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BILL GATES FEELS HE SHOULD PAY MORE TAXES AND MAY DO SO IF ASKED
January 26 2012
London, U.K. – President Obama has received a great deal of criticism over his tax policies, principally from the political right, especially after this week’s State of the Union address. The criticism has focussed principally on Obama’s plans to get the budget and the deficit under control through taxation, which of course is exactly what people should expect a Democrat to do.
Still, that has riled the right and become one more avenue for criticism of the President who is already suffering a great deal of criticism for the way he has handled the economy already. Still, Obama has stayed the course and pushed for increased taxes, particularly on the wealthy, and some of those wealthy people agree.
Now Bill Gates, the second richest person on the planet, has joined with friend Warren Buffet to call for high tax rates on the wealthy, feeling that he, like other wealthy people in the country, simply do not pay their fair share and that he would like to pay more, as soon as some asks and makes it an obligation of course.
"I certainly agree that they should go up more on the rich than everyone else that's just justice. The United States has a huge budget deficit so taxes are going to have to go up. I hope we can solve that deficit problem with a sense of shared sacrifice where everybody would feel like they're doing their part. Right now I don’t feel like people like myself are doing as much as we should,” Gates told the BBC while promoting the Bill and Melinda Gate foundation in Europe.
Gates did not specify how much he pays in taxes but did say that Warren Buffet pays a lower tax rate than his secretary.
Gates, like Buffet, has not publicly offered to pay more back to the country, only that he should be obligated to do so.
“There are two theories at play here. One, the Republican idea, is that wealthy people create jobs and thus are due their wealth. They use that wealth to create new employment and that that is the way to economic recovery. The Democratic side believes that individuals holding onto vast sums of wealth pull it out of the ecosystem and deprive others from opportunities. Unfortunately, both philosophies have failed and succeeded in the past, which makes the decision that much harder,” said Scrape TV Business analyst Ken Green. “That is the pickle the U.S. finds itself in right now, but of course individuals are more than capable of giving away their money if they choose.”
Gates and Buffet both make significant charitable contributions, though none to the U.S. Treasury or IRS as yet.
“Ultimately the issue is that unless you want inflation you have to deal with the money that exists right now and it’s really just a matter of how you distribute it. Obviously Gates feels the best way to do that is to have the government dole it out, and he’s willing to back that up with cash, once he’s obligated to do so of course,” continued Green. “It would be nice if he did it right now just because he wants to, but he doesn’t have to of course and that wouldn’t really be fair. The best way to do that is to put it into law, that will get him to pay more.”
Gates reportedly also feels that his children should have more food at dinner, but only gives it to them when child services forces his hand.
Martin Philton, Technology Correspondent
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