Bill Gates backs capital gain tax as the best way to tap 'big fortunes'

Proposals have circulated recently for the richest Americans to again face a top marginal tax rate of 70 per cent, as they did during much of the 1970s

Bill Gates is concerned about the high budget deficits being run by the US, 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 per cent of GDP and we spend like 24 per cent 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 US national debt climbed past $22 trillion in the past week.

Proposals have circulated recently for the richest Americans