This Is What Bill Gates Thinks When People Say He Should Feel Guilty About His Wealth (Video)
Bill Gates is synonymous with being rich. He is also known for being one of the most generous billionaires in the world, committing $38 billion to his foundation. In a recent interview with the American Enterprise Institute, Gates discussed the comments he gets about how he should feel guilty about being so rich.
When people say, Mr. Gates, you should feel guilty because you have so much money. Well, it’s not that I have money, if I’m supposed to feel guilty [about something], it’s my consumption,” said Gates.
In his pursuit in philanthropy, Gates has also encouraged other billionaires to donate most of their money to charity through The Giving Pledge program.
While gates has donated, and plans to donate, billions of dollars to charity, he is also trying to solve problems like poverty, education and clean water. Gates believes that today’s idea of poverty and third-world countries will be gone in the next 20 years.
I am optimistic enough about this that I am willing to make a prediction. By 2035, there will be almost no poor countries left in the world. (I mean by our current definition of poor.) Almost all countries will be what we now call lower-middle income or richer,” Gates wrote in his annual letter to his foundation.
Guilt came up when Gates discussed the U.S. tax code. He believes businesses should be taxed on how much they spend in an idea he calls a “progressive consumption tax,” instead of worker’s wages. This could encourage businesses to hire more workers.
Consumption is what you care about. … The idea that consumption should be progressively taxed, I think that makes a lot of sense.”