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"I Need To Pay Higher Taxes," Said Billionaire Bill Gates

Date February 21, 2018 11:30

Bill and Melinda Gates have probably given away more money to charity than any other living person in history. And every year, they release an Annual Letter. The document is a scorecard of their activities in the past year.

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This year, the couple answered to several questions that many Americans and followers of The Gates Foundation have been asking.

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The Gates have come under fire for the amount of money they donate to charity in America. Last year, they gave $500 million out of $4 billion to help the US.

Without comparing the situation in America to any other country, Melinda said that their mission was to help those in need.

Bill says he should pay more taxes

While speaking with CNN’s Fareed Zakaria on Sunday, Bill Gates stated in definite terms, "I need to pay higher taxes." The billionaire agreed that the GOP tax law cut taxes for corporations when it should have done the opposite.

People who are wealthier tended to get dramatically more benefits than the middle class or those who are poor, and so it runs counter to the general trend you'd like to see, where the safety net is getting stronger and those at the top are paying higher taxes.

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Bill Gates has over $90 billion dollars and has given away more than $40 billion dollars to charity. Still, he feels like the wealthy are not doing enough. A lot of his contributions are to charities and foundations outside the United States.

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Charitable donations may go a long way, but the billionaire says they will never be enough. He also added that it was the responsibility of democratic governments to fix poverty and dismal living conditions in their countries.

Higher taxes for robots

With the advancement of modern technology, thousands of jobs are lost to machines every year. Some estimates say that 47% of all jobs will be taken over by machines in 25 years. In this light, Bill Gates insists that taxation should not ignore the change. According to him, a “robot tax” system needs to be instituted.

Automation is an inevitable outcome in most work environments. Still, the billionaire does not say conclusively that taxation would fix the unemployment problem. But it is a concern that needs to be addressed by governments who depend on tax income.

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