Gates talks about new years wish: the U.S. government can pay more taxes on the rich

 Gates talks about new years wish: the U.S. government can pay more taxes on the rich

Figure: Gates wealth has been growing steadily over the past decade

Around 2010, Gates had a net worth of more than $50 billion and promised to give most of his wealth to charities. By the end of 2019, Gates had donated billions of dollars to fight poverty, improve health care and education. But Gates wealth more than doubled during the period, thanks to soaring stock prices and preferential tax policies.

So as the worlds second richest man, gates wants billionaires to pay more taxes. U.S. lawmakers should close tax loopholes, raise inheritance taxes, and raise capital gains taxes to match labor income, gates wrote in a blog post. He also called on U.S. states and local governments to make their taxes fairer, and reiterated his support for higher state tax rates in Washington state where he lives.

I get a disproportionate return on what I do, while many other people who work the same hard struggle, Gates wrote. Thats why I support tax reform. Under the new tax system, if you have more money, you have to pay a higher proportion of the tax. I think the rich should pay a higher tax rate than they do now, including Melinda and me.

According to the Bloomberg billionaire index, gates, 64, has a net worth of $113.7 billion.

At an event last November, Gates expressed reservations about the rich tax proposed by presidential candidates Elizabeth Warren and Bernie Sanders. In his blog post, Gates said he would not express his position on the various proposals debated during the campaign.

But Gates said: I believe that we can make our system more equitable without sacrificing the power of innovation. Before stopping work or creating jobs, the wealthiest 1% is able to pay a higher tax rate. When Paul Allen and I started Microsoft in the 1970s, the marginal tax rate was almost twice the highest today, but that didnt hurt our motivation to build a great company. (small)

Source: Wang Fengzhi, editor in charge of Netease Technology Report