Bill Gates, the former world richest man who is now second to Jeff Bezos, is not happy that the gap between the wealthy and the poor in the United States has widened more than it was 50 years ago. Hence, he believes that he has earned more than he deserves and those who are working harder are earning less.
The Microsoft founder who is currently worth $108.8 billion stated this in a blog post reflecting on 2019.
In the blog post, Bill Gates argued that though he is being rewarded disproportionately, those who work harder than him were still finding it difficult to survive from the reward of their work. He believes that the major way a little balance can be created is if the government can make the wealthy to pay more taxes.
In line with his belief on payment of taxes, Bill Gates suggested that the government should introduce a higher capital gain tax (a tax on money made on investments), which would disproportionately affect the wealthy.
Since there are hardly salary earners on the list of the richest people in the world, Bill Gates urged the government to “shift more of the tax burden onto capital” rather than labour.
He wrote: “A few people end up with a great deal—I’ve been disproportionately rewarded for the work I’ve done—while many others who work just as hard struggle to get by.
“I’m for a tax system in which, if you have more money, you pay a higher percentage in taxes. I think the rich should pay more than they currently do, and that includes Melinda and me.
“I don’t see any reason to favour wealth over work the way we do today. It is the clearest evidence I’ve seen that the system isn’t fair.”