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Microsoft co-founder Bill Gates on efforts to increase taxes on the wealthy and the impact of taxes on job creation.
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Well Warren Buffett says he's willing to pay more in taxes but what about the other billionaires a second richest man in the world Bill Gates.
Friend of Warren of course sitting -- -- Liz -- at the World Economic Forum and Davos today and she asked him what he thinks about a millionaires -- The rich should -- a larger increase than the rest.
But that alone won't close that deficit particular you wanna keep investment in the future strong if you wanna.
Help the world's poorest if you want to keep doing scientific research if you want to fund.
-- educational advances.
We revenue is going to have to be it a big part of it.
Cutting some of the spending but 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 you there's been no strong correlation between job creation and what the tax environment is -- at any point in time if something's a profitable activity.
Here you're going to engage in it yes there are tax rates that are Seoul hi.
That people -- work class but that's in you have to get up in 5060%.
Range.
Before that's the case so.
There ought to be it 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 phased -- in given they -- the economy is weak that's another question you know which is is difficult and in -- not that the area I 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.
You know it's it's interesting.
You know -- we -- the defense budget more.
Efficiently.
You know there's been some focus on in that direction.
Yes there are some things that can be tuned it and that bond.
Requirement for government.
Helping them the porous funding education.
You know you've got to raise a lot of revenue and and -- somebody can be concrete about what they're saying -- -- what they're gonna change.
They're not responding to the mathematical imperative.
-- -- 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 -- is surveyed access.
Well I would -- I generally agree with 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 -- going to be able to bring this thing back into balance.
You know the it it's a big it's a big big gap that yes I I agree the -- should bear.
-- higher proportion of whatever increase take.
Place do you worry that the European troubles might take down what has been a recovery in the United States tentative that a recovery nonetheless.
-- -- Alienate the the Europeans -- 30% of global GDP and if there.
I mean and tough times in -- -- their credit facility that.
Euros having a tough time that is going to have a a negative effect for every country in the world I think it could push us back into recession.
Well I think did did people who suffer the most whenever you have economic troubles are the poorest and so.
-- -- for somebody who's.
Well off yes she might.
You know by a little bit lasts.
What it means for the -- does not have enough food to feed their children not being able to afford school fees in asserted value I have immediately go to where does money.
Have the biggest impact and you know how do 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 of can only hope but.
Which is -- from where you stand.
Well the thing that really improves the state of mankind -- -- invasions.
You know you can step back from those DP figures and say.
Where new medicines gonna come from where is new ways of doing energy where new materials going to come from.
And the US still plays say a substantial role in that.
Now word if we're not funding the research part of the federal government -- the states are finding the universities we might slowed down on 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 proud of their.
Which three companies as we finish up do you look at -- it doesn't have to be US but do you look at and say that's a model to follow.
Aside from Microsoft.
-- -- three companies you've really admire.
Why it's hard and I don't -- don't find it easy to pick.
The foundation has an annual ranking of the pharmaceutical companies in terms of how they teach their brilliance.
And make sure that it's made available for the need supports it's called access to medicines index.
And there's a lot of people who do very well on that TSK.
Has come out on on top a number of years and I think deservedly.
So.
Lets us Klein -- its exemplary.
What they do.
I think a lot of the innovations will come from smaller companies and you know will be surprised by who they are.
You know in the in -- bringing the cost energy down.
Solved in this food productivity.
You know why -- underestimate.
Our government funded research when it -- to the -- advances.
That's always been a huge part of why the economy -- to move forward and and you know in capitalism researchers always underfunded so.
You know I think a lot of -- heroes are people who work at the basic research level.
