If capitalism has benefited you, chances are that you would be quite fond of it but no, not billionaire Bill Gates. Microsoft co-founder while admitting that it is a “good system” told CNN’s Fareed Zakaria that more money should be given by the Rich people in the form of higher taxes.

Bill Gates is of the opinion that the collection given by the top one percent or top 20 percent should be much higher and with this statement he has joined the big debate stirred by US Congresswoman Alexandria Ocasio-Cortez who wants to levy 70 percent tax on the super rich.

The tech billionaire has been known to be an advocate of levying higher taxes on the wealthy. Bill Gates had also told Zakaria in 2018 that although he has paid over over $10 billion in taxes, the government should get rich people like him “to pay significantly higher taxes.”

Bill Gates pointed out that special attention to be on raising the capital gains tax; this tax is levied on profits gained when an investment or a property is sold.

At present, the capital gains tax is at 20 percent for people earning higher income, as per the Internal Revenue Service.

Bill Gates said that if the aim is to go after the “big fortunes” then higher capital gains tax has to be increased.

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Furthermore, Bill Gates also supports the increase in the estate tax levied on the cash, property and other assets of a deceased person after it is transferred to another.

While Bill Gates backs changes in the current tax code, he still supports capitalism in terms of a market framework, in spite of recent backlash and discussion on socialism.

“Now you can say I’m biased because this system has worked very well for me, and I feel — I plead guilty to that,” Gates added.

However, he continued, that one can fine tune the tax parameters and receive more equity and hereby get additional government services while still being in the same foundational framework.

Altering the tax system in order to make rich people pay more should not necessarily have to impair competition or even entrepreneurship.

He said, “As long as you have market-based pricing. You let people create new companies very easily.”

Bill Gates said, “If you think there’s a lot of competition someplace, you come in and intervene on that.”