Posted on 05/02/2016 8:29:17 AM PDT by DCBryan1
Bill Gates said investment gains should be taxed at the same level as ordinary income — a bold call for one of the world's largest investors.
Speaking Monday on CNBC's "Squawk Box," Gates said that he's "pleased" that there is more discussion around changing the tax code. When asked what he would alter, Gates sided with his pal Warren Buffett and said he supports raising the earned income tax credit.
But Gates also said he would raise the tax rate for capital gains — the largest source of income for the richest Americans. The current top tax rate on capital gains is 20 percent (with the highest earners paying an additional 3.8 percent surtax). The top tax rate on ordinary income is 39.6 percent.
"There's always been the question of whether taxes on capital should be a lot lower than taxes on labor," Gates said. "I tend to think they should be pretty much the same, and that that's an opportunity to be a bit more progressive."
(Excerpt) Read more at cnbc.com ...
Bill Gates puts his billions into a ‘charitable trust’ and then takes out insurance and loans against the insurance to avoid/evade taxes. He gets all the money he and his succeeding generations will ever need tax-free.
He’s a hypocrite.
Bingo
He really does want to ship America overseas
The posts in this thread make me laugh.
The reason we have an elite that can buy the gov’t and create further taxes and regulations for the middle class is due to the low level of cap gain taxes.
Low cap gain taxes is also what creates asset bubbles
Hey, Bill, there’s a line on your tax form that allows you to hand even more money to the government. Use it. Use it every time. Then release your tax forms so we can see you already paying the much higher taxes you advocate.
If you don’t, you’re just like every other liberal who minimizes their costs while advocating everyone else pay even more.
Ball’s in your court, Mr. Gates, put up or SHUT UP!
You are putting out a false association.
Trump is proposing to tax hedge fund investors who profit from the carry trade in the hundreds of millions every year without paying tax or paying very little tax.
Capital gains are completely different.
Thar clown couldn’t build a crystal radio, and he wants to shape economic policy?
This just proves you don’t have to be smart to be rich.
If you want less of something, just tax it.
Of course he wants higher taxes; you can’t tax this bastard out of business but higher taxes can put the little people out of business so he can buy them out for .10 cents on the dollar. Scumbag he’s just another scumbag.
I am starting to see people in this thread have no idea how cap gain taxes work at all, since 99.9% of FR will never pay cap gain taxes ever.
Doesn’t trump advocate raising taxes?
I detest this evil pr*ck and his crappy software.
Why in the world would you want to put more $$$$$ into gubmint’s hands?
Hello, anybody starts saying cutting fed/local gubmint 75%, then let’s talk.
Apparently he is a Keynesian. Ignore him as well Keynes. Garbage economics.
A majority of voters probably agrees with him.
My 2c: He was a weasel when he started stealing ideas from the Apple gangs garage, and he is a weasel now.
The old ‘I got mine, FU’ speech from Bill.
I vote for Bill to pay everyone’s capital gains taxes.
What are you talking about? Plenty of us have brokerage accounts and pay taxes on capital gains and dividends every year.
You do realize that most cap gains are the result of voluntary decisions by asset owners to sell out and not roll over?
Be surprised by how many people have locked up their wealth in assets such as real estate that they will never choose to sell outright because of the present tax bite
However drop my cap gain tax or drop it low enough and I will cash out and pay tax. Keep it high or raise it and I sit on my appreciated real estate, maybe roll it over or borrow against it. But never ever pay Uncle a dime of tax on that locked up wealth.
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