Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Wednesday, February 20, 2019

Bill Gates Says he Should Pay Higher Taxes, Doesn't 'Deserve' his Fortune

BillgatesBill Gates recently claimed in an interview with Daily Mail that he does not believe that he paid enough in taxes, though he did everything legally and has paid more than $10 billion over the years. He is worth an estimated $96.8 billion dollars today, but claims that he does not "deserve" his massive fortune, that "nobody does."

“It has come through timing, luck, and through people I worked with. I certainly worked hard and I think software has been a beneficial thing, but I benefited from a structure too,” Gates said. He does not plan to pass on the entire amount to his children; instead, Gates and his wife to donate to their charity that helps fight disease and poverty in other countries.

The Microsoft co-founder says that he was in favor of raising the inheritance tax, but not necessarily to the point of what some politicians have proposed. Independent Vermont Senator and now Presidential candidate Bernie Sanders wants to propose an increase the estate tax to a rate of 77% for those passing on assets in excess of $1 billion. Under this proposal, Gates would owe $73.54 billion, compared to $38.31 billion under current law.

The billionaire businessman, however, does believe there are ways to make the current tax code more progressive.

See Brittany De Lea, Bill Gates Says he Should Pay Higher Taxes, Doesn't 'Deserve' his Fortune, Fox Business, February 13, 2019.

https://lawprofessors.typepad.com/trusts_estates_prof/2019/02/bill-gates-says-he-should-pay-higher-taxes-doesnt-deserve-his-fortune.html

Current Affairs, Current Events, Estate Administration, Estate Planning - Generally, Estate Tax, New Legislation | Permalink

Comments

Post a comment