Showing posts with label Bill Gates. Show all posts
Showing posts with label Bill Gates. Show all posts

Saturday, November 11, 2017

Bill Gates, Jeff Bezos and Warren Buffett are wealthier than poorest half of US

November 11, 2017 Bill Gates , Jeff Bezos and Warren Buffett are wealthier than poorest half of US 0 Comments


By The Guardian, Nov. 08, 2017

The three richest people in the US – Bill Gates, Jeff Bezos and Warren Buffett – own as much wealth as the bottom half of the US population, or 160 million people.

Analysis of the wealth of America’s richest people found that Gates, Bezos and Buffett were sitting on a combined $248.5bn (£190bn) fortune. The Institute for Policy Studies said the growing gap between rich and poor had created a “moral crisis”.
Read More: https://www.theguardian.com

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Friday, October 31, 2014

Gates wants consumption AND estate taxes

October 31, 2014 Bill Gates , Chris Matthews 0 Comments
Bill Gates' Solution To Income Inequality

Chris Matthews, Oct. 15, 2014, Fortune

Gates shares Piketty’s goal of spreading wealth, yet he doesn’t want to discourage the uber wealthy (like Gates) who are taking risks, investing in value-creating businesses, and helping the world through philanthropy. Gates’ solution? Shift the American tax code from one that taxes labor to one that taxes consumption. Now, this sounds like standard, right-wing economic theory. Consumption taxes are usually favored by the wealthy and by conservative economists because they tend to be regressive in nature. Since everyone—rich and poor—have to consume some amount of goods and services, and because the proportion of income spent is much higher for the poor than the rich, consumption taxes like state and local sales tax burden the poor more than the rich.

But this doesn’t necessarily have to be the case. Economists like Cornell University’s Robert Frank have long advocated for progressive consumption taxes that could do much to solve what they perceive as the ills of growing income inequality.

Read more: www.fortune.com

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Wednesday, March 19, 2014

Bankrate: "5 Tax Deductions That Favor The Rich"

March 19, 2014 Bill Gates , Center for American Progress 0 Comments
Source:  Bankrate.com
By Jay McDonald

 When it comes to tax deductions, it is good to be rich -- the richer, the better.

 Middle-class America enjoys some of the same tax breaks as the wealthy on things like the mortgage interest on home loans, capital gains on retirement investments and donations made to charity.

 However, the rich enjoy these deductions and others to a wildly disproportionate degree when compared to the rest of taxpayers. According to the National Priorities Project, America's top earners will get an average tax cut of $66,384 in 2011 while the bottom 20 percent will realize an average tax savings of about $107.

 Seth Hanlon, director of fiscal reform for the Center for American Progress, says that while all tax breaks are well-intended, the "upside-down" nature of some miss their target.

 "Most people don't see these as being government expenditures, but from an economic and budget point of view, they're really the same thing as programs that spend money directly," says Hanlon. "There are ways to reform them to make them work better."

 Many agree, including President Barack Obama, Warren Buffett and Bill Gates.
Here are five tax deductions that help the rich get richer.

Read the full article:  www.bankrate.com
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