Bill Gates pushes for higher taxes on the rich

rpm

Admin
Staff member
Joined
Jul 22, 2003
Messages
65,797
Bill Gates wants higher taxes on the rich

Microsoft Corp. co-founder Bill Gates started the last decade worth more than $50 billion and with a pledge to give away his fortune to charity.

By the end of the decade, he’d donated billions of dollars to fight poverty and improve health care and education. But his fortune also more than doubled during the period, a result of soaring stock markets and favorable tax policies.

And so in a fitting end to the decade, the world’s second-richest person said he wants his fellow billionaires to pay much higher taxes.
 

kolaval

Expert Member
Joined
May 13, 2011
Messages
4,974
Ag f... here we go again.

1. There will never be a system that is 100% fair and equal.
2. There will always be people that are more _____ than others( lazy, intelligent, creative, hard working, greedy... take your pick)
 

gfmalan

Expert Member
Joined
Nov 11, 2013
Messages
2,636
Ag f... here we go again.

1. There will never be a system that is 100% fair and equal.
2. There will always be people that are more _____ than others( lazy, intelligent, creative, hard working, greedy... take your pick)
I would say the simplest solution would be to remove all taxes from everything, and just increase the VAT %, the more you consume, the more you pay.
 

ArtyLoop

Executive Member
Joined
Dec 18, 2017
Messages
7,780
Speak for yourself Billy.... what's wrong... all the cash you have amassed on your revenge with crappy software making you unhappy?
 

Jopie Fourie

Expert Member
Joined
Aug 30, 2019
Messages
2,251
Perhaps what America needs is indeed a socialist government like here in SA. Time for these rich billionaires to see their companies being run by their government and money distributed to where it is needed by the socialist leaders, i.e. their own pockets. Besides, if Bill Gates has become such a degenerate that he does not want any money, why should he be earning anything more than a minimum wage from Microsoft's income?
 

Milano

Honorary Master
Joined
Feb 7, 2004
Messages
14,025
Bill is it genuinely that difficult to give everything you have to charity?
 

Barbarian Conan

Expert Member
Joined
Aug 8, 2017
Messages
2,166
Lets assume that for government to get "enough" income tax, every citizen should be taxed at 25%.

Do you think it's fair that the person earning R8000 pm and the guy earning R400k pm should both be taxed 25%?
It suck for us who are stuck in the middle as being technically "rich" in a poor country while still not nearly earn enough to live really comfortably, but I definitely think those earning more should pay a higher percentage of their income than those earning less.
 

Dolby

Honorary Master
Joined
Jan 31, 2005
Messages
27,688
I would say the simplest solution would be to remove all taxes from everything, and just increase the VAT %, the more you consume, the more you pay.
This may work?

Even a tiered VAT system that has luxury items at a higher VAT than staple items

10% milk through to 30% cars or something
 

Milano

Honorary Master
Joined
Feb 7, 2004
Messages
14,025
Lets assume that for government to get "enough" income tax, every citizen should be taxed at 25%.

Do you think it's fair that the person earning R8000 pm and the guy earning R400k pm should both be taxed 25%?
It suck for us who are stuck in the middle as being technically "rich" in a poor country while still not nearly earn enough to live really comfortably, but I definitely think those earning more should pay a higher percentage of their income than those earning less.
Well then you are fortunate to live in a socialist economy in which those around that earning threshold pay nothing in income tax but are happy to take with both hands. Interesting how the economic sustainability of that policy in SA is following the same path of every other country in which it failed.
 

ArtyLoop

Executive Member
Joined
Dec 18, 2017
Messages
7,780
Bill is it genuinely that difficult to give everything you have to charity?
Apparently the taste for finer things, fast cars, and lots of expensive $h1t is the holding back factor
 

Alan

Honorary Master
Joined
Sep 30, 2005
Messages
62,475
Speak for yourself Billy.... what's wrong... all the cash you have amassed on your revenge with crappy software making you unhappy?
A lot of mega wealthy individuals start worrying about their legacy/reputation once they reach a ripe old age and have to face up to their own mortally. Can't buy your way out of eventual death after all. Hence the embrace of philanthropy...
 

Chris_the_Brit

High Tory
Joined
Mar 6, 2004
Messages
31,403
Generally, when such people talk about "the rich" in America, it can people with assets worth over say $10m or $50m. Certainly not your average middle-class American.
 

ArtyLoop

Executive Member
Joined
Dec 18, 2017
Messages
7,780
A lot of mega wealthy individuals start worrying about their legacy/reputation once they reach a ripe old age and have to face up to their own mortally. Can't buy your way out of eventual death after all. Hence the embrace of philanthropy...
In most cases yes, I do know a wealthy woman in Gauteng who believes she can take it all with her when she does...
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
16,529
I would say the simplest solution would be to remove all taxes from everything, and just increase the VAT %, the more you consume, the more you pay.
lmfao..

rofl..

Sorry I can’t stop lol..

A purely VAT system would disproportionately tax the poor because everyone has the same basic living cost for the most part. Yes wealthy can go extravagant on a few items but it’s also how you lose wealth in a generation. So vs income, the portion of tax paid is a lot higher in a purely vat system as it fails to account for lower income spending all income to just survive. Now you can try and complicate the system with item exceptions.. and then you end up with administration hell.


You could say well.. above a threshold you pay tax where threshold excludes perceived living costs but then Who is deciding what’s Luxury? Who will bear the brunt of the most tax? Yup same ole wealthy folk when they spend and that vat rate would rock up to 100% and would kick in for all capital purchases.. again nice house here is your tax bill.. Sound good still?

There is a reason why SA tax system is seen as one of the most progressive globally.

It still a birth lottery and if you think of life as a game SA “players” are playing on extreme level risk.. get born in a **** area with poor parents who send you to a school only at grade 1 and socialize with drug lords, gangster who live next door etc.. well you lost that big time at birth already. Get lucky to be born in a wealthy family that educated you early in life.. well you already winning before you start working.
 

Pitbull

Verboten
Joined
Apr 8, 2006
Messages
63,306
Bill Gates wants higher taxes on the rich

Microsoft Corp. co-founder Bill Gates started the last decade worth more than $50 billion and with a pledge to give away his fortune to charity.

By the end of the decade, he’d donated billions of dollars to fight poverty and improve health care and education. But his fortune also more than doubled during the period, a result of soaring stock markets and favorable tax policies.

And so in a fitting end to the decade, the world’s second-richest person said he wants his fellow billionaires to pay much higher taxes.
Why pay higher taxes? Just give away what you don't need. Not that hard Mr. Gates...
 

Johnatan56

Honorary Master
Joined
Aug 23, 2013
Messages
27,388
Already paying way more than 30% tax on vehicles in SA.
Yeah, think it's 15%+30% compounded (so car + shipping, result * luxury or whatever the tax is called, then total gets vat applied). More "expensive" cars end up at over 55%, think it's from around the R500k mark, but been a while since I checked.

It's fun taking a car loan, knowing that half the costs are taxes.
 

Barbarian Conan

Expert Member
Joined
Aug 8, 2017
Messages
2,166
Well then you are fortunate to live in a socialist economy in which those around that earning threshold pay nothing in income tax but are happy to take with both hands. Interesting how the economic sustainability of that policy in SA is following the same path of every other country in which it failed.
I guess it's one of those things which comes down to a difference of our fundamental beliefs. I know where I am and what I have isn't 100% through my own doing.
Much of it has to do with luck of the draw. I didn't chose to be born to loving parents who made sacrifices to give me a decent education, from early childhood to support while in high school and university. The same with the guy who grew up in a shack who didn't chose to be born to poor parents, who didn't have opportunities themselves and who didn't see the need to encourage education.

Some will say that a flat percentage is already fair as those who earn less will pay less. Some, like me, think that the poorest of the poor struggle to make ends meet as is, and need a bit of a break. Others earn enough for mansions and luxury cars, and could pay a bit more without it impacting their quality of life.

Yes, I complain about high taxes. Especially bonus time I tear up a bit seeing how much tax I have to pay. On the other hand, I am still able to enjoy a life free from financial worries where others struggle to cover the basics.
 

ArtyLoop

Executive Member
Joined
Dec 18, 2017
Messages
7,780
Paying Tax in SA is not like paying tax overseas. In SA you're butt-raped.
 
Top