Bill Gates, who ranked as the world’s second richest person by Forbes with a fortune valued at $96.7 billion, said that the wealthy need to pay their fair share in taxes but that a proposed 70 percent marginal rate is flawed.

On ‘The Late Show, he said that systemic changes should “take a much higher portion from people with great wealth.”

He added, “That’s ordinary income. These great fortunes were not made through ordinary income, so you probably have to look to the capital gains rate and the estate tax if you want to create more equity there.”

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