“I need to pay higher taxes,” Bill Gates told CNN’s Fareed Zakaria on Sunday.
He was making a case against Republican tax cuts, but his actual argument? Insignificant. It’s just another unlearned, narrow-perspective “growing inequality” farrago. But his conclusion intrigues . . . as a man-bites-dog story, because people have this goofy idea that rich people are somehow against government and for reduced taxes.
They aren’t. Not even most of the richest.
“I’ve paid more taxes, over $10 billion, than anyone else,” says the man worth $90 billion, “but the government should require the people in my position to pay significantly higher taxes.”
Why? To spend his money better than he could?
Were all the wealth of America’s billionaires confiscated whole and that sum would actually pay off the federal debt (which I doubt), what do you think Washington politicians would do? Go on the straight and narrow and never over-spend again?
No. Politicians would take the new influx of funds as a signal to go on an even bigger spending binge.
But what about his mere income tax increase notion? What then? As sure as the Blue Screen of Death it would be applied down to millionaires, too. And then rates for less-than-millionaires would likely go up. We have a history with this. And what would that do?
It would hit up-and-coming entrepreneurs the hardest. It would nip Bill Gates’s company’s competition in the bud.
But surely Gates wouldn’t be mercenary in his theatrical play for media adoration, would he?
Not Saint Bill!
This is Common Sense. I’m Paul Jacob.
5 replies on “Billionaire Theater”
Mr Gates can contribute as much of his wealth as he chooses, to the social program, government or person(s) of his choice voluntarily, charitably, morally and, almost certianly, with minimal consequence to his personal standard of living.
That is not true of the vast majority of his fellow Americans, and does not excuse his immoral proposal to have his agent, the government, take by force from other persons who he apparently judges are too successful or have too many assets.
Mr Gates might better capitalize other entrepreneurs and risk takers to advance the society’s actual productivity, both in the US and developing countries, to cause sustainable and positive change.
“I need to pay higher taxes,” Bill Gates
Well, go ahead; there’s nothing stopping you.
Maybe Bill Gates should lower Microsoft’s prices. Then all us average folks who are dependent on his software would be able to keep more or our dollars and would have more to save and spend and pay taxes with. In the end, he’d make less money which could be the equivalent of his proposal to be taxed more. The only group hurt would be our government because the people would be in charge of how to spend more of our own dollars. Seriously though, if Mr. Gates is making so much through Microsoft, I think he is just a capitalist taking advantage by raking in much more than he needs. But then he is also a liberal in his thinking he can spend our money better than we can. We’d upgrade our software more if it was more affordable.
Mr. Gates:
Please lead by example. Write a check to the IRS for what you consider to be your “fair share” and send it in. Then send out a press release letting the public know. how generous you are.
As for increased taxes, would you (and Warren Buffett) agree to use the same tax table for your capital gains that the rest of us use for wages? I suggest that wages and capital gains / dividends be taxed separately. Instead of adding all your sources of income together, just use the IRS table to calculate the tax on each source of income and add the numbers up. I can pretty much guarantee that will relieve Warren Buffett of the discomfort he feels at paying a lower tax rate than his secretary.
There’s a simple entry on every 1040 form that allows Bill or anyone else to pay as much of their own money as they see fit to the federal government. While they seem eager to proclaim their belief that they should pay more in taxes, almost no one every voluntarily adds a single cent to their tax payments. They’re all in favor of increasing the tax rates so that those who can’t afford high-priced accountants and tax attorneys such as they routinely employ, and paid lobbyists to get special loopholes written into the tax code, pay more.