A Quote by Bill Gates
There is no doubt that as an economy grows in a great way like India has, that you have to step back and change your tax systems, because you start to get more disparities of wealth.
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I think what grows the economy is when you get that tax credit that we put in place for your kids going to college. I think that grows the economy. I think what grows the economy is when we make sure small businesses are getting a tax credit for hiring veterans who fought for our country. That grows our economy.
Freedom is the freedom you choose, when you're not getting in your own way. The best way to start every day is to wake up and wash your face and look yourself in the mirror, right in the eyes of your reflection, and say, "don't get in my way." Because it's only when we get in our own way that we have to step back or step aside or step over here and not walk at all.
The reason we've been growing at 1.8 percent for the last eight, ten years, which is way below the historical average, is in large part because of our tax code. It is important to us to get the biggest, broadest tax reduction, tax cuts, tax reform that we can possibly get because it's the only way we get back to 3 percent growth. That's what's driving all of this, how do you get the American economy back on that historical growth rate of 3 percent and out of these doldrums of 1.8, 1.9 that we had of the previous Barack Obama administration?
The reality is the most important thing that can be done are these permanent changes like to the tax code, reduction of government spending. These are the things that pop up in economy and move it in the right direction, start to make it an economy that is moving because of the money in the private economy. When you think about it, when the Fed is lowering an interest rate, what it's doing is it's creating more liquidity. It's putting more money into the economy. The same thing happens when you reduce the tax except if happens from physical policy.
We need to build change in to our systems and let these systems evolve as circumstances change. Change is inevitable, but we need to do a better job of dealing with it, because when we start building huge gleaming monoliths, I think we start getting into trouble.
One way to have broader access to wealth is to reduce the tax on the large group and increase the tax on the very top so concentration of wealth doesn't get to extreme levels.
I think with success you do get a little more guarded and you start to change your friends. You become more isolated. And you start hanging around with people who have money! I think that's the biggest thing. Once you do get a bit of change in your pocket, you start hanging around with other people who have some change. It was kind of strange to all of a sudden go from one extreme-Manhattan-to where I went, upstate New York. But I did it because I was dying in the city. I couldn't take it. I couldn't take one more dinner party. I couldn't take one more party, period.
It is a great thing to be at your age... You are at a very specific time of age ... an age where you can follow all your dreams. But also at an age when you can change-you can change your dreams, you can change paths. When you start something when you're young, you should not decide 'this is it, this is my way and I will go all the way.' You have the age where you can change. You get experience, and maybe dislike it and go another way. Your age is still an age of exploration.
As more and more money is coming into the formal economy, one can look at more attractive tax rates and lower tax slabs. Even if half the people who were in the informal sector move in to the formal economy and more taxes get collected, more money can be spent on the welfare.
We don't have the leadership or the understanding of the value of this, and when your political systems and your economic systems start to fail, it's only a cultural understanding that allows you to reconstruct them and to get back to who you are. For some reason, it hasn't dawned on us yet.
We have to get the tax revenues up. That means we have to get back to a healthy American economy, grow the economy so that you make more money. I make more money, ordinary Americans make more money, and so does the government. That helps lessen the deficit.
India's rigid social structure limits intergenerational economic mobility and fosters acceptance of vast wealth disparities.
hy is it you can impose a new tax and keep your economy growing? Only if you cut other taxes by exactly the same amount. The problem with carbon taxes around the world has been you dump a new tax onto the economy and it's just adding more tax.
If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then you buy other stocks, you can avoid paying taxes. And if your accountant registers your wealth offshore in a Panamanian fund, like Russian kleptocrats do - and as more and more Americans do - you don't have to pay any tax at all, because it's not American income, it's foreign income in an enclave without an income tax.
We need to have the growth. If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain 3 percent economic growth. We really do believe that the tax code is what's holding back the American economy.
I was a tax attorney for something like seven years, so I was a tax geek. I was really into it. Tax is one of those things that people think is incredibly boring, but like any science about systems, once you get into it it, becomes incredibly intricate and interesting.
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