Bill Gates Says He Would Give Away 62% of His Wealth

Should billionaires exist?

Bill Gates, the Microsoft co-founder, whose estimated net worth is nearly $139 billion, acknowledges the strangeness of having such a high worth in an episode of the Netflix docuseries "What's Next? The Future with Bill Gates."

In the episode that examines global income inequality, Gates stated, "The amount of money is so astonishing in comparison to individual requirements."

Gates was questioned by an interviewer about whether he believes he is "too rich." Although he did not provide a definitive answer, he made it clear that he believes wealthy individuals should contribute more of their wealth to benefit humanity.

"Gates remarked that it's astonishing to have billionaires, given the immense wealth they possess, which is almost impossible to consume. He emphasized that this wealth should be given back to society rather than being consumed."

Gates, through his nonprofit foundation, has invested billions of dollars to tackle global issues such as poverty and inequality. He advocates for higher tax rates for the wealthiest individuals, including himself.

In a 2019 blog post, Gates advocated for a tax system where those with more money pay a higher percentage in taxes, believing that the rich should contribute more than they currently do.

Bill Gates stated that he would have approximately 62% less wealth under his own proposed tax system for the U.S., as he told journalist Kara Swisher at a Netflix-sponsored event in New York City last week.

"At the event, he stated that he would set tax rates significantly higher for wealthy individuals, as he had discussed with progressive Sen. Bernie Sanders, who advocates for substantially higher taxes for the wealthy. However, he clarified that he would not make it illegal to be a billionaire, unlike Sanders' proposal to take away over 99% of what he has. Instead, he proposed taking away only 62% of his wealth, which he considered a more reasonable approach."

'If billionaires willingly decided to donate more money, the world would improve.'

Recent polls indicate that a majority of Americans support higher taxes on the wealthy to address increasing wealth inequality, as the top 1% of Americans now possess more than 30% of the country's total wealth, according to Federal Reserve data.

Nearly 38 million people in the U.S., a wealthy nation, live in poverty, indicating that our social safety net is not adequately funded, according to Gates in the docuseries.

Gates, like Buffett and Cuban, supports higher taxes on the wealthy and encourages more billionaires to join his Giving Pledge, which involves giving away at least half of their fortunes to charity.

Gates plans to give away "almost all" of his vast fortune with the aim of no longer being among the world's wealthiest people, according to the docuseries. He stated, "Being on the list isn't necessarily negative, but it's not a positive thing either." He believes that billionaires should voluntarily give more money away to improve the world.

Gates remains a staunch advocate for capitalism as the bedrock of the American economy. He maintains that financial rewards for diligence and creative thinking should persist as motivation for workers and entrepreneurs to generate the wealth that sustains the U.S. economy.

"I don't believe outlawing wealth above a certain amount is the best solution. However, I recognize that my perspective may be biased. Nevertheless, I understand why others hold this viewpoint, and it's an interesting discussion to have."

Gates contends that he thinks America's present economic system, specifically its tax system, disproportionately advantages certain individuals over others.

In 2019, Gates wrote that "a few people end up with a great deal," but he felt that he had been disproportionately rewarded for his work while many others who worked just as hard struggled to get by.

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