Elizabeth Warren has slowly been gaining ground on Democratic frontrunner Joe Biden as the 2020 election landscape begins to take shape. In her campaign, Warren has been pushing for a complete economic overhaul. One major point of contention for many voters is her push to tax the upper one percent at a higher tax bracket. Billionaire Bill Gates recently sat down and discussed his thoughts on Warren’s economic plan.
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“I’ve paid more than $10 billion in taxes. I’ve paid more than anyone in taxes,” he told CNBC financial journalist Andrew Ross Sorkin. “But I’m glad to have. If I’d had to have paid $20 billion, it’s fine. But when you say I should pay $100 billion, OK, then I’m starting to do a little math about what I have left over. Sorry. I’m just kidding.”
Gates isn’t one for theatrics, so he kept his response respectful before explaining how taxing the rich and their investments could be extremely detrimental to America. “I do think that if you tax too much, you do risk the capital formation, innovation, the U.S. as the desirable place to do innovative companies,“ the founder of Microsoft said.
When asked about who he would vote for in the 2020 election, Gates explained his vote would be dependent on whoever is “more professional.”
Warren didn’t seem to appreciate Gates calling into question her main campaign promise as she took to Twitter to clarify. “I’m always happy to meet with people, even if we have different views,” Warren tweeted. “@BillGates, if we get the chance, I’d love to explain exactly how much you’d pay under my wealth tax. (I promise it’s not $100 billion.)”
The Warren campaign had some light-hearted fun at the expense of Gates when they released a “Calculator for the Billionaires” where she stated Gates would only pay $6.3 billion.
Ironically, it was Warren who was incorrect about how much Gates would pay as he was speaking about the amount he would pay over a period of years. According to Slate, it would only take about 15 years for Gates to be paying 100 billion in taxes under Warren’s proposed plan.
There is no doubt this will become a larger issue if Warren does indeed win the DNC’s nomination.
Here’s what Bill Gates had to say yesterday about Elizabeth Warren’s wealth tax, plus his thoughts on a potential Warren vs. Trump decision in 2020. #DealBook https://t.co/aYsCPUL3b7 pic.twitter.com/rWrIj8fSO8
— CNBC (@CNBC) November 7, 2019