Microsoft Co-Founder Bill Gates has some news for Washington D.C., he feel that he is not paying enough in taxes.
In an interview Gates told the BBC. ,
“The United States has a huge budget deficit, so taxes are going to have to go up. And I certainly agree that they should go up more on the rich than everyone else. That’s just justice.”
This comes on the back of Warren Buffet’s call for the President to raise taxes on the rich also.
Republicans, who resist any form of tax hikes that is possible, said that people like Buffet and Gates spread the politics of “Envy and Division”.
Gates countered that in a time where huge budget deficits are the norm, it is up to all Americans to contribute more to the system in a form of shared sacrifice.
The reason that these types of things are do divisive are actually quite simple. Neither the Democrats or Republicans have any clue what to do about taxes heading into an election year.
It is obvious that the rich could pay more. Republican Presidential candidate Mitt Romney, who is worth more than $200 million dollars, seemed to take offense when someone asked him if it was fair that he only paid a tax rate of 13.9%. He thinks the system is fine and went on a rant about how leaving more money in the hands of the rich makes more jobs because they invest in more jobs.
Unfortunately, Mitt Romney is a perfect example of how that is not true. Mitt Romney is not in business any more. He is not creating jobs. By taxing him at a low rate all we as a nation are doing is giving him more money to put in the bank.
Taxing the rich is not the answer to the country’s problems anyway as if we confiscated 100% of the wealth from all the billionaires in the country it would still be less than 6 months of our national deficit.
The real answer is to put the country on a path to work together to solve these problems. Never once when President Obama talks about taxing the rich does he talk about paying down the deficit, he talks about using the money to implement more social programs.
Do you think Bill Gates hit the nail on the head about shared responsibility?