Bill Gates Says Taxing Capital Gains Is the Best Way to Tap ‘Big Fortunes’
- Microsoft co-founder worried about high U.S. budget deficits
- Addresses proposals for top marginal tax rate of 70 percent
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Bill Gates is concerned about the high budget deficits being run by the U.S., and said if taxes are ultimately increased to make up the shortfall, then it’s appropriate for wealthy people to pay much higher taxes.
“We only collect about 20 percent of GDP and we spend like 24 percent of GDP. So you can’t let that deficit grow faster than the economy,” the world’s second-richest man said during an interview on CNN’s “Fareed Zakaria GPS” broadcast on Sunday. The U.S. national debt climbed past $22 trillion in the past week.