Thread: Bill Gates says recovery to take years Taxes are going to ha

Taxes are going to have to go up and entitlements are going to have to be moderated

Bill Gates says U.S. recovery to take years, taxes rise

WASHINGTON
Mon Jan 25, 2010 9:16am EST

WASHINGTON (Reuters) - Bill Gates, the world's richest man, said on Monday the U.S. economy could take years to recover from recession and predicted taxes will have to rise to bring the federal budget into balance.

Speaking on ABC's Good Morning America, Gates also warned against too much government intervention and urged President Barack Obama to focus policy on long-term issues such as education to combat the effects of the worst recession since the Great Depression.

"When you have a financial crisis like that, it's years of digging out," said Gates, who co-founded Microsoft Corp and remains its chairman.

"The budget's very, very out of balance. And even as the economy comes back, without changes in tax and entitlement policies, it won't get back into balance. And at some point, financial markets will look at that and it will cause problems," he added.

"Taxes are going to have to go up and entitlements are going to have to be moderated."

Gates spoke two days ahead of Obama's State of the Union speech, which is expected to focus extensively on economic issues including the need for job creation.

"We're having a slow recovery and everybody's frustrated by the pace of the recovery. But I don't think the government could change and magically make it speed up a lot," he said.

"If you try to do too much, it can distort things. The government's role is more of a long term role, investing in education."

Gates also said the United States needs its leaders to level with the American people about the long-term challenges the country faces and the sacrifices needed to overcome them.

"We need leadership for these long-term trade-offs and I'm hoping that won't cut back a few key areas like aid to poor countries. But there's going to be cutbacks," he said.

"We're seeing this at the state level right now, and so far it's not being handled very responsibly."

(Reporting by David Morgan, editing by Vicki Allen)

http://www.reuters.com/article/idUSTRE6 ... 22&sp=true

Gates, if you don't have the sense to know that taxes can't go up, then keep your trap shut, live on your tax-free trust, and continue your expansion in third world countries and hiring of H1B Visa Workers. Screw you!

If you had half the sense Americans thought you did, you'd be promoting the FairTax instead of flapping your gums about something you either know nothing about or are part of the socialist-globalist aristocracy in this country trying to destroy our nation.

Tax Bill Gates! How about a 100% tax on any income over $10 million a year, would Bill Gates go for that?

Originally Posted by Bowman

Tax Bill Gates! How about a 100% tax on any income over $10 million a year, would Bill Gates go for that?

Right now, he is dodging taxes with his Bill Gates Foundation. Pass the FairTax and tax his consumption. He spends more than we can ever tax on his "reported income", then protect our trade and force him to produce it here if he intends to sell it here, and reduce his access to H1B visas so he has to keep the Americans who built his company and wealth for him.