Nov 7, 2019

Bill Gates criticises Elizabeth Warren's plan for tax on super-rich

Bill Gates has become the latest billionaire to express concern for presidential hopeful Elizabeth Warren's plan for a new tax on the super-rich. This would rise to 3% for any households with a net worth of over $1bn. But last week, Ms Warren suggested doubling the latter rate - from 3% to 6%. She said the money raised from this new tax would be used to fund her healthcare plan, which is expected to cost the federal government $20.5tn over 10 years. Mr Gates is the second-richest person in the world, according to Forbes magazine, with a net worth of $106.2bn. When asked if he would be willing to meet with her about the policy, Mr Gates said he wasn't sure if Ms Warren would "Sit down with somebody who has large amounts of money". Hours after his comments, Ms Warren said she would "Love" to meet Mr Gates to explain her plan in more detail. The debate has been partially spurred by tax reform under Donald Trump's administration, which the president dubbed "The biggest tax cut in history".

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