Bill Gates says he should pay higher taxes, doesn't 'deserve' his fortune

For all their concerns about global philanthropy Bill and Melinda Gates point to many success stories in their foundation’s annual letter

For all their concerns about global philanthropy Bill and Melinda Gates point to many success stories in their foundation’s annual letter

'Now, you finally have some politicians who are so extreme that I'd say, "No, that's even beyond".

While the Microsoft co-founder and world's second richest man agreed the USA could be "more progressive", he downplayed "extreme" proposals, such as the freshman representative's plan to raise the top tax rate from 37% to 70%.

Gates, who amassed a fortune by building Microsoft, noted that many very wealthy people's earnings subject to income taxes make up a tiny fraction of their overall wealth - a "rounding error of ordinary income" as he put it. "If you focus on that, you're missing the picture".

Ocasio-Cortez, D-N.Y., has pushed raising the top marginal tax rate to 70 percent on income over $10 million. "These great fortunes were not made through ordinary income, so you probably have to look to the capital gains rate and the estate tax if you want to create more equity there".

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'We can be more progressive without really threatening income generation - what you have left to decide how to spread around, ' Gates said, noting the tradeoff that many economists point out. Thankfully, Alexandria Ocasio-Cortez engaged in a lightning-round series of questions during a House committee in a since-viral video, showing us, plain and simple, that it's entirely legal for members of the government to be "80s-style greedy villains under USA law".

Gates also weighed in on ideas that Sen.

A giant mural of Congresswoman Alexandria Ocasio-Cortez's face was painted on a Lower East Side fence, though not everyone in the area thought the freshman lawmaker was worthy of the rap star treatment. Bernie Sanders, who is likely to run for president in 2020. President Donald Trump's tax plan went into effect in January 2018, mandating new income tax brackets for American taxpayers; the top marginal tax rate is 37%. "First of all, you never have to default because you print the money".

The iconic business magnate and philanthropist also dismissed "modern monetary theory" as "crazy talk".

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