The Left’s Lies Have Consequences—and They’re Written in Blood
Lib Reporter Drops the Most Insane Line About Latino Kids and ICE
Ben Ferguson Caused Multiple Lib Meltdowns on CNN This Week. Here's What Triggered...
Here's How Many Plainclothes FBI Agents Were Embedded in the Crowds on January...
So, That's Why NJ's Dem Gubernatorial Candidate Didn't Walk With Her Graduating Class...
Please Tell Me You Didn't Miss Trump's Hilarious Swipe at Ilhan Omar
The Evangelistic Impact of Two Great Losses
When Would You Drop a Nuclear Bomb?
Comey Posted a Video After Indictment. Here's What He Had to Say.
Trump Announces Slew of New Tariffs
Theo Von's Objection to DHS Using Him in Video Spurs Debate
The CCP at the Checkout Aisle: Why America Must Wake Up to the...
Texas Confronts Death-by-Mail With Innovative New Law
To End Polarization, Defeat the Totalitarian Left
We Arrive at My Fear
Tipsheet

Bill Gates Calls Out Ocasio-Cortez Tax Policy

AP Photo/Mark Schiefelbein

Bill Gates, co-founder of Microsoft, has criticized the tax policies put forward by Rep. Alexandria Ocasio-Cortez (D-NY), saying that they miss the big picture and could lead to tax-dodging.

Advertisement

While on "The Vergecast" for verge.com, Gates, who has a net worth of $96.5 million, believed that while tax rates could be "more progressive," going to extremes like the one proposed by Ocasio-Cortez was unwise. The proposed tax would shave 70% off any income above $10 million.

The tax is the newest in a series of controversial policies proposed by Ocasio-Cortez, beginning with the Green New Deal this past week. The deal is an extensive collection of economic and environmental reforms and has been heavily criticized for being unrealistic, financially impractical and giving the government an invasive amount of power.

"In terms of revenue collection," said Gates, "you wouldn't want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income."

He continued, explaining: "They have income that just is the value of their stock, which if they don't sell it, it doesn't show up as income at all, or if it shows up, it shows over in the capital gains side. So the ability of hedge fund people, various people-they aren't paying that ordinary income rate."

Advertisement

"The one thing that never gets much press-the IRS shows the statistics for the top 400 people of the highest income and the rate they pay," Gates went on. "Anyway, you should look at that. It's about a 20 percent rate, so it has nothing to do with the 39.6 marginal ordinary income rate. So it's a misfocus. If you focus on that, you're missing the picture."

Gates also weighed in on ideas that Sen. Bernie Sanders (I-VT) have supported, such as "modern monetary theory." Gates derided it as "some crazy talk," saying "It will come back and bite you."

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement