Posted on 02/26/2018 7:40:56 AM PST by SeekAndFind
When one of the two richest people on the planet says that he is undertaxed, it makes for intriguing, self-righteous headlines.
Bill Gates of Microsoft fame is worth an estimated $90 billion (plus or minus a few billion) and has long been an advocate for higher tax rates for ultra-rich people like himself.
He and his wife operate the Bill and Melinda Gates Foundation, which has some $41.3 billion in assets, per KPMG’s Dec. 31, 2016 audit.
Much of the money is the result of Gates’ and Warren Buffett’s pledges to leave half their fortunes or more to the foundation — and their donations are legal and tax deductible.
While I respect Gates the businessman tremendously, his position on taxes and his political jabbing don’t exactly wash with his actions.
The thing with megabillionaire founders of public companies is that their wealth comes in the form of their stock holdings, not their salary and income. So Gates, Buffett and Amazon’s Jeff Bezos incur tax bills on their real wealth “holdings” only when they sell shares into the market.
The tax on their salaries, which are usually quite small, is irrelevant when you have $50 billion-plus of net worth.
Charity is one of the great things about America, but does Bill Gates deserve a US tax deduction if his foundation is giving aid to people in need overseas? Not really.
Bill, as I am sure you know, you can always pay more taxes to the US Treasury Department.
And here’s exactly how you can:
If you want to make a voluntary contribution to the US government, you can do so by sending a separate payment to the Treasury via the Bureau of the Fiscal Service with the stipulation that it be used to “reduce the debt held by the public.”
(Excerpt) Read more at nypost.com ...
Bill, you are allowed to give as much money as you want to the government.
There is nothing, apart from his own hypocrisy, that is preventing Bill gates from giving as much money as he desires to the federal government.
He does practice what he preaches.
He’s a hypocrite.
Not only that, but if he was taxed and actually paid at the rates he suggests, his Foundation would have far less available.
He can always let us vote on how he spends his Foundation’s money - since he seems convinced he isn’t more responsible with it.
Wanna bet that Gates has armed guards around his place?
(In order to keep off all of those companies he screwed.)
He needs to start a new movement:
Concerned 1 Percenters for Voluntary Tax Donation - COPVTD
I bet he takes all the Deductions he can and more
Well, Billy Boy, whip out your checkbook and send in what you think is right for you! And, then add $20 million to that! Hypocrite!
Yo, an age old mantra: DO AS I SAY, NOT AS I DO!
Get with the program....
The foundations like Buffet and Gates and obama and the Clintons have are tax dodges.
Just because Bill Gates says he’s undertaxed it doesn’t mean that too many of us aren’t overtaxed!
Too many of these foundations end up being criminal enterprises that work against us. Time to reform our tax laws & limit charitable deductions to religious institutions & to the actual succor of another individual - as in payment of someone’s hospital costs or to assist people after some crisis or other. Gates should be setting up low-cost or no-cost clinics in needy neighborhoods with his money.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.