Bill Gates, the co-founder of Microsoft, recently shared his thoughts on the wealth of billionaires and the tax system in the U.S. In a conversation on the Netflix show “What’s Next? The Future with Bill Gates,” he mentioned that if he designed the tax system, billionaires like himself would be much less wealthy.
During the episode where he spoke with Vermont Senator Bernie Sanders, Gates pointed out the oddity of having individuals worth vast sums of money, saying, “It’s a strange thing to have people worth a billion, 10 billion, a hundred billion.” He added, “Under the tax system I would go for, the wealthy would, say, have a third as much.”
Senator Sanders, known for his progressive views, indicated he would go even further than Gates in taxing the wealthy.
Gates reiterated similar views in an interview with The Independent earlier this September, stating, “If I designed the tax system, I would be tens of billion dollars poorer than I am.” He believes the tax system could be more progressive without greatly discouraging innovation and entrepreneurial efforts. Gates also expressed his support for the estate tax.
Gates conveyed that the world would be better off if billionaires voluntarily chose to give more of their money away. He sees great value in the wealthy contributing to fight social inequalities and improve the overall social safety net. He remarked on the absurdity of trying to consume such vast wealth personally, underscoring the importance of redistributing it for societal benefit.
Additionally, Gates co-founded the Giving Pledge with his ex-wife Melinda French Gates and Warren Buffett, CEO of Berkshire Hathaway. This initiative encourages wealthy individuals to donate a majority of their fortunes to charitable causes. The Giving Pledge has over 240 signatories committed to using their wealth to address pressing societal issues.
According to Forbes, there are more than 2,700 billionaires worldwide, including Gates, who has a personal fortune estimated at $138.6 billion.
In conclusion, Gates’ vision for a reformed tax system emphasizes fairness and societal benefit. While he recognizes the tremendous economic power held by billionaires, he advocates for a taxation approach that would reduce wealth disparities and support a well-funded social safety net, all while preserving the incentives for innovation and achievement.
