Bill Gates Urges Lawmakers to Raise Taxes on America

1. Bill Gates Urges Lawmakers to Raise Taxes on America’s Billionaires Bill Gates being the cofounder of Microsoft is the second richest person in the world. In a recent blog post, Gates proposed how the America's extremely rich class should pay more taxes than the ordinary people. The latest news update today is that he wrote in his New Year’s blog post on how the government could make more revenue from the wealthiest Americans. All of what Bill Gates wrote made quite a lot of sense because it is not a big deal for the America’s Billionaires to pay more taxes. After all, they are making more money and it would not be wrong if the government demanded more from them to fix the unfair system that has led people to income inequality. He expressed his support for the tax system, stating that “if you have more money, you pay a higher percentage in taxes,”. He ended the blog post saying, “I think the rich should pay more than they currently do, and that includes Melinda and me.” The tech guru got a lot of appreciation for his statements and what he thinks about the tax system and how he has given a proposal to the government to fix everything. Gates explained, 'Today the U.S. government depends overwhelmingly on taxing labor— about three quarters of its revenue comes from taxes on wages and salaries,'. 'Most people get almost all of their income from salary and hourly work, which is taxed at a maximum of 37 percent. But the wealthiest generally get only a tiny percentage of their income from a salary; most of it comes from profits on investments, such as stock or real estate, taxed at 20 percent if they're held for more than a year,' he continued. The billionaire went on saying that, 'raising the estate tax and closing the loopholes in it that many wealthy people take advantage of'. Gates highlighted how there is a huge gap in the growing wealth between the top and bottom incomes. He said, “system isn’t fair” and that there shouldn’t be any reason “to favour wealth over work the way we do today.” Bill Gates has always been the talk of the town when it comes to highlighting such issues in society. Not only in such posts, in fact, he gives out charity worth billions of dollars every now and then. Even with all this charity, he still has a net worth of $50 billion and all the credit for this goes to the favourable tax policies and the stock market. As per these statements given out by Gates, as per the tax calculator, he will have to pay $6.4 billion next year to the government which is not a big deal for him. For now, there is no denying in the fact that he has given a great suggestion and the government should act on it right away. If nothing else, this might alone be helpful to fix the unfair income system in America.