BILL GATES: ‘I’M GENERALLY IN FAVOR’ OF THE RICH PAYING MORE IN TAXES

[kpete]

Run time: 00:42 https://www.youtube.com/watch?v=fCDF8y9xwuk   Posted on YouTube: October 30, 2011 By YouTube Member: ThinkProgress6 Views on YouTube: 9   Posted on DU: October 30, 2011 By DU Member: kpete Views on DU: 1083

 
BILL GATES: ‘I’M GENERALLY IN FAVOR’ OF THE RICH PAYING MORE IN TAXES | In what is sure to irritate Republicans, the majority of millionaires (“job creators” in the GOP’s parlance) support higher taxes on the wealthy. Today on ABC’s This Week, Microsoft founder Bill Gates added his voice to the chorus, scoffing at the idea that the rich would riot over a marginal tax increase. “I just can’t imagine these millionaires and billionaires going down and barricading the streets because they are going to have to pay 4 or 5 percent more in taxes. I mean, it’s going to be rough for them,” he quipped. “There’s certainly a case to be made that taxes should be more progressive,” he added. When asked whether he agrees with the Buffet rule, he noted that the revenues needed cannot be raised completely off the top income bracket but he said, “I’m generally in favor of the idea that the rich should pay somewhat more.”

http://thinkprogress.org/economy/2011/10/30/356718/bill-gates-im-generally-in-favor-of-the-rich-paying-more-in-taxes/

[They_Live]

1. Hmm. He was about to have a big butt

except it got cut off. ;)

[PSPS]

2. He's lying

When asked whether he agrees with the Buffet rule, he noted that the revenues needed cannot be raised completely off the top income bracket but he said...

That's false. The "revenues needed" can easily be raised this way. In fact, well over half the deficit could be erased merely by letting the Bush/Obama tax cuts for the rich expire, and that's only a 3% increase in the top income bracket.

But that aside, what makes Gates or anyone of his ilk somehow an arbiter of what is good policy? The popular culture seems to worship people and anoint them as great sages simply because they're wealthy and, thus, must "know what's best."

Oh well. Having imparted his wisdom upon us, "Trey" can now go back to his modest house in the rarefied Medina neighborhood where there is no state income tax at all, and state services continue to be horrifically gutted.

[They_Live]

3. Good points.

+1

[Marazinia]

4. I'm impressed

I'll be convinced if these guys will also favor private money out of political campaigns and more regulation of 'corporate persons', including a corporate 'death penalty' with real consequences when corporations become malignant.

[sam11111]

5. $16 Trillion

Inclded as part of daily KOS

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http://webcache.googleusercontent.com/search?q=cache:nxY_tso8jLcJ:http://www.dailykos.com/story/2009/10/04/789523/-Citigroups-Shocking-Plutonomy-Reports-h-t-Michael-Moore+plutonomy&hl=en&ie=UTF-8&strip=1

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The Wealth Report
Plutonomics
Robert Frank looks at the lives and culture of the wealthy.
By Robert Frank, Wall Street Journal - Jan 8, 2007

It’s well known that the rich have an outsized influence on the economy.

The nation’s top 1% of households own more than half the nation’s stocks, according to the Federal Reserve. They also control more than $16 trillion in wealth — more than the bottom 90%.

[Marazinia]

6. This is the real base of their power

And we're going to take it from them. Let's not pretty it up. They've had their chance to create a prosperous and egalitarian society with that wealth, but they've instead used it to build more wealth, sucking it upward into the hands of a few. Wealth is power, and wealth is also not created from nothing. It comes from the labor, not of the %1, but of all of us together in society. Every worker they've ever profited from has the right to now say, "You didn't do what was right with the labor we gave you, and now we're taking it back."

I don't mind if the %1 continue to live in fine houses, drive fine cars, wear fine clothes. But they can't be allowed to control our economy, much less our government, anymore. And that means taking back the wealth that workers created and the wealthy consolidated. They have mismanaged it long enough.

[JJW]

7. Linux

I am definitely in favor of free operating systems like Linux.