Bill Gates Criticises Elizabeth Warren's plan for tax on super-rich

Bill Gates has become the latest billionaire to express concern for presidential hopeful Elizabeth Warren's plan for a new tax on the super-rich.

At a conference, the philanthropist and Microsoft founder said it would stifle business innovation in America.

Ms. Warren, a Democratic front-runner in the 2020 presidential race, has offered to meet Mr. Gates in response.<

It comes after criticism of Ms. Warren's policy from figures like Jamie Dimon, head of banking giant JP Morgan.

Under the original plan, households with a net worth between $50m (£39m) and $1bn (£780m) will be charged with a 2% "wealth tax" every year. This would rise to 3% for any households with a net worth of over $1bn.

But last week, Ms. Warren suggested doubling the latter rate - from 3% to 6%. She said the money raised from this new tax would be used to fund her healthcare plan, which is expected to cost the federal government $20.5tn over 10 years.

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