The 70 percent income tax for the very wealthy proposed by Rep. Alexandria Ocasio-Cortez was met with opposition by Bill Gates recently.
Gates believes that Ocasio-Cortez’s plan is too extreme and could influence the rich to put money in offshore accounts.
“I believe U.S. tax rates can be more progressive,” Gates said in an interview. “Now, you finally have some politicians who are so extreme that I’d say, ‘No, that’s even beyond.'”
Gates believes that there would be more benefit if Congress concentrated more on “Social Security, a capital tax and estate taxes” for revenue collection.