World's Second Richest Man Objects To Wealth Tax
Bill Gates is worth 106 billion dollars give or take hundreds of millions.
He is complaining that Elizabeth Warren's proposed wealth tax would eat into that fortune roughly to the tune of 2 billion dollars per year for the first 25 years, and then about 1 billion dollars per year for the next 15, and then a billion or so a year for the next number of years, then a half billion a year, until finally, after 78 years, Gates would be down to a measly 10 billion.
Gates appears to be so mortified by this proposed comeuppance that he told a reporter that he wasn't sure he could support Warren for president over Donald Trump.
Who says love of money is not a powerful force?
Gates wants to keep all that money, and give much of it away himself, giving it to causes he chooses. He and his wife have given about 35 billion to his charity The Gates Foundation over the years, so he is not stingy.
Gates is 64 and barring the unforeseen figures to live somewhere around 25 more years. Suffering the wealth tax and not allowing any income to him and his wife over that period (completely ridiculous), he will have appx 52 billion left after 25 years minus whatever he gives to his foundation. It is highly unlikely Gates or his charitable giving will "suffer" from the wealth tax, but untold individuals will gain and have a chance at a better life because he was "forced" to pay a wealth tax.