Gates: “If I’m president, I would take a $20k tax deduction”If I am president, the question is how much of that will be tax-deductible.
We’ve all been asked the same question and answered it in the same way.
We’ll see if it’s worth the trouble.
Read MoreBill Gates says he’ll take a tax deduction worth $20 million if he’s the CEO.
“If you are an airline executive and you’re CEO, you are entitled to a $2,000 deduction on your federal income tax return,” Gates told reporters.
“If you’re not, I will take a deduction on my tax return.
It’s a lot of money, it’s not worth it.
I am not taking it, but I’ll be willing to take it if I am the CEO.”
Read MoreWhat will you take a credit for?
In addition to taking a tax break for his business, Gates also said he would cut $7.6 billion from the military.
“I’m going to cut about $7 billion,” he said.
“I’m looking at doing it all at the Pentagon.
I’m looking into what’s the right amount of cuts.
And I’m going on a budget process that involves some very tough cuts to defense.
I think that’s a fair amount.”
Read moreGates also said his wife, Melinda, would take home a $1 million deduction if they were to take their son to the Olympics.
“We’ll make sure that my wife is able to make a great life for her son and that he’s able to get into college, if he chooses,” Gates said.
Gates added that if he was president, he would also make $2.7 billion in investments.
The Microsoft cofounder, who has been criticized for his company’s poor stock performance, said that his company has taken a $3 billion write-down on its debt.
This was the third time he was asked about taking a write-off for the Pentagon during the press conference.
“What are you going to do with that?”
“It’s a $7 trillion bill.
It has a $700 billion price tag.”