Is it acceptable that a single person possesses so much power? It was the question that Bill Gates was asked at the last annual session ‘Ask Me Anything’ (AMA, from Reddit), plus other questions about the ethics of being a millionaire. The Microsoft founder’s response was based on donate wealth (referring to them following his model) and in charging higher taxes like the one proposed by the oo club ‘Taxmenow’ movement.
In the interview, Gates stressed that no one should miss the opportunity to become a billionaire.“I think the incentive to create new companies is still a good thing. Even if they raise taxes, it would not prohibit someone from being worth a billion, but that is just an opinion. I have been very lucky,” he said in the AMA and collects Fortune.
billion dollar philanthropy
While he supported the idea of super-rich people paying more in taxes, Gates made a case for what the private sector and personal financial motivations could achieve as the world becomes more prepares to face its “existential” challenges.
In this line, the Gates Foundation and its various private companies focus on proposing solutions to climate change, the educational gaps and lack of access to health care.
It is from them that the tycoon promotes and promotes a blueprint for billionaire philanthropyalthough he does not believe that this is enough to address the biggest threats in the world, which will be achieved, as he stated in his annual letter at the end of the year, with free markets under the protection of governments.
Control with higher taxes
While Gates defended corporations and the pursuit of wealth, he said in the Reddit AMA session that billionaires could “endure” to be kept in check by higher taxes, adding that he was “surprised” that taxes have not increased more while acknowledging that “things are hard” for a lot of people.
“I’m surprised taxes haven’t been raised more. For example, capital gains rates might be the same as ordinary income rates. I know things are hard for a lot of people,” he wrote.
‘Giving Pledge’ or commitment to give
Gates announced last year that he plans to leave virtually all of his assets to his foundation, with a view to eventually removed from the list of the richest people.
In 2010, Gates started Giving Pledge with his now ex-wife Melinda French Gates and with Warren Buffett. The pledge, which began with 40 participants, asks the billionaires who sign it to “publicly commit to giving most of his wealth to philanthropyeither during their lifetime or in their wills.” As of June 2022, the project has received 236 commitments from 28 countries.
There are those people who became super-rich through inheritance, or for whatever reason, and who are able to demand that governments charge them a higher tax rate as a measure of “justice”. In the latter case, enter Marlene Engelhorn and her ‘Taxmenow’ movement.
The name of Marlene Engelhorn became famous when she confessed that she wanted to give away 90% of her inheritance as a measure of “distributive justice”. In figures, the Austro-German will inherit a part of the 4,040 million euros of the fortune of her grandfather Friedrich Engelhorn, founder of the German chemical and pharmaceutical company BASFwho died in 1902.
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This is the ‘Taxmenow’ club that Bill Gates and other millionaires bet on: ”More taxes for the rich”