FTX’s Sam Bankman-Fried believes billionaires ought to pay extra taxes—together with himself

In an interview with CNN, Sam Bankman-Fried, the CEO of FTX, helps the newly proposed wealth tax in the USA.

Talking from FTX’s headquarters within the zero-tax Bahamas, he stated that it was “affordable” to reform the present tax code and accumulate extra taxes from billionaires—together with himself.

“The very best must pay their fair proportion—and possibly extra”

When requested what his ideas had been on the proposed wealth tax within the U.S., which might goal the wealthiest 0.0005% of People, Bankman-Fried stated introducing these reforms can be “affordable.”

“I’m supportive of the concept the most effective ought to pay their fair proportion—and possibly extra,” he advised CNN’s Julia Chatterley.

“It is incumbent upon us to provide again.”

Billionaire @FTX_Official CEO @SBF_FTX share his ideas on a proposed wealth tax within the US — and the way he donates his riches.

Half 2 | @firstmove pic.twitter.com/CEHRzILqq0

— Julia Chatterley (@jchatterleyCNN) December 16, 2021

Regardless of his common sentiment relating to President Joe Biden’s formidable tax plan being optimistic, he famous that there have been nonetheless plenty of holes to be patched earlier than it might truly be utilized. He defined that the general public ought to significantly range of variations of the legislation that might result in individuals owing extra in taxes than the sum of money they’ve.

What Bankman-Fried was referring to is the controversial unrealized positive aspects tax, which might impose hefty taxation on the property held by America’s richest—actual property, shares, artwork, and many others.—even when they by no means convert them for chilly, arduous money.

And whereas Biden’s wealth tax would solely have an effect on these with over $1 billion in property or incomes greater than $100 million three years in a row, many imagine implementing it might open up doorways for related taxes that may have an effect on the higher and center lessons.

Nevertheless, Bankman-fried added that he plans on donating every thing he makes throughout his lifetime to charity. He defined that it was incumbent upon the wealthy to provide again, not only for “their very own sake however to assist the world.” That’s why he donated to causes that assist “within the long-term,” akin to ending world poverty, making certain pandemic preparedness, and combating world warming.