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News Link • TAXES: Federal

Bill Gates: Best Option For Soaking The Rich Would Be Hiking Capital Gains Tax

• by Tyler Durdan

But just in case Americans - at least those who didn't attend Davos 2019 - were wondering what their richest tech overlords were thinking about the best practices for stabilizing the budget deficit with new tax revenues, Microsoft founder Bill Gates appeared on CNN's Fareed Zakaria GPS last night to share his thoughts on the 70% marginal rate proposal and other 'wealth tax' proposals floated by the increasingly left-leaning Democratic field, which he has bashed as "extreme" in other interviews.

"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," Gates said.

But a 70% marginal rate on the richest Americans - just like we had in the 1970s before the Reagan tax cuts - isn't the best way to go about filling this gap, because of all the loop holes and deferments.

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