Bill Gates shuts down Ocasio-Cortez as her tax policy is ‘missing the picture’ …| Hi-Tech-Blog |


Today, in this article, we would come to know why Bill Gates ,the co-founder of Microsoft, has slammed tax policies of Alexandria Ocasio-Cortez,saying they miss the larger picture and could create tax dodging!

Bill-Gates-shuts-down-Ocasio-Cortez-as-her-tax-policy-is-‘missing-the-picture’
Bill Gates shuts down Ocasio-Cortez as her tax policy is ‘missing the picture’ …| Hi-Tech-Blog |


How it came to happen..?


Bill-Gates-shuts-down-Ocasio-Cortez-as-her-tax-policy-is-‘missing-the-picture’
Bill Gates shuts down Ocasio-Cortez as her tax policy is ‘missing the picture’ 
 Bill Gates noted that while tax rates can be ‘more progressive’, going to be extreme such as the one put forth by Ocasio-Cortez, which would tax income above $10 million at a 70% rate, will miss the broader scope. Bill Gates said in a podcast, “Certainly, the idea of government being more effective in terms of how it runs education or social programs, there’s a lot of opportunity for improvement there. In terms of revenue collection, you wouldn’t want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income. They have income that just is the value of their stock, which if they don’t sell, it doesn’t shows up income at all, or if it shows up, it shows over in the capital gains side. So, the ability of hedge fund people, various people-they aren’t paying that ordinary income rate. The one thing that never gets much press, the IRS shows the statistics for the top 400 people of the highest income and the rate they pay. Anyway, you should look at that. It’s about a  20% rate, soit has nothing to do with the 39.6 marginal ordinary income rate. So, it’s misfocus. If you focus on that, you’re missing the picture.”
 Bill Gates also added that there are politicians who are so extreme with their policy proposals, that they would start to create tax dodging and certain disincentives, while causing “income to show up in other countries and things”.

 And about Ocasio-Cortez…..

   Ocasio-Cortez who became the youngest woman ever elected to Congress, said in an interview that her green New Deal could be paid for in part by slapping a tax as high as 70% on top earners!.. 
 Ocasio-Cortez said, “But once you get on the tippie tops, on your ten millionth, sometimes you see tax rates as high as 60% or 70%. That doesn’t means all $10 million are taxed at an extremely high rate. But it means that as you climb up this ladder, you should be contributing more..”

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