Bill Gates criticises Elizabeth Warren’s plan for tax on super-rich

Bill Gates, Co-Chair, Bill ^ Melinda Gates Foundation, stage speech at the 2019 New York Times Dealbook

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Bill Gates became the latest billionaire to express concern about the new tax plan for the new rich of President Elizabeth Warren.

At the meeting, Park Park and Microsoft founder said it would hinder business innovation in the United States.

In the 2020 presidential election, Democrat leader Warren offered to meet President Gates.

It comes from criticism of Warren's policy from figures like Jamie Dimon, bank president of JP Morgan.

According to the original plan, households with net assets between $ 50 million (39 million pounds) and $ 1 billion (78 billion pounds) are charged a 2{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} "tax" each year. For homes with more than $ 1 billion in net worth, this would rise to 3{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}.

But last week Warren proposed doubling the latter from 3{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} to 6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}. She said the money raised from this new tax will be used to finance the health care plan, which is expected to cost the federal government $ 20.5tn over 10 years.

Mr. Gates answered the idea at the New York Times DealBook conference in New York Wednesday.

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"I'm all about a very progressive tax system," he said. "I have paid more than $ 10 billion in taxes. I have paid more than anyone in taxes. If I have to pay $ 20 billion, that's fine.

"But when you say you have to pay $ 100 billion, I started doing some math on what's left. Sorry. Joke."

"So you really want an incentive system to exist and you can go a long way without threatening it."

According to Forbes, Mr. Gates is the second richest man in the world, with a net worth of $ 106.8 billion.

Gates asked when he was willing to meet her about the policy, saying that Mr. Warren couldn't be sure "to sit with someone with a lot of money."

After hours of listening, Warren said he likes to meet Mr. Gates to explain his plan in more detail.

Tax reforms have become a key issue among competitors for the US presidential election. This debate was partly driven by the tax reform of the Donald Trump administration. The president called it "the biggest tax cut in history."

President Trump says the cuts will help boost the economy, critics say disproportionately benefits the richest individuals in the country.

Earlier this year, the richest people in the United States wrote an open letter asking presidential candidates to pay rich tax to the rich.

"The United States has a moral, ethical and economic responsibility to impose more taxes on our wealth," they suggested spending money to address climate change and economic inequality.

Signatories included investor George Soros and Facebook co-founder Chris Hughes. The group said they are nonpartisan and do not support any candidates.

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