Gates' Derp

Bill Gates has a solution for income inequality.

Oh, look. More taxes! But not just any tax but a consumption tax!

"Consider a family that spends $10 million a year and is deciding whether to add a $2 million wing to its mansion. If the top marginal tax rate on consumption were 100 percent, the project would cost $4 million. The additional tax payment would reduce the federal deficit by $2 million. Alternatively, the family could scale back, building only a $1 million addition. Then it would pay $1 million in additional tax and could deposit $2 million in savings. The federal deficit would fall by $1 million, and the additional savings would stimulate investment, promoting growth. Either way, the nation would come out ahead with no real sacrifice required of the wealthy family, because when all build larger houses, the result is merely to redefine what constitutes acceptable housing. With a consumption tax in place, most neighbors would also scale back the new wings on their mansions."

If you believe this, then you can't be helped.

It's become tedious listening to people who made a fortune ponder and muse about social issues outside their areas of expertise.


Let's get one thing clear. Rich folks like Gates have zero intentions of paying more taxes. They'll make damn sure the system makes you pay.

And why a magazine called 'Entrepreneur' is covering 'income inequality' and such tripe is beyond me.

1 comment:

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