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1025

Bill Gates thinks the super-wealthy should pay more tax – and plenty of rich people agree (www.businessinsider.com)

submitted 9 months ago by MicroWave@lemmy.world to c/news@lemmy.world

220 comments fedilink hide all child comments

Bill Gates wants ultra-wealthy individuals to pay more tax — and now a growing chorus of billionaires agree.

In his annual "Ask Me Anything" forum on Reddit last year, the Microsoft cofounder said he was "surprised" that taxes for the rich haven't been increased more.

Gates doubled down on his calls to tax the rich in a panel at the World Economic Forum in Davos this week. He said the wealthiest nations should donate more money to developing countries to help redress inequality.

"Those who have the most — whether it's countries, companies, or individuals — should be pushed to be more generous," he said.

It seems others agree, as more than 250 ultra-wealthy people signed an open letter calling for global leaders to impose a wealth tax.

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[–] PugJesus@kbin.social 24 points 9 months ago

There are some rich people who recognize that higher taxes are actually good for them in the long-term by increasing growth and decreasing income inequality (which in the long-term, leads to rolling heads). But it's a Prisoner's Dilemma style situation - if they, as individuals, donate additional wealth to the government, nothing happens except that their own wealth makes a tiny little drip in the ocean, and their competitors then benefit at no cost to themselves. But if the government imposes a uniform levy on them all, then the cost and the benefits are evenly applied, instead of one 'suffering' (and I use the term very loosely) and the others slightly benefiting.

My point here isn't to lionize them, because ultimately most of them are voicing this opinion out of personal interest, not morality. But it is probably a sincerely held personal interest, rather than pantomime.