ALSO READ| Bill Gates recently claimed that if he had designed the US tax system he “would be tens of billions poorer,” per Independent.
Gates, whose net worth is approximately $158 billion, expressed that he would have paid much more in taxes over the years. “If I designed the tax system, I would be tens of billion dollars poorer than I am.”
He elaborated on his belief that the US tax structure could be adjusted to be more progressive without undermining the incentives that drive innovation and success. According to Gates, “The U.S. tax system could be more progressive without significantly damaging the incentive to do fantastic things.”
“I’m a huge believer in the estate tax [the American equivalent of the UK’s inheritance tax] and more progressive taxation.”
“I don’t think we should generally generationally let families whose great grandfather, through luck and skill, accumulated a lot of wealth, have the economic or political power that comes with that,” Gates explained.
Gates prioritizing philanthropy over progeny
Despite his vast fortune, the Microsoft founder has consistently stated that his children will inherit only a small portion of his wealth—around $10 million each. The majority of his wealth has been donated to charitable endeavours.
Gates, along with his ex-wife Melinda French Gates, has donated nearly $59.5 billion to the Bill & Melinda Gates Foundation since its inception. The foundation, which holds an endowment of approximately $75 billion, is one of the largest philanthropic organizations in the world and aims to spend “lots of money to save lots of lives”. The foundation’s mission focuses on health, education, and alleviating poverty.
Gates co-founded the ‘Giving Pledge’ alongside Warren Buffett. This campaign encourages the ultra-wealthy to donate the majority of their fortunes to charitable causes. Among the pledge’s notable signatories are tech moguls like Elon Musk and Mark Zuckerberg.
“The big work still has to be done by government,” he told the Independent.
He went on to explain, “Philanthropy is not a substitute for government. Making sure everybody’s educated, has food, has shelter — it’s the government who’s going to create that safety net.”
