Does Gates have the power to change tax code? "Look at outcomes" makes more sense when it's something you have at least a moderate amount of control over.
If he'd be serious about it, he'd spend 0.01% of his fortune to buy politicians (he just has to bid more than the fossil industry etc) and have them change the tax code.
Is anyone stopping him, et al, from just paying more? There's an option for that on US tax forms (though I'm guessing tax returns for billionaires are a little more complex than what a Form 1040 can handle).
People suggest this often whenever a rich person says they should pay more taxes but unless I can specifically say I want my extra taxes to go to a specific government agency or office, I have no idea why I would do this. Just so Boeing can get a larger contract with my extra taxes? At that point I would just donate directly to causes that support what I want instead of dealing with the middle man.
You can give to state and local governments and get a federal tax deduction [1], per 26 U.S. Code § 170 (c) (1)
> (1) A State, a possession of the United States, or any political subdivision of any of the foregoing, or the United States or the District of Columbia, but only if the contribution or gift is made for exclusively public purposes.
But not if you make a gift to federal agency (unless that's listed somewhere else)
>Though I'm guessing tax returns for billionaires are a little more complex than what a Form 1040 can handle
When it comes to wealth, the world is divided into two basic groups:
1. Those with sufficient wealth that they and their family members will never need to hold a job in order to earn an income to survive.
2. Everyone else who must earn an income to survive.
It is important to understand that, in the United States, Group One people only pay taxes because they invest their money. They have enough money right now (100 million or more) that they could simply put the money in a bank vault and rely upon those funds for the rest of their lives without the need to even file tax returns.
They don't do that because they want more wealth. They want to invest their wealth such that it doubles every 10 years or so. And so they incur taxes to the extent their investments produce dividends or if they sell some stock for the purpose of investing the proceeds into a different investment. Of course, they only do this because they are convinced the new investment will return a much higher rate then the investment they are moving out of - after taxes. Otherwise, they wouldn't change investments.
Group Two has no choice in the matter. They do not have sufficient wealth to not work. So they work and earn wages which is always taxed.
Group One hold power and they essentially hold a veto over laws they are absolutely opposed to. Why do you think the US Government obtains its funds via a tax on income? Group One does not have income and thus contributes nothing to the cost of running the government - unless, as I've already addressed, they DECIDE for themselves that it is worthwhile to invest their money - and even then they only get taxed when they switch investments (or dividends). But they are not being taxed because they must work.
That is why it is laughable for Trump and the Republicans to be "debating" whether or not to tax the rich. But do not believe for one second that taxing the rich is the same thing as taxing the wealthy. The rich are Group Two people who earn very high wages. But the taxes being discussed are of no real interest or concern to Group One people.
