Microsoft co-founder Bill Gates says billionaires should pay "significantly" more in taxes Bill Gates says he has paid more than $10 billion in taxes over a lifetime but billionaires like him should pay "significantly" more because they benefit more from the system.
The Microsoft co-founder, the world's second richest man after Amazon's Jeff Bezos, was critical of a recent US tax overhaul that slashed corporate taxes and lowered the top bracket for individual income.
"I've paid more taxes, over $10 billion, than anyone else, but the government should require the people in my position to pay significantly higher taxes," he said in an interview Sunday with CNN.
He said the tax overhaul passed in December favors the rich despite Republican claims it will help the middle and working classes.
"People who are wealthier tended to get dramatically more benefits than the middle class or those who are poor, and so it runs counter to the general trend you'd like to see, where the safety net is getting stronger and those at the top are paying higher taxes," he said.
With a sixth of the US population living in what he called "disappointing" conditions, he said US policymakers need to think about rising inequality and ask, "Why aren't we doing a better job for those people?"
Explore further: Ireland to start collecting $15 billion in tax from Apple
redditor3000 on February 19th, 2018 at 18:19 UTC »
The key is to de-globalize capital. Stop allowing companies to move cash overseas without it being taxed.
abluersun on February 19th, 2018 at 18:17 UTC »
He has the cash to buy and sell much of Congress. This would be within his grasp if he wanted. It certainly worked for the Kochs in the opposite direction.
TooShiftyForYou on February 19th, 2018 at 18:15 UTC »
"People who are wealthier tended to get dramatically more benefits than the middle class or those who are poor, and so it runs counter to the general trend you'd like to see, where the safety net is getting stronger and those at the top are paying higher taxes," Gates said.
With a sixth of the US population living in what he called "disappointing" conditions, he said US policymakers need to think about rising inequality and ask, "Why aren't we doing a better job for those people?"
Bill Gates is one of the few rich people willing to admit what we all see is actually happening.