MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop
MURDER, POLITICS, AND THE END OF THE JAZZ AGE by Michael Wolraich Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop |
By MJ LEE | 1/26/12 10:13 AM EST
Bill Gates said Thursday that the county’s has got to hike taxes and the wealthy should shoulder a greater burden of the increase, while he rejected any close correlation between job creation and the level of taxes.
“Even as the economy improves and you end the wars, you’re going to have to raise taxes and certainly, whatever form it takes, and I’m not an expert on this — the rich should bear a larger increase than the rest,” the billionaire founder of Microsoft told Fox News Thursday in Switzerland, where he is attending the World Economic Forum.
When asked about the argument that taxing the wealthy would actually hinder job creation by putting pressure on companies to contract and hire less, Gates said he didn’t see that to be the case.
“There is no strong correlation between job creation and what the tax environment has been at any point in time,” gates said. “If something’s a profitable activity, you’re going to engage in it. Yes, there are tax rates that are so high that people may work less. But that’s — you have to get up in the 50, 60 percent range before that’s the case.”
According to Forbes, Gates is the second richest person in the world with a net worth of about $56 billion. Coming in at a close third-place is Warren Buffett with a net worth of about $50 billion. President Barack Obama said in his State of the Union address this week that under the “Buffett Rule,” millionaires should pay a minimum tax rate of at least 30 percent, even for income derived from investments.
Comments
I wish wish wish all these wealthy folks trying to help out would learn to say "it's time to let the Bush tax cuts expire and time to go back to the Clinton era tax rates" instead of saying "it's time to raise taxes." Even better would be to say that the Bush tax cuts were a big big mistake that caused a lot of the country's problems.
by artappraiser on Thu, 01/26/2012 - 1:23pm
Good point.
by AmericanDreamer on Thu, 01/26/2012 - 1:26pm