Bill Gates says he’d be ‘tens of billions poorer’ under his ideal tax system – but he still supports it

In a recent interview with The Independent, Bill Gates reflected on his wealth and a tax system he believes could help reshape wealth inequality in America — or at least help fund draining programs like security social.

Gates even admitted that his wealth would be much smaller under his ideal tax system. “If I designed the tax system, I’d be tens of billions of dollars poorer,” he said. He has long been a supporter of higher taxes on the wealthiest.

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Gates’ position closely aligns with the proposals of Bernie Sanders, who advocates a wealth tax targeting the top 0.1% of US households. Sanders’ plan would tax those with net worths of more than $32 million, and he estimates it would raise $4.35 trillion over the next decade, cutting billionaire wealth in half over 15 years.

Gates noted that Sanders’ plans are more progressive than the tax system would project, but he still supports the change that closely aligns with Sanders’ proposals. He supports the overall goal of expanding the safety net by raising taxes on the ultra-rich, and believes that with technological innovations like AI, it will be easier and more feasible to tackle tax plans like this.

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According to Gates, reversing this trend requires more than just charitable donations from billionaires. It calls for systemic change, starting with how the government taxes its wealthiest citizens. Although Gates has contributed billions through the Bill & Melinda Gates Foundation, he insists that philanthropy alone cannot address the scale of inequality in the country. “The tax system could be more progressive without significantly affecting the incentives to do fantastic things,” he said.

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While many billionaires might balk at losing billions to taxes, Gates says his life would remain comfortable even under a more progressive tax system. “My life is fantastic,” he said. “I’m the luckiest person alive in terms of the work I do.” Despite public criticism, including wild conspiracy theories about his involvement in vaccine development, Gates remains focused on the big picture: creating a future where everyone has a fair chance at prosperity.

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As Gates sees it, addressing wealth inequality isn’t just about moral responsibility, it’s about ensuring a stable and thriving society. He warns younger generations to pay attention to the rise of misinformation and the decline of trust in government, noting that reversing these trends will be crucial to building a fairer future.

Finally, Gates’ willingness to support a tax system that would make him “tens of billions poorer” demonstrates his commitment to a vision of greater equity. For those approaching or in retirement, understanding how wealth inequality and tax policies affect the broader economy is essential. Consulting a financial advisor can help individuals navigate these changes and secure their financial future.

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