Tags: Financial Markets | Money | Trump Administration | Trump Tax Reform | bill gates | taxes | capital gains

Bill Gates: I Should Pay More in Taxes

bill gates throws up both hands palms up while speaking to reporters
Microsoft founder and billionaire Bill Gates (Grigoriy Sisoev/AP)

By    |   Wednesday, 27 February 2019 04:11 PM

Microsoft founder and billionaire Bill Gates says he should be paying more in taxes.

"I have paid $10 billion, but I should have had to pay more on my capital gains," he said during a lengthy Q&A on Reddit.

Gates was responding to a question from a reader on what his tax bill should be.

"I think our system can be a lot more progressive (that is richer people paying a higher share)," he responded.

"A key element is making capital gains taxation more like ordinary income (some have suggested making them the same) and having an estate tax more like we had in the past (55 percent above $3.5M) European countries collect a lot more taxes but through consumption taxes but those are not progressive.

"If people want the government to do more, it needs to be funded and I see us needing to improve our education and health services."

The richest 10 percent of people in the world own 85 percent of global wealth, according to Credit Suisse's 2018 Global Wealth Report, and Gates thinks they should pay more in taxes.

Gates, who is worth an estimated $91.8 billion, last week said tax policies should focus on the estate tax, taxes on capital and Social Security.

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Admitting he should be paying more in taxes, Microsoft founder and billionaire Bill Gates said: "I have paid $10 billion, but I should have had to pay more on my capital gains."
bill gates, taxes, capital gains, microsoft, fair share
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2019-11-27
Wednesday, 27 February 2019 04:11 PM
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