During a wide-ranging conversation on The Vergecast about the philanthropic work Bill Gates does around the world with his wife Melinda and their foundation, the Microsoft founder says the tax policies of Alexandria Ocasio-Cortez and others are "missing the picture" and MMT is "crazy talk."
He started off on a positive note (for some) suggesting taxes could be higher...
" I believe US tax rates can be more progressive..."
"...the estate tax and the tax on capital, the way the FICA and Social Security taxes work. We can be more progressive without really threatening income generation - what you have left to decide how to spread around.
But, the world's second richest man had some qualifiers that poured cold water on "extreme" politicians like AOC...
"Now, you finally have some politicians who are so extreme that I’d say, 'No, that’s even beyond'...
You do start to create tax dodging and disincentives, and an incentive to have the income show up in other countries and things..."
And mocked "Modern Monetary Theory" which says “Don’t worry about the deficit. We’ll just print the money and do it”?
"That is some crazy talk..."
"Well, that’s crazy. I mean, in the short run actually because of macroeconomic conditions, it’s absolutely true that you can get [debt] even to probably 150 percent of GDP in this environment without it becoming inflationary. But it will come and bite you. The people you owe the money to, you will have a problem."
Crazy indeed Bill, just don't tell the Democrats (or you'll be assuaged - just like Schultz - as a racist, bigoted, elitist billionaire who just doesn't get it).