Bill Gates Says Some US Government Tax Proposals Go ‘Too Far’ | World news


Bill Gates is in favor of increasing some taxes, but said some proposals seemed to have gone too far.

The government “must do more – healthcare costs, recovery from a pandemic, climate investments, generosity of foreign aid,” the billionaire said on Friday during an “Ask Me Anything” question-and-answer session on Reddit. “So I pushed for higher taxes. I disagreed with some proposals which seem to go too far.

The co-founder of Microsoft Corp. called taxes an “important” issue, but did not mention any tax proposals during the exchange.

The comment follows a recent wealth tax proposal from Senator Elizabeth Warren that called for a 2% annual tax on households and trusts valued at between $ 50 million and $ 1 billion. Any net worth over $ 1 billion would be taxed at 3%.

Gates, who is the third richest person in the world according to the Bloomberg Billionaires Index, also said that a higher estate tax can be an effective tool for generating income and avoiding dynastic wealth.

Other topics covered include:

  • Crypto mining:
  • “I have a lot of issues with anonymous money transfer versus assigned systems where you can dispute and void transactions and make sure taxes are paid. Electricity consumption is just a problem. We need digital money, but without these overheads.
  • Basic universal income:
  • “Today, we provide income for people with disabilities in many countries. The question is, can we afford to do this for everyone. We get richer as we innovate, but I wonder if we are rich enough to discourage people who can work. Over time, we have been more generous and we will be more generous. The discussion on this subject is very interesting but it boils down to numbers … “
  • Disinformation, disinformation and fake news:
  • “Some false information is more interesting than the truth, so digital channels seem to magnify echo chambers with bad facts. I haven’t seen as much creativity on how we solve this problem as we need to.
  • Climate denial:
  • “The damage in the past has been enormous. Now that the oil companies have stopped funding these things, I think climate denial will go down. There are issues with how we are going to reduce emissions, but I hope all young people agree that this is a critical goal. “
  • If nothing is done about climate change, “it worsens over time and natural ecosystems disappear. Migration away from uninhabitable areas around the equator will be massive. We will not be able to support a large population if it is much hotter.
  • To achieve net zero emissions by 2050:
  • “There is more public support for taking big action to avert a climate catastrophe than ever before. It is inspiring to see governments and businesses around the world setting ambitious emission reduction targets. The power to invent people makes me optimistic.

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