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21 November 2019


Bill Gates criticises Warren's plan for tax on super-rich

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Bill Gates has become the latest billionaire to express concern for presidential hopeful Elizabeth Warren's plan for a new tax on the super-rich.

Axar.az reports citing BBC.

At a conference, the philanthropist and Microsoft founder said it would stifle business innovation in America.

Ms Warren, a Democratic front-runner in the 2020 presidential race, has offered to meet Mr Gates in response.

It comes after criticism of Ms Warren's policy from figures like Jamie Dimon, head of banking giant JP Morgan.

Under the original plan, households with a net worth between $50m (£39m) and $1bn (£780m) will be charged with a 2% "wealth tax" every year. This would rise to 3% for any households with a net worth of over $1bn.

But last week, Ms Warren suggested doubling the latter rate - from 3% to 6%. She said the money raised from this new tax would be used to fund her healthcare plan, which is expected to cost the federal government $20.5tn over 10 years.

Mr Gates hit back at the idea during a talk at the New York Times DealBook conference in New York on Wednesday.

Date
2019.11.07 / 21:13
Author
Axar.az
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