Bill Gates' solution to income inequality - Fortune - 0 views
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hcps-mumfordla on 31 Jan 15"Gates' solution? Shift the American tax code from one that taxes labor to one that taxes consumption. Now, this sounds like standard, right-wing economic theory. Consumption taxes are usually favored by the wealthy and by conservative economists because they tend to be regressive in nature. Since everyone-rich and poor-have to consume some amount of goods and services, and because the proportion of income spent is much higher for the poor than the rich, consumption taxes like state and local sales tax burden the poor more than the rich." This article outlines different solutions to income inequality posed by different people with varying social statuses. It also displays causes of some of these problems and introduces unique solutions.