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Neo Capitalism

Capitalism's flaws spur soul-searching, from Bill Gates to AI

Hong Kong and US pay price as beacons of economic freedom dim

A protest in Hong Kong on Dec. 8: Fears of losing individual freedom have prompted many residents to consider leaving Asia's financial hub.   © Reuters

TOKYO -- As 2019 drew to a close, Microsoft co-founder and billionaire Bill Gates published a blog post that took many readers by surprise. "I think the rich should pay more than they currently do, and that includes Melinda and me," he wrote, referring to his wife.

Gates noted that the U.S. government depends "overwhelmingly" on taxing income from labor -- wages and salaries. Instead, he argued it should raise the capital gains tax to draw more revenue from stock investments and real estate. The system "isn't fair," he wrote. "I don't see any reason to favor wealth over work the way we do today."

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