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.
Don’t Miss:
- Are you rich? Here’s what Americans think you need to be considered wealthy.
- How do billionaires pay less in income tax than you? Tax deferring is their number one strategy.
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.
Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – You can still get 4,000 of its pre-IPO shares for with $1,000 for just $0.25/share
"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.
Trending: Studies show 50% of consumers think Financial Advisors cost much more than they do — to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.
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.
Read Next:
- Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average?
- ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones – invest today with $1,000 for just $0.25/share
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.