Bill Gates Has Some Harsh Words for Alexandria Ocasio-Cortez's Tax Plan

Remigio Civitarese
Febbraio 14, 2019

Gates, who held the title of the richest man on Earth on and off for decades before Amazon CEO Jeff Bezos unseated him a year ago, also ripped the increasingly popular modern monetary theory.

"That's ordinary income", he noted.

The billionaire businessman, however, does believe there are ways to make the current tax code more progressive. "It has come through timing, luck, and through people I worked with". Ocasio-Cortez has not been in Congress for more than one month and her fashion choices are already getting almost as much commentary as her Green New Deal. "Now, you finally have some politicians who are so extreme that I'd say, 'No, that's even beyond, '" Gates said. The top marginal rate is now 37 percent. Elizabeth Warren's proposed tax policy that focuses on taxing net worth on households worth more than $50 million. 'Anyway, you should look at that.

'If you focus on that, you're missing the picture, ' he said.

'We can be more progressive without really threatening income generation - what you have left to decide how to spread around, ' Gates said, noting the tradeoff that many economists point out.

According to IRS statistics, the top 400 earners in 2014 paid a 23.13 per cent tax rate, earning $127 billion in total and paying $29.4 billion in taxes, the libertarian think tank American Enterprise Institute reported.

Gates said he was in favor of raising the inheritance tax - a sentiment he echoed during a recent podcast interview with the Verge, during which he also deemed Democrats calls for higher income tax rates a "misfocus".

"But once you get to the tippie tops, on your ten millionth, sometimes you see tax rates as high as 60 percent or 70 percent", Ocasio-Cortez said in an interview with "60 Minutes". 'That doesn't mean all $10 million are taxed at an extremely high rate. "But it means that as you climb up this ladder, you should be contributing more". He does plan to give to the Bill and Melinda Gates Foundation, however, which helps fight disease and poverty in other countries.

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