Bill Gates says he paid $10 billion in taxes

[edhopper]

That is less than 10% of his total worth.

I wish I had only paid 10% of my worth in taxes in my life.

Let's say my total worth, including my home and IRA is around $500,000. I think I have paid a lot more than $50,000 in my life.
In a 40 year work life, just paying an average of $10,000 p/yr in taxes would mean I would have paid $400,000 or 80% of my worth.

[empedocles]

1. Gates, on being against the wealth tax fiasco, - really stepped into that time.

Smeared over a lot of his good works.

[Voltaire2]

2. It is stunning, isn't it?

The peasants pay 20-40% taxes on their income, are sternly admonished for not accumulating wealth, and the billionaires sit on more wealth than they could spend in 100 lifetimes and complain about having paid 10% of that mountain of wealth in taxes.

[Autumn]

3. My heart hurts for those poor demonized billionaires.

Fuck em.

[Bettie]

5. Hey, I've been told recently

that we're all big meanies and we make them sad by "marginalizing them" oh, my bad, "demonizing" them.

Poor billionaires...their feelings are hurt by the suggestion that they should pay taxes!

[Autumn]

6. Shame on us!

[Baitball Blogger]

7. +1

[LakeArenal]

4. Yeah well, Bill, if you paid your fair share

you don’t get all the good press as a philanthropist. Please just quietly pay your taxes. It’s way more American.

[RainCaster]

8. He needs to pay more attention to his mentor, Warren Buffett

Warren has been very open about the idea that the rich pay little, and should be paying more.

[Mr.Bill]

11. Many of them say that.

I'm still waiting for any of them to voluntarily pay more by donating to the US Treasury.

[Hoyt]

9. Most of that wealth is on paper. In any event, here is what Gates said in February.

Gates: “I think our system can be a lot more progressive (that is richer people paying a higher share).

“A key element is making capital gains taxation more like ordinary income (some have suggested making them the same) and having an estate tax more like we had in the past (55% above $3.5M).

“European countries collect a lot more taxes but through consumption taxes, but those are not progressive. If people want the government to do more it needs to be funded and I see us needing to improve our education and health services.

“So yes, I have paid $10B but I should have had to pay more on my capital gains.”

https://www.vox.com/future-perfect/2019/2/27/18243183/bill-gates-foundation-reddit-ama-billionaire-taxes


In addition to taxes, he's paid tens of billions in charitable contributions. And his companies, well paid workers, and innovations have paid plenty in taxes too.

I don't think he would have much trouble with reasonable taxes, even wealth taxes.

But, one of our candidates has gone from a 2 to 3% wealth tax, a month ago, to a 5% to 6% tax, with more promises and proposed taxes to come. I'd be concerned where it ends too. As someone who is not a millionaire/billionaire or even close, I'm concerned when all these promises will hit everyone else when it becomes apparent paper wealth isn't going to fund everything that's being thrown around to gain votes, especially looking long-term.

[Voltaire2]

10. "Most of that wealth is on paper."

Seriously? You haven't seen this picture of BillG?

[stopdiggin]

14. thanks for a more complete picture

Gates (and many others) actually support a (more) progressive taxation. And it should be noted that the U.S. has trended in the OTHER direction most recently. The argument would be in how to achieve what is perceived as a fairly common goal. New methods (of taxation) are always going to bring up questions. That's the way things work. Chill people. And maybe a little perspective.

(while not a big fan of Gates .. he hardly qualifies as a boogie man either)

[Mc Mike]

12. How much in tax payer dollars did you take in, you sleazy tick?

[edhopper]

13. Well,

I got that $600 tax rebate check from Obama.

Or do you mean Gates, cause Microsoft just got $10 billion from the Defense Department.

[Mc Mike]

15. Not you, ed.

Our local, state, and Fed gov pays this guy our tax dollars, he gets a huge amount of profits from our tax dollars.

Then whines about paying taxes. In his mind, money from taxes should only flow one way, to him from us.