Gates urges need for raising taxes

Jan 27, 2012 |

Washington

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Bill Gates

American billionaire Bill Gates has called for raising taxes in the country, and feels the rich people should swallow a larger burden of the tax hike.

“Even as the economy improves and you end the wars, you’re going to have to raise taxes and certainly, whatever form it takes, and I’m not an expert on this — the rich should bear a larger increase than the rest,” Politico quoted Gates, as saying on Thursday.

There has been an argument that the riches of the country might coerce companies to create lesser jobs if there is a tax hike, but Gates feels there isn’t much of a connection between both of them.

“There is no strong correlation between job creation and what the tax environment has been at any point in time,” he said.

“If something’s a profitable activity, you’re going to engage in it. Yes, there are tax rates that are so high that people may work less. But that’s, you have to get up in the 50, 60 percent range before that’s the case,” he added.

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