'We've updated our tax system before to keep up with changing times, and we need to do it again, starting with raising taxes on people like me.'
Bill Gates, the world’s second richest person under Amazon founder Jeff Bezos, wants rich people to pay higher taxes.
Gates is worth about $113 billion, making him the world’s second richest person behind Jeff Bezos, according to Bloomberg’s billionaires index.The US government needs to levy higher taxes to fulfill its obligations, as it collects about 20% of GDP in taxes, but spends about 24%. „That’s the clearest evidence I’ve seen that the system isn’t fair,“ Gates wrote. „I don’t see any reason to favor wealth over work the way we do today.“Estate taxes should be higher and inheritance loopholes should be closed. „A dynastic system where you can pass vast wealth along to your children is not good for anyone; the next generation doesn’t end up with the same incentive to work hard and contribute to the economy,“ Gates said.
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