Gates Not Opposed to Wealth Tax Despite Implications
There has been much chatter lately regarding a wealth tax. At least two of the leading democratic presidential candidates have discussed it, even though most wealthy Americans would likely oppose this tax. After all, why should they be punished just because they make more money?
But not all wealthy taxpayers oppose a wealth tax. In fact, one of the richest men in the world says he would be okay with it, despite the personal implications it would have on his net worth.
Bill Gates, who is reportedly the second richest man in the world, says he supports higher taxes for the wealthy. Gates says he doubts the country will implement a wealth tax, but if it did, he would be in favor of it.
So how would that affect Gates? Elizabeth Warren wants to implement a 2 percent annual tax on people earning more than $50 million. The tax would be 3 percent above a billion.
According to Forbes, Gates was worth $97 billion in 2018. If Warren’s proposed tax had been in place since the first year Forbes started tracking the 400 wealthiest Americans (1982), Gates would only be worth about $36 billion today.
Still, Gates says he believes the government should make people as wealthy as him pay higher taxes.
If you have a complicated tax issue, we suggest you contact an expert tax advisor. If you’re in the market for one, please consider contacting us here at Info@GROCO.com. Unfortunately, we no longer give advice to other tax professionals.
We hope you found this article about Gates Not Opposed to Wealth Tax Despite Implications helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Considerately yours,
GROCO, GROCO Tax, GROCO Technology, GROCO Advisory Services, GROCO Consulting Services, GROCO Relationship Services, GROCO Consulting/Advisory Services, GROCO Family Office Wealth, and GROCO Family Office Services.
Alan L. Olsen, CPA, Wikipedia Bio
The Inspiration for LinkedIn
The Inspiration for LinkedIn with Konstantin Guericke, co-founder of LinkedIn “When you need an investor, or business partner, its usually not someone who you know, but it’s often someone who you know knows” –Konstantin Guericke, Co-Founder of LinkedIn “I am a social architect with a passion for exploring the intersection of psychology, sociology and computing.…
Baseball Analytics- Business & Game Day
Baseball Analytics- Business & Game Day “What’s been Cool to Watch over the Years is how the Role of analytics has increased. More and more people are focused on it and we’re capturing data that now before has ever had access to” -Bill Schlough, CIO of the San Francisco Giants Transcript of : Baseball Analytics-…
How Hal Kellman Averages a 20% Return on the Market
Interview Transcript, How Hal Kellman Averages a 20% Return on the Market Introduction to How Hal Averages a 20% Return on the Market Alan Welcome back. I’m here today with how Kelman the Cameron family office and how welcome to today’s show. Thank you. So hopefully the listeners, can you get the background of how…
Happiness in the Workplace
About Mike Duffy: Happiness is more than a state of being, for Mike Duffy, it’s a passion. Listen as Mike shares an acronym that he’s made up to help you achieve happiness in the workplace. Mike Duffy is an evangelist for happiness. Mike has written 4 books on happiness including, The Happiness Book For Men.…