WASHINGTON 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 its appropriate for wealthy people to pay much higher taxes.
We only collect about 20 percent of (gross domestic product) and we spend like 24 percent of GDP. So you cant let that deficit grow faster than the economy, Gates said Sunday on CNN.
Proposals have circulated recently for the richest Americans to again face a top marginal tax rate of 70 percent, as they did during much of the 1970s before it was lowered by President Ronald Reagan. But Gates said that approach didnt work well in practice.