Bill Gates Has Some Harsh Words for Alexandria Ocasio-Cortez's Tax Plan

Bill Gates Has Some Harsh Words for Alexandria Ocasio-Cortez's Tax Plan

"If you focus on that, you're missing the picture".

"I believe USA tax rates can be more progressive". You start to create tax dodging and disincentives, and an incentive to have the income show up in other countries and things'.

He continued: "They have income that just is the value of their stock, which if they don't sell it, it doesn't show up as income at all, or if it shows up, it shows over in the capital gains side".

'So the ability of hedge fund people, various people - they aren't paying that ordinary income rate, ' he noted.

Gates, who has never been shy with his economic opinions, suggested Congress focus instead on Social Security, a capital tax and estate taxes, among other things, to shift more of a burden to the most wealthy.

Ocasio-Cortez's plan is just one of many emerging proposals to force the wealthy to pay more. Sen. Ocasio-Cortez has not been in Congress for more than one month and her fashion choices are already getting almost as much commentary as her Green New Deal.

Gates, who held the title of the richest man on Earth on and off for decades before Amazon CEO Jeff Bezos unseated him past year, also ripped the increasingly popular modern monetary theory.

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Mr. Gates, who runs the Bill & Melinda Gates Foundation with his wife, said he plans to leave "some" of his fortune to his kids but that the bulk of it will go to his foundation, which seeks to reduce poverty and expand access to health care around the world.

The founder of Microsoft ended his criticism saying that some of the ideas that have been supported by progressives are "some insane talk", saying, "It will come back and bite you".

'But once you get to the tippie-tops, on your ten millionth dollar, sometimes you see tax rates as high as 60 percent or 70 percent, ' Ocasio-Cortez said.

The school of thought has received backing on the left from politicians such as Ocasio-Cortez and Sen.

Rep. Alexandria Ocasio-Cortez, D-N.Y., center, listens as President Donald Trump delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 5, 2019. "The people you owe the money to, you will have a problem". I hate to tell you.

Gates said he was in favor of raising the inheritance tax - a sentiment he echoed during a recent podcast interview with the Verge, during which he also deemed Democrats calls for higher income tax rates a "misfocus".

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