Bill Gates says he’s happy to pay $20 billion in taxes, but Warren’s plan will make him ‘do a little math on what I have left over’ Bill Gates, co-founder of Microsoft MSFT, +1.18% and a philanthropist behind the world’s largest charitable foundation,
Said Wednesday he would mull over how much he would have to pay for Democratic presidential hopeful Sen. Elizabeth Warren’s proposed wealth tax. Gates made the point to laughter at Wednesday’s New York Times DealBook Conference.
“But, you know, when you say I should pay $100 billion, O.K., then I’m starting to do a little math about what I have left over,” he said. “Sorry, I’m just kidding. So you really want the incentive system to be there and you can go a long ways without threatening that.”
However, the debate that’s unfolded since is dead serious: If the feds took a deep cut of the fortunes of the 1% to fund efforts like affordable health care and free college, what would that mean for the philanthropies and charitable causes that benefit from the uber-rich’s largesse?
Under Warren’s “ultra-millionaire tax,” households making at least $50 million would pay a 2% tax on every dollar above that amount and then a 3% tax for every dollar of net worth above $1 billion.
Gates — worth an estimated $106 billion, according to Forbes — would have to pay almost $6 billion annually in addition to his other taxes, according to Andrew Ross Sorkin, the journalist and DealBook Conference host.
Gates is also the co-chair of the Bill and Melinda Gates Foundation, which has given away $50.1 billion for global health and other causes since it was founded in 2000. “To date, we have committed more than $2.9 billion in grants to combat malaria. In addition ,