Presidential candidate Elizabeth Warren has gotten a chilly reception on Wall Street, but one tech entrepreneur is willing to extend an olive branch.
Microsoft Co-Founder Bill Gates said he would be willing to meet with the Senator to discuss solutions to wealth inequality and poverty.
The idea of a meeting was first floated after Bill Gates spoke with The New York Times writer Andrew Ross Sorkin at the DealBook conference.
During their conversation, Sorkin asked Gates about his thoughts on Warren’s proposal for a wealth tax. Gates at first appeared on board with the idea, saying:
I’m all for super-progressive tax systems…I’ve paid over $10bn in taxes. I’ve paid more than anyone in taxes. If I had to pay $20bn, it’s fine.
However, Gates quickly followed up on his initial comments, revealing concerns with Warren’s tax plan:
But when you say I should pay $100bn, then I’m starting to do a little math about what I have left over. Sorry, I’m just kidding… So you really want the incentive system to be there and you can go a long ways without threatening that.
Opposition to Warren’s Wealth Tax
According to Forbes, Gates is the second-richest person in the world, boasting a net worth of $106.9 billion.
Gates has repeatedly stated he has a responsibility to share his wealth. However, similar to Galaxy Digital CEO Michael Novogratz, the Microsoft co-founder isn’t convinced that Warren’s wealth tax is the way to go. Instead, he would prefer modifying other tax codes.
While speaking during a Reddit “Ask Me Anything” in February, Gates said billionaires like himself could pay more through making capital gains taxation “more like ordinary income” and “having an estate tax more like we had in the past.”
In the Reddit “Ask Me Anything,” Gates also said:
I have paid $10 billion but I should have had to pay more on my capital gains.”
According to CBS News,