Senator Elizabeth Warren said she would "love to explain" to Bill Gates how much he'd pay under her proposed wealth tax after the world's second wealthiest person said he believed he might pay $100 billion under the levy.
Gates, who added he was "just kidding" after making the remark, is just one of several billionaires who have spoken out against Warren's wealth tax, which would add a 6% surcharge on fortunes above $1 billion to raise money for her Medicare-for-all plan.
Gates is one of several billionaires who have publicly questioned Warren's plan. On Tuesday, JP Morgan Chase's Jamie Dimon — worth an estimated $1.6 billion — told CNBC that the Democratic presidential candidate "vilifies successful people." Billionaire investor Leon Cooperman, meanwhile, was reduced to tears while discussing the 2020 election on CNBC, saying he believes Warren is calling billionaires "deadbeats."
The debate over taxation and fairness comes amid rising wealth inequality. While the U.S. tax system is supposed to be progressive, meaning that wealthier households pay a larger share of their income in taxes than the middle class and the poor, America's 400 richest families now pay a lower tax rate than people in the middle class, according to recent research from two prominent economists, Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley.
Speaking at the New York Times' Dealbook conference on Wednesday, Gates expressed concern about Warren's proposed tax, although he added that he's in support of progressive taxation.
Warren shot back on Twitter, saying she'd be happy to sit down with him.