Microsoft co-founder Bill Gates stated that billionaires like himself would be significantly less wealthy if he were responsible for designing the U.S. tax system. During an episode of Netflix's 'What’s Next? The Future with Bill Gates,' Gates expressed that it was 'strange' to have individuals worth billions, suggesting a more progressive tax structure would result in the wealthy having 'a third as much' money.
Bill Gates said that billionaires like himself would be much less wealthy if he designed the U.S. tax system. In the Netflix show "What’s Next? The Future with Bill Gates ," the Microsoft co-founder said it was a "strange thing" to "have people worth a billion, 10 billion, a hundred billion." "Under the tax system I would go for, the wealthy would, say, have a third as much" money, Gates said while sitting down with Vermont Sen.
It’s a huge amount of wealth, which if you even tried to consume it, it would be kind of absurd," Gates said of billionaires. "You want that money to be given back to society, not just consumed. In a rich country of the U.S., the fact that there’s still deprivation says that our social safety net is not funded as well as we’d like it to be, but I’m not someone who thinks outlawing wealth above a certain size is the right way to go about it.
He and French Gates are also two of the co-founders of the Giving Pledge, along with longtime Berkshire Hathaway CEO Warren Buffett. The initiative has more than 240 signatories and asks them to donate a majority of their fortunes. The world is home to over 2,700 billionaires, including Gates and his estimated $138.6 billion personal fortune, according to Forbes. FOX Business' Breck Dumas contributed to this report.
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