Gates said. "Now, if you don't live near water, then it's pretty hard to fish. But the parable could've been stated in terms of giving somebody a chicken."

Gates, through a partnership with Heifer International, donated 100,000 chickens to families in sub-Saharan Africa last year.

© 2021 Newsmax. All rights reserved.


   
1Like our page
2Share
Newsfront
Bill Gates, one of the world's richest man with a net worth of $81 billion, thinks nations – including the United States – are not wealthy enough yet for a universal basic income system that would give everyone a set amount of money.
world, Bill Gates, universal basic income, system
295
2017-56-27
Monday, 27 February 2017 04:56 PM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved