Bill Gates: Buying a lot of farmland just to increase production The rich should pay more taxes

Tencent Technology News on January 12, local time in the United States on Wednesday, Microsoft co-founder and Bill & Melinda Gates Foundation co-chair Bill Gates participated in the Reddit online Q&A for the 11th time, answering netizens' questions about climate change, artificial intelligence (AI), why buy a lot of farmland and health care.

The following is a summary of Gates' Q&A session:

1. About technology trends

Q: What are your thoughts on "generative AI"? How do you think it will affect the world?

GATES: I'm struck by the rapid progress made in AI technology and think they're going to have a huge impact. In the case of the Gates Foundation, we hope to use AI technology to help children learn math and provide medical help to people in Africa who can't find a doctor. I still work at Microsoft, so I'll keep a close eye on AI developments.

Q: What are your thoughts on OpenAI's AI chatbot ChatGPT?

GATES: ChatGPT has given us a glimpse into what's going to come, and I'm very impressed with the technology and how quickly it innovates.

Q: You said many years ago that "people vastly overestimate the progress of the Internet in 5, 10 years." Now, are there any major technological changes at a similar stage?

GATES: AI is a technology that has the power to change, but I don't think Web3 or the metaverse has that much potential. I spend most of my time innovating, like helping pregnant women know if they need to go to hospital early, and making significant progress in important areas like malnutrition and anaemia.

Q: Do you still write code today?

GATES: I love writing code. The last time the code I wrote was implanted into a Microsoft product in 1985, a long time ago. Now, whenever I feel like my schedule is too long, I write code on weekends.

Q: Do you know about Microsoft's upcoming projects?

GATES: Microsoft invited me to participate in certain research and product initiatives. I really enjoyed working with Satya and her team, but I didn't know their hardware roadmap.

Q: Looking back at your time at Microsoft, what would you most like to have decided differently?

GATES: I was the CEO of Microsoft until 2000. Now I do know a lot of things that I didn't know at the time. The two areas I'm going to change are our work on mobile operating systems and trying to resolve antitrust litigation as early as possible.

2. On climate change and clean energy

Q: What is your view on current climate change?

GATES: It's important to remember that life in poor countries is tough right now. In some parts of the world, more than 10 per cent of children die before the age of 5, and more than 30 per cent are so malnourished that their brains and bodies do not fully develop. Climate change will slow our progress in improving the human condition, but I remain confident that we can avoid dire outcomes. The pace of innovation is really accelerating, although we may not be able to meet the current timeline.

Q: What are your thoughts on better and safer climate change measures?

GATES: The key to tackling climate is to make clean products as cheap as polluting products in greenhouse gas emissions from airplanes, concrete, meat production, and that's the only way we can ask all countries in the world to change. Because if the cost is too high, we won't succeed.

Q: How can individuals make the greatest contribution to climate change?

GATES: All of us are either voters, or consumers, practitioners. In these roles, a lot of people can help. For example, buying an electric car can help. You also have the option to pay extra to offset your travel emissions, which my family and I are doing. We need the United States and all countries in the world to work together to address the climate problem. Keeping hope alive is essential!

3. Healthcare

Q: Why do you put so much effort into healthcare and vaccines?

GATES: When I saw so many children die when their lives could have been saved for less than $1,000, I knew it was my first choice to give back to society. At the time, malaria killed more than 1 million children a year, but little research was funded. We have made tremendous progress, but 400,000 children still die from malaria every year, and we are committed to the eventual eradication of this scourge.

4. Farmland problem

Q: Why are you buying so much farmland, do you think it's a matter of billionaires having huge fortunes that allow you to acquire a lot of land?

GATES: I own less than 1/4,000th of the country's farmland. I invested in these farms to increase their production and create more jobs. This does not involve any grand plans. In fact, all these decisions are made by a professional investment team. In terms of billionaire status, I think we should pay more taxes. Over time, we should also donate our wealth. This is very rewarding for me and my current full-time job.

Q: Isn't it contradictory to be a humanitarian, and then concentrate the most scarce resource land in the names of individuals?

GATES: As money continues to flow into the Gates Foundation, everything I own will eventually be sold. At the same time, my investment team tries to invest in productive assets, including farmland, even though this investment is less than 4% of total assets.

5. Wealth

Q: Are billionaires morally bound?

GATES: It's easy to get out of touch with money. I think it's still good to create a new company. Even an increase in taxes would not prevent the birth of billionaires. Of course, this is just my personal opinion, and I am always lucky.

Q: The cost of living has soared, wages have stagnated, and many people are actually in survival mode. How do we get businesses and the super-rich to pay higher wages and pay more taxes? Rather, what actions should we take to create an economy that benefits the masses rather than the few?

GATES: I'm surprised taxes haven't increased much. For example, capital gains tax can be the same as ordinary income tax rates. I know that for many people, life is hard.

6. Other topics

Q: What excites you in 2023?

GATES: First of all, I'm going to be a grandfather! Second, be a good friend and father. Third, make progress on health and climate innovation. Fourth, help advance AI in a positive way.

Q: What life lessons would you leave your grandchildren to help them live happier and more meaningful lives?

GATES: I think the main way to help kids is to set a good example and give them more time when they need it. I wish I had more time to share my obsession with the world with my children and grandchildren. The arrival of a grandchild (or granddaughter) really prompts you to think about how we can ensure a better future!

Q: What is your favorite historical period? Why?

GATES: I've studied the Victorian era in Britain and the years when several great U.S. presidents were in office. I find the period of scientific innovation fascinating. However, in terms of the most suitable era for life, the present is clearly the most suitable time for human life.

Q: What books are you currently reading?

GATES: I'm reading Sid Mukherjee's Song of the Cell. All his books are great, like the writings of Artur Gawande. I have a lot of books on China that can help me figure out how to avoid "lose-lose".

Q: What was your favorite movie or TV series over the past year?

GATES: If I were to say, the second season of White Lotus Resort is pretty good. Congratulations to Jennifer Curic for winning the Golden Globe. In addition, "The Holy Hand of Deception" and the latest "Avatar" are very good. Recently, I've fallen in love with Chris Rock and Dave Chapley. (Golden Deer)