Microsoft co-founder Bill Gates recently expressed his readiness to relinquish 62% of his wealth under a proposed tax system aimed at the affluent.
What Happened: Gates, who has a net worth of approximately $139 billion according to Forbes, discussed his perspective on wealth disparity in the Netflix docuseries “What’s Next? The Future with Bill Gates.”
According to a report by CNBC, he referred to the existence of billionaires as “a peculiar phenomenon” and underscored the necessity for the wealthy to contribute more to society.
Although Gates didn’t directly address whether he considered himself “too wealthy,” he voiced his support for a tax system where those with greater wealth pay a larger proportion in taxes. He disclosed that under his suggested tax system, he would forfeit about 62% of his wealth.
“It’s kind of wild that we do have billionaires. It’s a huge amount of wealth, which if you even tried to consume it would be kind of absurd. You want that money to be given back to society, not just consumed,” Gates said.
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“I’m not saying it’s some awful thing to be on the list. I’m just making it clear it’s not a positive thing,” he said. “I think the world would be better if billionaires voluntarily chose to give more money away.”
Gates also referred to a discussion with Sen. Bernie Sanders, a strong proponent of significantly higher taxes for the rich.
“I would set tax rates quite a bit higher for rich people,” he said during the interview, citing a conversation he had with Sanders.
“I would not make it illegal to be a billionaire. Sanders would take away over 99% of what I have. I would take away 62% of what I have. So that’s a difference,” he added.
Why It Matters: Gates’ viewpoint on wealth inequality isn’t a recent development. His philanthropic organization, the Bill & Melinda Gates Foundation, has contributed billions to tackle global challenges such as poverty and inequality.
He also urges other billionaires to participate in his Giving Pledge, a promise to donate at least half of their wealth to charitable causes.
Despite his stance on wealth redistribution, Gates continues to be a staunch supporter of capitalism and the necessity for financial incentives to foster hard work and innovative thinking.
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