Bill Gates sounds supportive of Elizabeth Warren's wealth tax

Bill Gates knows a thing or two about wealth, and the Microsoft co-founder, who is one of the world's wealthiest people, says he'd be ok with a tax on his assets.

In an interview with Bloomberg, Gates was asked if he would support a wealth tax — which differs from income tax in that it includes things like a person's real estate investments or personal trusts — as a way to tackle growing inequality in the United States. Gates said he wouldn't be opposed to such a measure, but he did indicate it's not currently a realistic notion, in part because countries fear it would lead to an exodus of their wealthier citizens. So, unless there's some sort of international cooperation, Gates doesn't think it's going to happen. Instead, he more fervently supports an increase for the already-existing estate tax.

"I doubt, you know, the U.S. will do a wealth tax, but I wouldn't be against it," he said. "The closest thing we have to it is the estate tax. And I've been a huge proponent that that should go back to the level of 55 percent that it was a few decades ago."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

This isn't the first time Gates has hinted at supporting a wealth tax, an idea being pushed by Democratic presidential candidate Sen. Elizabeth Warren (D-Mass.). In February, Gates told The Verge that tax plans solely focused on income are "missing the picture," suggesting the estate tax and taxes on capital should instead be the subject of more progressive rates.