Gates Wants to Help
Reader comment on: Bill Gates on Welfare, Energy, and God
Submitted by Eugene Patrick Devany (United States), Mar 18, 2014 17:32
In the interview with Rolling Stone Bill Gates has shown some skepticism for how the existing safety net programs operate. "Why aren't the technocrats taking the poverty programs, looking at them as a whole, and then redesigning them?" Obviously this is a reference to the review of 92 poverty programs which Rep. Paul Ryan directed with the resourses of the House Budget Committee. Some were found to be good, others wastful and still others could be helped with consolidation.
In an interview on March 13, 2014 before the American Enterprise Institute, Gates made it clear that the payroll taxes are the biggest job killer. "I do think tax structures will have to move away from taxing payroll because society has a desire to have employment. ... And the fact that we've been able to tax labor as opposed to capital or consumption, you know, just shows that demand for labor was good relative to other things. Well, technology in general will make capital more attractive than labor over time."
The tax reform needed to create full employment is the replacement of the payroll taxes with a revenue neutral value added tax (VAT) - the fairest business tax worldwide. Jobs would be created by reducing the cost of each job by 7.65% and at the same time increasing consumer demand with a 7.65% raise in take home pay for each worker.
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