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Microsoft Chairman Bill Gates on his efforts to help The Global Fund and whether wealthy Americans should pay more in taxes.
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The most in demand person here.
Arguably at Davos in the World Economic Forum this Bill Gates he just left our balcony we interviewed him about a wide ranging bunch of issues.
This is a man who had of course founded Microsoft but now is working full on at what -- he just announced its giving 750.
Million dollars from his foundation to the global fund here's how it's going to be used.
Little funds' done a fantastic job it's only ten years old and already.
There's over three million people who are alive that wouldn't be except for -- -- generosity.
Of governments -- through global fund.
So this money will go to vice aids drugs you need to keep people on aids drugs that -- the -- life you know little.
Bob Wilson some like this.
It goes to -- malaria bed nets malaria has been cut back quite a bit global funds -- key to that finally.
That -- diseases tuberculosis -- they've also done very good work.
We are spending a lot in this nation in the United States you see the austerity programs kicking in in Europe as well but the president spoke the other night talked about that millionaire's tax.
Is the way to solving these problems taxing people who make one million or more.
Well the country has said it taking anti deficit.
We spend about.
Point 5% of the economy and we collect about 15% taxes and that.
That's a gigantic Japanese even as the economy improves and you end the wars you're going to have to raise taxes and certainly.
Whatever form it takes and I'm not an expert on this the rich should bear a larger increase than the rest.
But -- won't won't close that deficit.
Particularly you want to keep investment in the future strong if you wanna help the world's poorest if you wanna keep doing scientific research if you wanna fund.
Educational advances.
We revenue was going to have to be is a big part of it.
Cutting some of the spending but.
It you've heard the argument that.
The wealthy the millionaires at the ones who create the jobs so if you tax them more they won't create more jobs they'll stop hiring do you buy that argument.
Well -- there's been no strong correlation between job creation and what the tax environment is -- at any point time that something's a profitable activity.
You're you're going to engage -- it yes there are tax rates that are so high.
That people may work class but that's in have to get up in 5060%.
Range.
Before that's the case of there ought to be -- solution but it it's a solution that.
Will require going through the math and telling everybody that taxes are gonna be somewhat higher.
And how quickly we phase that in given they hit the economy is weak that's another question you know which is is different Colton.
In and not to the area -- focus on we found so much waste in government -- are you comfortable with the way your taxpayer dollars are spent in Washington.
Well there's not.
In -- it's interesting.
You know can we do the defense budget more.
Efficiently.
And I've been some focus on and that direction.
Yes there are some things that can be -- that in that bond.
Requirement for government.
Helping the the porous funding education.
You know you've got to raise a lot of revenue and and let somebody can be concrete about what they're saying in -- what they're gonna change.
They're not responding to the mathematical imperative.
You know that that so what we're doing right now.
Is not sustainable so you're comfortable with the tax named after your friend Warren Buffett on has -- to -- in essence.
Well you I generally agree -- tomorrow night I'm not.
And I don't know what the specific should be because.
-- the numbers.
It's not just the rich where you're going to be able to bring this thing back into balance.
You know the it it's -- big it's a big big gap that yes I I agree agree it should bear.
Higher proportion of whatever increase takes.
-- let's get to Europe but they're kicking -- a lot of austerity programs.
-- we've seen since that started to happen some of these nations.
Start to revert to contraction meaning they're not growing as much if not turning negative is austerity the real answer.
Well again the and how spending cuts.
You know set sometimes what's called austerity is called -- called getting.
Rid of -- you have to bring things into balance at some point.
The timing of that you know is is is a question the main thing I look at is the few percent of the budget that goes to helping the poorest in the world and there -- I would say in the imperative is that we shouldn't.
Use our budget challenges is the excuse.
To not provide aids drugs and not by vaccines.
The Europeans have been far more generous.
Providing well over double.
As much as percentage their economy is the United States or others.
And even dare.
It's at risk some countries like the UK continued to increase.
Even though they have a a deficit worse than the United States that C.
An example of showing their values and sorry I hope other people do the same.
Do you worry that the European troubles might take down what has been a recovery in the United States tentative but a recovering on the less.
-- certainly -- -- the Europeans -- 30% of global GDP and if there.
I mean and tough times in up their their credit facility that.
Euros having a tough time that's going to have a negative effect for every country in the world I think it could push us back into recession.
Well I think that -- people who suffer the most whenever you have economic troubles are the poorest and so.
In -- for somebody who's.
Well off yes you might.
You know by a little bit -- but it means for the -- does not have enough food to feed their children not being able to afford school fees.
-- -- -- -- that I have immediately go to where does money.
How the biggest impact and you know how we think in terms of our values of making sure that we're not.
Losing sight of people even if there and they're not nearby.
What countries will economic leadership come from on the planet is that China is it is it the United States -- could only hope but.
Which is -- from where you stand.
What would -- it really improves the state of mankind is innovations.
You know you can step out from those DP figures and say.
Where new medicines gonna come from -- -- new ways of doing energy where new materials going to come from.
In the US still place a a substantial role in that.
Now we're if we're not funding the research part of the federal government -- the states are finding the universities we might now slowed down and what we provide there.
China's number two but a distant number two.
They have done better on economic growth and in terms of the things that really improve life.
That's innovation and in the US has a lot to be product that are.
All day long we will be hearing from newsmakers like Bill Gates.
Here on the Fox Business Network Diana and no dog doesn't really eat that chocolate that has been offering the -- for you Robin Tony.
Back to you from -- already jealous of the view it now you're showing is traffic that's just -- -- -- --
