Health care and education might benefit; the philanthropies and charities that the rich support, not so much.
Bill Gates, co-founder of Microsoft MSFT, +1.18% and a philanthropist behind the world’s largest charitable foundation, said Wednesday he would mull over how much he would have to pay for Democratic presidential hopeful Sen. Elizabeth Warren’s proposed wealth tax.
Gates — worth an estimated $106 billion, according to Forbes — would have to pay almost $6 billion annually in addition to his other taxes, according to Andrew Ross Sorkin, the journalist and DealBook Conference host. He added, “You really want the incentive system to be there, and you can go a long ways without threatening that.”
Foundation endowments are tied to a wealthy person’s assets, Kaeding noted. And if assets are heavily taxed, it’s that much less to go toward philanthropy. A foundation either has “to reduce giving, or the endowment is going to shrink,” she said. All of Warren’s tax proposals would generate an estimated $26.3 trillion over a decade, Kaeding said.
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