Bill Gates has a bold vision for the future of wealth in America. The billionaire tech giant believes the rich should give back more – and he’s not afraid to say it.

In his new Netflix series, “What’s Next? The Future with Bill Gates,” the former Microsoft CEO made a surprising statement: If he were in charge of the U.S. tax system, 70% of America’s wealthiest would see their fortunes shrink.

Don’t Miss:

Gates didn’t pull any punches. “The wealthy would have a third as much under the tax system I envision,” he stated. His reasoning? Gates firmly believes in more progressive taxation and thinks the estate tax should play a bigger role in leveling the financial playing field.

With a net worth of $128 billion, Gates is the 8th richest person on the planet, trailing names like Elon Musk and Warren Buffett. And yet, he’s openly willing to chip away at his fortune. “Under my tax system, I’d be tens of billions of dollars poorer,” he said in an interview with The Independent.

Trending: The global games market is projected to generate $272B by the end of the year — for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.

At present, the U.S. tax system takes about 23% from billionaires. Gates thinks that’s too low. He believes the government can raise taxes on the rich without discouraging innovation. “The tax system could be more progressive without significantly hurting the incentive to do fantastic things,” he explained.

Gates’ tax stance ties into his larger mission through the Bill & Melinda Gates Foundation. For years, he has advocated for better social safety nets, arguing that higher taxes on the rich could help fund universal health care, housing and education. These are causes that lie at the heart of his foundation’s work.

Read Next: The global games market is projected to generate $272B by the end of the year — for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.

In his Netflix show, Gates invited a well-known voice on the topic: Vermont Sen. Bernie Sanders. Sanders has always been a strong advocate for increasing taxes on the rich and, during the episode, didn’t hold back. He proposed a dramatic change – a 60% tax hike for the wealthiest Americans.

Story continues

“So if you’re asking me, ‘Do I think we should eliminate the concept of billionaires?’ Yeah, I do,” Sanders said. The senator has long argued that the superrich should pay much more, with his tax plans proposing a 60% levy on America’s wealthiest citizens.

See Also: IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things ‘Even More Insanely Complicated’

While Sanders acknowledged Gates’ innovations in the tech world, he didn’t hold back his opinion that no person should control billions of dollars. “Bill’s a very innovative guy,” Sanders said, adding that such vast fortunes are simply too much for one person to handle.

It wasn’t the first time Sanders has voiced such ideas. Over the years, he’s consistently pushed for policies that would significantly curb the fortunes of the ultrarich.

Read Next:

Up Next: Transform your trading with Benzinga Edge’s one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today’s competitive market.

Get the latest stock analysis from Benzinga?

This article Billionaire Bill Gates Has a Bold Plan to Shrink the Wealth of the Rich – Here’s How He Intends to Pull It Off originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.