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
What’s the Difference Between Tax Avoidance vs. Tax Evasion?
“I love paying taxes!” said no one ever! The truth is given a choice everyone would most likely keep their hard earned money rather than give it to the government. Unfortunately, taxes are a part of life and almost no one is exempt. However, figuring out how to pay fewer taxes is practically a national…
Yacht Owners Feeling the Tax Pinch in French Riviera
Yacht Owners Feeling the Tax Pinch in French Riviera The French Riviera is one of the most popular waterways in the world for high net worth individuals. Luxurious yachts dot the docks up and down these waterways, as some of the world’ wealthiest enjoy spending time basking in the sun. However, all is not perfect…
Do Canadians Get Their Money’s Worth With Taxes?
Do Canadians Get Their Money’s Worth With Taxes? For those in the U.S. who oppose high taxes the truth is compared to some other countries, most Americans don’t have it too bad. In fact, when compared with the other 34 countries that make up the Organization for Economic Cooperation and Development (OECD), the U.S. comes…
The Fight for Tax Reform Will Be Long and Arduous
Is it starting to feel like the process to simply put up a new stop sign in the Nation’s Capitol would take an act of Congress? These days nothing is simple in Washington and when it comes to tax reform the battle will be anything but easy. When President Trump took office it was widely…