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
Finding Networking Opportunities Is Easy!
Finding Networking Opportunities Is Easy! By Leni Chauvin Business networking is all about forming strong relationships built on mutual respect and trust. Those relationships are the basis for the single most important tool that we all need if we want to survive in the competitive 21st century. I’m talking about referrals. And today’s savvy business…
5 Marketing Moves for Business Success
5 Marketing Moves for Business Success By David Newman Effective marketing can be simplified into five moves – five concrete actions – that you can implement immediately. Your challenge: try one or more of these NOW. Marketing has traditionally been broken down to a formula known as “the 5P’s” – the five factors that make…
Video Conferencing – It Finally Works
Video Conferencing – It Finally Works By Harold German Remember those bulky, expensive video conferencing systems you would see in well-equipped conference rooms not too long ago? You know, the ones the office manager never allowed you to touch? Every now and then, you were invited to sit in on a video meeting and you…
Technology & Business Expansion: Matching Your Data Systems to the Business Growth
Technology & Business Expansion: Matching Your Data Systems to the Business Growth By Dan Kaplan Fueling the high growth rate for Retailers, Manufacturers and Distributors is a flurry of mergers and acquisitions. In today’s world of mergers and acquisitions, and heavy usage of the Web, companies are facing a new reality. Software that meets the…