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FTX CEO: Billionaires should be taxed more

FTX CEO: Billionaires should be taxed more

Sam Bankman-Fried opined that taxing the wealthiest people with high interest rates is fair, but making donations is more important, Sgurtorotato reports. Sam Bankman-Fried – CEO of cryptocurrency exchange FTX – thinks billionaires like him should be taxed at a higher interest rate. The cryptoboss admitted that he plans to donate “almost everything” he earns in his lifetime to charity.

Earlier this year, the U.S. government was considering a new tax rule. The move, which sounds good on paper, is good for some –curing a stalled economy and bringing fresh money into the treasury, which authorities can then distribute accordingly. The legislation is mainly aimed at the wealthiest people. If the bill becomes official, it will mean that American billionaires, of whom there are more than 600, will be taxed an additional percentage. In a recent interview, Sam Bankman-Fried –founder of the cryptocurrency trading platform FTX and one of the U.S. billionaires –said he is a supporter of the idea. Although he is not an expert in the field, he said that collecting more tax from people like him sounds “absolutely reasonable”. “I would generally support it”, –he added. In addition, the 29-year-old billionaire, known as the richest billionaire under the age of 30, believes that participating in charity is more important than taxation. He has vowed to distribute “almost everything” he earns in his lifetime to charitable causes. These include poverty alleviation, pandemic preparedness and projects related to global warming. “We have an obligation to give back not just for our own sake or our reputation. It is important to give back to help the world” –stressed the top manager. Nevertheless, Bankman-Fried argues that some donations are meaningless. “Naming buildings after yourself” – is one of them, and it has nothing to do with those charities whose goal is to create global well-being for humanity.

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