Bill Gates: Billionaires should pay 'significantly' more taxes | ABS-CBN

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Bill Gates: Billionaires should pay 'significantly' more taxes

Bill Gates: Billionaires should pay 'significantly' more taxes

Agence France-Presse

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Updated Feb 20, 2018 08:24 AM PHT

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Bill Gates, Co-Chair of Bill & Melinda Gates Foundation, gestures as he speaks during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 25, 2018. Denis Balibouse, Reuters

WASHINGTON - Bill Gates says he has paid more than $10 billion in taxes over a lifetime but billionaires like him should pay "significantly" more because they benefit more from the system.

The Microsoft co-founder, the world's second richest man after Amazon's Jeff Bezos, was critical of a recent US tax overhaul that slashed corporate taxes and lowered the top bracket for individual income.

"I've paid more taxes, over $10 billion, than anyone else, but the government should require the people in my position to pay significantly higher taxes," he said in an interview Sunday with CNN.

He said the tax overhaul passed in December favors the rich despite Republican claims it will help the middle and working classes.

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"People who are wealthier tended to get dramatically more benefits than the middle class or those who are poor, and so it runs counter to the general trend you'd like to see, where the safety net is getting stronger and those at the top are paying higher taxes," he said.

With a sixth of the US population living in what he called "disappointing" conditions, he said US policymakers need to think about rising inequality and ask, "Why aren't we doing a better job for those people?"

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