I guess Bill Gates missed the memo about taxation being theft! The billionaire is arguing that wealthy people should be paying more in taxes. Why though? Why should they be required to pay even more of their earned money in? That is their money. Not the government’s.
The Microsoft co-founder said, "I think the rich should pay more than they currently do, and that includes Melinda and me," referring to his wife, Melinda Gates.
His argument for the rich paying more is that the United States doesn’t get enough revenue from everyone to meet obligations. Therefore, the wealthy should be required to make up for what they are missing.
He said that the U.S. should raise taxes on capital gains, probably to the point where capital gains and labor income are taxed at the same rates. He also said he supports raising the estate tax, lifting the cap on the amount of income subject to payroll taxes and closing the "carried interest" tax break that benefits investment fund managers. Additionally, he said he supports "taxing large fortunes that have been held for a long time (say, ten years or more)."
"Very wealthy people often have large investments they’ve held for long periods, and if those investments aren’t sold or traded, the money is never taxed," Gates continued, "That doesn’t make sense."
Gates made similar comments about taxing the rich at a conference hosted by The New York Times in November. He said then that his position on taxes falls "in the middle" between the tax cuts supported by Republicans and the 6-percent wealth tax on net worth over $1 billion supported by Sen. Elizabeth Warren (Mass.), a Democratic presidential candidate.
When asked at the event if he'd be willing to meet with Warren, Gates said he's "not sure how open minded she is — or that she’d even be willing to sit down with somebody who has large amounts of money.” Warren replied on Twitter that she'd be happy to meet with Gates.
Keep reading on The Hill.
