Gates - ranked as the world's second-richest person by Forbes on Wednesday, with a fortune valued at $96.7 billion - made it clear on "The Late Show" that systemic changes should "take a much higher portion from people with great wealth".
He noted that hedge funders and other wealthy people are able to structure their finances in such a way that ordinary income is only a part of the picture.
"I believe US tax rates can be more progressive". "It has come through timing, luck, and through people I worked with". His view may be more closely aligned with Sen.
Gates, who stepped down from leading the software giant in 2006 to focus on the Bill & Melinda Gates Foundation, added that there are politicians who are so extreme with their policy proposals, that they would start to create tax dodging and certain disincentives, while causing "income to show up in other countries and things". Elizabeth Warren's proposed tax policy that focuses on taxing net worth on households worth more than $50 million. "We can be more progressive without really threatening income generation - what you have left to decide how to spread around", Gates said.
Gates pointed to analysis of the rate that top earners pay. It's about a 20 percent rate, so it has nothing to do with the 39.6 marginal ordinary income rate'. Anyway, you should look at that.
'If you focus on that, you're missing the picture, ' he said.
"But once you get to the tippie tops, on your ten millionth, sometimes you see tax rates as high as 60 percent or 70 percent", Ocasio-Cortez said in an interview with "60 Minutes". But it means that as you climb up this ladder, you should be contributing more, ' she said.
Ocasio-Cortez had joined her fellow female lawmakers dressing in all white for the 5 February 2019 State of the Union address in honor of suffragette movement, which paved the way for women's voting rights in the United States.