Bloomberg Promotes Billionaire Bill Gates’ Call for Tax Hikes on Wealthy

NewsBusters | 3/13/2019 | Staff
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What do Bill Gates, Sen. Elizabeth Warren and Sen. Bernie Sanders have in common? They all want the rich to pay higher taxes. Bloomberg News appears to be on board with their goal.

“Gates is saying what the Democratic candidates appear to be thinking: Go for the capital gains rate,” claimed Bloomberg reporter Lynnley Browning on March 12. The story downplayed the dramatic tax proposals of both presidential candidates and turned to liberal tax experts promoting tax hikes. It also failed to include any conservative economists arguing against tax hikes.

Browning - Tax - Experts - Senators - Warren

Browning consulted tax experts who claimed that was “essentially what Senators Warren and Sanders” have proposed. “They’re just packaging it in a way that’s easier to sell on the campaign trail.”

However, what both Warren and Sanders have proposed is far more radical than raising the capital gains tax rate. That became obvious from the calculations buried in the next to last paragraph of the Bloomberg story.

Warren - Ultra-millionaire - Tax - Wealth - Tax

Warren’s “ultra-millionaire’s tax” would be an annual wealth tax (of dubious constitutionality) on all wealth above $50 million. If you think tax prep is bad now, just wait until you have to have a value for every non-liquid asset you possess every single year just to prove you aren’t an “ultra-millionaire.” It’s almost full employment for accountants.

Sanders wants to raise the estate tax up to a whopping 77 percent for estates larger than $1 billion. He also wants the tax to begin at $3.5 million, which would especially hurt small business owners and farmers. Many conservatives call the the estate tax the “death tax.”

Percent - Capital - Gains - Tax - Hike

A 5 percent capital gains tax hike would raise less than...
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