[Natural Selection]

Bill Gates slams Ocasio-Cortez, says her tax policy is 'missing the picture'

By Chris Ciaccia
February 12, 2019
Fox News

Microsoft co-founder Bill Gates, who has a net worth approaching $100 billion, has slammed tax policies like the one put forth by Alexandria Ocasio-Cortez, saying they miss the larger picture and could create tax dodging.

Speaking on a podcast at tech website The Verge, Gates noted that while tax rates can be "more progressive," going to extremes such as the one put forth by Ocasio-Cortez, which would tax income above $10 million at a 70 percent rate, misses the broader scope.

"Certainly, the idea of government being more effective in terms of how it runs education or social programs, there’s a lot of opportunity for improvement there," Gates said in the podcast. "In terms of revenue collection, you wouldn’t want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income."

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."

Gates, who stepped down from leading the software giant in 2006 to focus on the Bill & Melinda Gates Foundation, added that there are politicians who are so extreme with their policy proposals, that they would start to create tax dodging and certain disincentives, while causing "income to show up in other countries and things."

During the podcast, Gates also weighed in on a number of ideas that Ocasio-Cortez and more progressive lawmakers, including Sen. Bernie Sanders (I-VT) have championed, including “modern monetary theory,” saying it is "some crazy talk,” adding “It will come back and bite you.”

As described by the American Monetary Institute (AMI), a non-profit charity funded to describe monetary reforms for the average citizen, MMT "shows a lack of respect for empirical facts" and "stretches and twists the meaning of words beyond normal usage."

(link to article)

[zurg]

There’s a saying about Sherlock that applies here.

[Natural Selection]

zurg, on 12 February 2019 - 11:01 AM, said:

There’s a saying about Sherlock that applies here.

NSS? :lol:

True, but leftists only listen to leftists so maybe Bill Gates will get through their thick skulls.

[JerryL]

Natural Selection, on 12 February 2019 - 11:03 AM, said:

NSS? :lol:

True, but leftists only listen to leftists so maybe Bill Gates will get through their thick skulls.

Master of the Obvious.

[MTP Reggie]

https://uploads.disquscdn.com/images/3c29dd85fad083a52b7843fa1f4f728210fff7257837f6477ca175fb87099b3b.png

[RedSoloCup]

 MTP Reggie, on 12 February 2019 - 11:28 AM, said:

https://uploads.disquscdn.com/images/3c29dd85fad083a52b7843fa1f4f728210fff7257837f6477ca175fb87099b3b.png

:lol:

[grimreefer]

http://www.rightnation.us/forums/uploads/1547560632/gallery_6133_220_124853.jpg

This post has been edited by grimreefer: 12 February 2019 - 01:02 PM

[Joe the Pagan]

Quote

The tech titan did concede that taxes "can be more progressive," including issues such as the estate tax and the tax on capital, the way the FICA and Social Security operate. "We can be more progressive without really threatening income generation — what you have left to decide how to spread around," Gates said.

If I remember correctly Bill Gates' father was a tax attorney specializing in estate taxes.

Plus Gates plan on donating all his money to charity. I would not be surprised if he leaves it all to the Bill & Melinda Gates Foundation, and then his children will use it as their private piggy-bank.

[tailgunner]

Joe the Pagan, on 12 February 2019 - 01:33 PM, said:

If I remember correctly Bill Gates' father was a tax attorney specializing in estate taxes.

Plus Gates plan on donating all his money to charity. I would not be surprised if he leaves it all to the Bill & Melinda Gates Foundation, and then his children will use it as their private piggy-bank.

What's stopping him from doing it right now? I know it's his.

[Ticked@TinselTown]

Quote

Bill Gates slams Ocasio-Cortez, says her tax policy is 'missing the picture'

Translation: You've forgotten who put you where you are and you'd better wake up before we do it for you and you won't like it.