This is how you know the Democrats aren’t great at policy making…
Microsoft co-founder and business magnate Bill Gates opposed the wealth tax suggested by Sen Elizabeth Warren at an event hosted by the New York Times and said that if you “tax too much,” there is a chance that creativity will be curtailed. He also talked about humanitarian effort importance, outlining that it “does what the government can’t do.”
“I do think that if you tax too much, you risk the capital formation, innovation,” Gates said in New York City at the DealBook conference on November 6. “The U.S. is a desirable place for innovative companies, I do think you risk that.”
Gates explained how profits originate from developing businesses that “achieve very strong positions, particularly in the technology industry.” Thus, he stressed, you want the incentive system to be there.
“I’m all for super-progressive tax systems,” Gates said. “I’ve paid over $10 billion in taxes. I’ve paid more than anyone in taxes. If I had to pay $20 billion, it’s fine.”
“But when you say I should pay $100 billion, then I’m starting to do a little math about what I have left over,” he said. “Sorry, I’m just kidding.”
Gates’ net worth is $106.9 billion, according to Forbes. He has donated $35.8 to his Bill and Melinda Gates Foundation and has been hard at work trying to find, among other things, a cure for “infectious diseases and the leading causes of child mortality in developing countries.”
“I do think philanthropy is a good thing, that two percent of the economy plays a role that neither the private sector nor the government are able to do in terms of various approaches to say Malaria, nutrition,” said Gates.
When asked if he would be inclined to meet with Warren to discuss her policies, he replied, “I am not sure how open-minded she is, or if she would even be willing to sit down with someone who has large amounts of money.”
Warren tweeted a response, saying, “I’m always happy to meet with people, even if we have different views, if we get the chance, I’d love to explain exactly how much you’d pay under my wealth tax. (I promise it’s not $100 billion.)”
Presidential hopeful Bernie Sanders, also tweeted a response to Gates’s remarks, saying that if $100 billion were to be taxed, poverty would disappear.
“Say Bill Gates was actually taxed $100 billion,” Sanders said in his tweet. “We could end homelessness and provide safe drinking water to everyone in this country. Bill would still be a multimillionaire. Our message: the billionaire class cannot have it all when so many have so little.”