Gross Says America's Privileged 1 Percent Should Pay Higher Taxes
Bill Gross, a billionaire himself, of Pacific Investment Management, just like Stanley Druckenmiller and Warren Buffett said that the privileged 1% should be willing to pay more income tax. What was observed is that while sales have gone flat, net income has gone up meaning to say labor and interest expense has been reduced. Hence there is a proliferation of stock buybacks.
Gross manages Total Return Fund whose total assets total $250 billion.
Gross, was urged to give half of his $2 billion wealth to charity. Gross funds a NGO, Doctors Without Borders and endowned a foundation with $293 million in assets. He says he is following a pledge by steel magnate Andrew Carnegie who called it a disgrace to die with money.
Gross pronouncements can sway the stock and capital markets, for example as he criticized GE capital for carrying too much debt. GE Capital stock tumbled 6% in two days.
Would additional tax for the rich improve the capital? Did it work for UK and France? Certainly, it worked well for Canada, Australia and Germany.
