ECONOMICS 101: Bill Gates Says Cortez, Dems ‘Missing the Picture’ with 70% Tax Proposal

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Microsoft founder and global philanthropist Bill Gates threw more cold-water on Rep. Alexandria Ocasio-Cortez’ 70% tax proposal this week; saying the liberal lawmaker was “missing the picture” by imposing stiff taxes on wealthy Americans.

Gates was speaking with technology-focused podcast The Verge when he was asked to weigh-in on the Democrats’ recent push to impose a 70% to 90% tax rate on high-income earners.

“Certainly, the idea of government being more effective in terms of how it runs education or social programs, there’s a lot of opportunity for improvement there,” said Gates.

“In terms of revenue collection, you wouldn’t want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income,” he added.

“If you focus on that, you’re missing the picture,” concluded the Microsoft founder.

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