Gates Surprised Why Tax On Ultra-Rich Hasn't Risen

Bill Gates, whose net worth is $100 billion, said in his latest Reddit “Ask Me Anything” (AMA) session that billionaires could be kept in check through higher taxes and said he was “surprised” taxes have not been increased more, Tristan Bove reported for Fortune.

Photo Insert: While he supported the idea of rich people paying more in taxes, Gates defended what the private sector and personal financial motivations could accomplish as the world gears up to meet its existential challenges.

"I am surprised taxes have not been increased more. For example, capital gains rates could be the same as ordinary income rates. I know things are tough for a lot of people,” he wrote.

Gates also admitted that wealthy people, even philanthropists, can sometimes get carried away, noting that “being rich can easily make you out of touch.”

Gates had an intriguing answer to that moral dilemma: While he agreed that super-wealthy people should be taxed higher and more billionaires should follow his lead and give away all their wealth, he does not think anyone should be stripped of the chance of becoming a billionaire.

"The incentive to create new companies is still a good thing, I think. Even if taxes go up I still wouldn’t ban anyone from being worth a billion but that is just one opinion. I have been very lucky,” he wrote in the AMA.

While he supported the idea of rich people paying more in taxes, Gates defended what the private sector and personal financial motivations could accomplish as the world gears up to meet its existential challenges.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic