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Bill Gates defends 60% tax for billionaires

The founder of Microsoft answered several questions in an open forum on Reddit and one of the most commented questions was about the cryptocurrency market.

Bill Gates defends 60% tax for billionaires

Bill Gates defends 60% tax for billionaires

Bill Gates created an “Ask me Anything” (AMA) thread on the Reddit forum. The billionaire, who already offered hundreds of millions to buy a digital currency in the 1990s, gave his stance on cryptocurrencies.

“I don’t have [cryptocurrencies]. I like investing in things that have valuable output. The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.” – said Gates.

Before taking this position, Gates was a big enthusiast of digital currencies in the 90’s and believed in creating one, even trying to launch Windows 95 with its own currency software.

However, as Microsoft became one of the largest software providers for the state banking system, its views also changed. Currently, several banks in Brazil and around the world use Windows as their operating system, including ATMs and access points.

Another much-discussed position came from Gates’ idea of ​​a tax system. When asked about an appropriate tax system for the rich he replied:

“Getting marginal rates above 60% often leads to a lot of complex avoidance if your system allows for that. It is strange to have the capital gain rate below the ordinary income rate. An estate tax could go somewhat above 60%—it is amazing how few countries have those”

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