Gates Not Opposed to Wealth Tax Despite Implications

Bill Gates

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 Olsen, CPA

 

Alan L. Olsen, CPA, Wikipedia Bio

/GROCO
Posted in ,
The True Value of Your Company May Be Different From What You Think

The True Value of Your Company May Be Different From What You Think

The True Value of Your Company May Be Different From What You Think Approaches to Value Intangible Assets Posted: 3/31/11 I’ve received a lot of inquires asking how to value a company that has yet to generate any revenue, has not reached profitability, and yet, it has a substantial history of expenses. Most are start-up…

To receive our free newsletter, contact us here. Subscribe our YouTube Channel for more updates. Alan Olsen, CPA Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world. Alan L. Olsen, CPA, Wikipedia Bio GROCO.com is a proud sponsor of The American Dreams Show. American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business. Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind. The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most. They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more.. American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included: Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work… Untitled_Artwork copy 4 MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement: In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges. Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Does Your Business Need a Buy-Sell Agreement?

Does Your Business Need a Buy-Sell Agreement? What Is Buy-Sell Agreement? Buy-Sell Agreement, also known as a buyout agreement, give the company or other stockholders the option or obligation to purchase the interests of other owners under some specified circumstances called trigger events such as death, departure, or retirement, etc. There are two basic types…

Does Your Company Need a Fairness Opinion?

Does Your Company Need a Fairness Opinion? Although not required by statute or regulation, fairness opinions have become an important component of the board of directors and executives deliberation process as they seek to satisfy their fiduciary duties to shareholders and act with due care in an informed manner. Fairness opinions are prepared for and…

Tax Record Retention Guide

Storing tax records: How long is long enough? Tax Record Retention April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain…