Current Events > Acclaimed humanitarian and philanthropist criticizes Elizabeth Warren's tax plan

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https://www.bbc.com/news/world-us-canada-50333597
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Bill Gates is a guy who's donated so much money over the years, as well as paid A LOT in taxes, and even he has a problem with this plan.

Should say a lot.

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I don't really know why billionaires and the head of JP Morgan think their criticism is effective here

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Doom_Art posted...

I don't really know why billionaires and the head of JP Morgan think their criticism is effective here

Bill Gates has done, and will do more good for the world than Warren could possibly hope to accomplish.
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Id honestly imagine that a wealth tax like this would just result in the super rich to move and possibly renounce their citizenship. A 2% wealth tax on someone with $500MM would be a $10MM tax annually (if I understand this correctly). It would cost a lot less for someone to just move to another country.
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pogo_rabid posted...

Bill Gates has done, and will do more good for the world than Warren could possibly hope to accomplish.

Good for him

My point remains

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Ah yes a Billionaire is upset that a proposed tax plan means he'll have to fork over more money. Seems like a fine plan if Billionaires are trying to shut it down.
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Literal richest man on Earth currently.

Didn't read the article or anything. Just wanted to say that

I'm off
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InfinityMonster posted...

Literal richest man on Earth currently.

Didn't watch the video or anything. Just wanted to say that

"I'm all for super-progressive tax systems," he said. "I've paid over $10 billion in taxes. I've paid more than anyone in taxes. If I had to pay $20 billion, it's fine.

"But when you say I should pay $100 billion, then I'm starting to do a little math about what I have left over," he added. "You really want the incentive system to be there without threatening that."
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pogo_rabid posted...

"But when you say I should pay $100 billion, then I'm starting to do a little math about what I have left over,"

..."and I still have several billion dollars"

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Doom_Art posted...

pogo_rabid posted...

"But when you say I should pay $100 billion, then I'm starting to do a little math about what I have left over,"

..."and I still have several billion dollars"

He's proven he can be more effective giving it away than senators skimming it for their personal bullshit, and feeding back into the military industrial complex.
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pogo_rabid posted...

He's proven he can be more effective giving it away than senators skimming it for their personal bullshit, and feeding back into the military industrial complex.

If the guy worth 106 billion wants to fight this policy then playing the sympathy card is a dumb as shit strategy

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"How would I live with only 7 billion dollars?!"

...like, do they really expect John. Q Voter to give a fuck?

the idea that we can farm these ultra rich ppl who control every industry for extra tax money is pretty absurd imo, i think its nothing more than a feel-good talking point
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"If I can only live with 6 billion dollars what is my incentive to succeed???"

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We live in a world where the poor have been castigated for owning REFRIGERATORS and McDonald's putting out guidelines on how to survive on their shit pay when workers have advocated for something as humane as *gasp* livable wages, but I'm supposed to feel sorry for Bill Gates? Get the hell outta here

pogo_rabid posted...

InfinityMonster posted...

Literal richest man on Earth currently.

Didn't watch the video or anything. Just wanted to say that

"I'm all for super-progressive tax systems," he said. "I've paid over $10 billion in taxes. I've paid more than anyone in taxes. If I had to pay $20 billion, it's fine.

"But when you say I should pay $100 billion, then I'm starting to do a little math about what I have left over," he added. "You really want the incentive system to be there without threatening that."

he would still have like 6 billion dollars left

also, it would take like 45 years for him to pay 100 billion in taxes
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pogo_rabid posted...

Doom_Art posted...

I don't really know why billionaires and the head of JP Morgan think their criticism is effective here

Bill Gates has done, and will do more good for the world than Warren could possibly hope to accomplish.

Woah there captain Microsoft, you might of left a little bill slip out your mouth.

Billy boy gates is apart of a satanic cult and he's ruined the lives of many and now you see a guy trying to make up for past sins and he's now the greatest philanthropist to ever live.

How much money do you need. I haven't seen Billy adding to the country in ANY meaningful way. Where's his philanthropy work at? Probably some 3rd world shithole where it goes to their rich.
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I think we're going to see some circular calcs with these wealth tax plans. Amazon and Microsoft will have to start paying more dividends, or Bezos and Gates would have to divest from their companies. That would then lower the value of the stock. Since stocks are speculative assets, Amazon and Microsoft will be worth less, and suddenly Bezos and Gates have a lower net worth to tax.
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Proof positive that having billions of dollars is bad for your mental health. Even the "good" billionaires scream like stuck pigs if you suggest they might have a little less.

the last time we had a wealth tax, the intent was to help temporarily fund involvement in a world war

that we're proposing one in peacetime is telling about our expenditures

what's more, if i may be a broken record, is that what start out as taxes intended for the ultra-wealthy always end up being levied on the middle and working classes in time
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TheMikh posted...

that we're proposing one in peacetime is telling about our expenditures

Sorry to break this to you, but the US is not in peacetime.
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"But when you say I should pay $100 billion, then I'm starting to do a little math about what I have left over,"

Buddy, you made Excel, this shouldn't be too hard.
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TheMikh posted...

the last time we had a wealth tax, the intent was to help temporarily fund involvement in a world war

that we're proposing one in peacetime is telling about our expenditures

One problem is that the US has been at perpetual war for the better part of 20 years now, and nothing has been done to fund it. Granted, there isnt a full blown war, so the costs are proportionally less than in the 1940s, but the longevity of the current fighting definitely comes into play. Add in that there have actually been tax cuts implemented during that that time, and its the opposite of fiscal responsibility.
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The Popo posted...

Id honestly imagine that a wealth tax like this would just result in the super rich to move and possibly renounce their citizenship. A 2% wealth tax on someone with $500MM would be a $10MM tax annually (if I understand this correctly). It would cost a lot less for someone to just move to another country.

France already showed that this is exactly what happens.

Bill Gates can do far more with that money than the average dumbass

Tryhaptaward posted...

Bill Gates can do far more with that money than the average dumbass

no duh -- that's because the average dumbass does not have that money to do things with
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Is her plan really asking to take away 100 billion in tax though?

I get that it's a hyperbole statement, but like, still
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averagejoel posted...

Tryhaptaward posted...

Bill Gates can do far more with that money than the average dumbass

no duh -- that's because the average dumbass does not have that money to do things with

How did Microsoft grow so much? By keeping cash in the business and with Gatess leadership. He is much better with money than most people are. They didnt pay any dividends for a long time but the stockholders didnt care because they knew the investment was best kept in the business.
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emblem boy posted...

Is her plan really asking to take away 100 billion in tax though?

I get that it's a hyperbole statement, but like, still

I wish her plan was that radical
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The Popo posted...

Id honestly imagine that a wealth tax like this would just result in the super rich to move and possibly renounce their citizenship. A 2% wealth tax on someone with $500MM would be a $10MM tax annually (if I understand this correctly). It would cost a lot less for someone to just move to another country.

There are benefits to living in America though that are worth the cost. Ironically you could also do a Trump move and increase tariffs to incentivize ultra rich people to stay in America if they want to do business with Americans.

However, there has to be a point where the cost of the tax outweighs those benefits. Also it seems most wealth taxes in the world are under 1%.
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EndOfDiscOne posted...

averagejoel posted...

Tryhaptaward posted...

Bill Gates can do far more with that money than the average dumbass

no duh -- that's because the average dumbass does not have that money to do things with

How did Microsoft grow so much? By keeping cash in the business and with Gatess leadership.

stifling or buying out the competition is the same as being good with money?

He is much better with money than most people are.

elaborate on precisely what you mean by "better" and how you're measuring that.
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averagejoel posted...

EndOfDiscOne posted...

averagejoel posted...

Tryhaptaward posted...

Bill Gates can do far more with that money than the average dumbass

no duh -- that's because the average dumbass does not have that money to do things with

How did Microsoft grow so much? By keeping cash in the business and with Gatess leadership.

stifling or buying out the competition is the same as being good with money?

He is much better with money than most people are.

elaborate on precisely what you mean by "better" and how you're measuring that.

Turning $1 into $2
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EndOfDiscOne posted...

Turning $1 into $2

this is not an elaboration
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averagejoel posted...

EndOfDiscOne posted...

Turning $1 into $2

this is not an elaboration

Return on investment
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EndOfDiscOne posted...

Return on investment

averagejoel posted...

elaborate on precisely what you mean by "better" and how you're measuring that.

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averagejoel posted...

EndOfDiscOne posted...

Return on investment

averagejoel posted...

elaborate on precisely what you mean by "better" and how you're measuring that.

Fiscal growth
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EndOfDiscOne posted...

averagejoel posted...

EndOfDiscOne posted...

Return on investment

averagejoel posted...

elaborate on precisely what you mean by "better" and how you're measuring that.

Fiscal growth

is this a bot
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Is a quadrillionaire really upset with a plan that makes quadrillionaires pay their fair share?

Wow that's crazy.
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nexigrams posted...

Is a quadrillionaire really upset with a plan that makes quadrillionaires pay their fair share?

Wow that's crazy.

You didn't read the article.
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