WELCOME BACK TO "THE LATE SHOW."
FOLKS, MY NEXT GUESTS ARE RENOWNED PHILANTHROPISTS WHO
LEAD THE BILL AND MELINDA GATES FOUNDATION.
PLEASE WELCOME BILL AND MELINDA GATES!
♪ ♪ ♪
( APPLAUSE )
GOOD TO SEE YOU AGAIN.
>> GREAT TO SEE YOU.
>> Stephen: I HAVE INTERVIEWED YOU BOTH.
I DON'T THINK I HAVE EVER INTERVIEWED YOU BOTH TOGETHER.
>> WE'LL SEE HOW IT GOES.
>> Stephen: WE WILL SEE WHO IS THE WORD HOG BETWEEN THE TWO OF
YOU.
ALL THESE QUESTIONS WILL BE JUMP BALLS HERE.
YOU ARE HERE TO TALK ABOUT YOUR 2009 ANNUAL LETTER.
YOU GUYS PUT OUT A LETTER EVERY YEAR FOR THE BILL AND MELINDA
GATES FOUNDATION.
WHAT IS THE PURPOSE OF A LETTER?
WHY A LETTER?
THEY HAVE COMPUTERS NOW, BILL.
WHAT IS THE PURPOSE OF THIS?
>> WELL, EVERY YEAR WE GET TO SEE A LOT OF THINGS.
WE TRAVEL TO AFRICA, WE MEET WITH SCIENTISTS.
WE SEE A LOT OF THINGS THAT ARE GOING VERY WELL, THINGS LIKE
REDUCING CHILDHOOD DEATH, IMPROVING NUTRITION.
IT'S A CHANCE FOR US TO SHARE WHY WE'RE EXCITED ABOUT THE WORK
AND WHERE THINGS ARE GOING.
>> Stephen: AND THIS-- THE THEME THIS YEAR IS?
>> SURPRISES.
THINGS THAT HAVE SURPRISED US THE LAST 20 YEARS, OR EVEN IN
THIS LAST YEAR IN PARTICULAR.
>> Stephen: OKAY, TELL ME IF I'M WRONG.
PEOPLE HAVE KNOWN YOU FOR YEARS AS THE RICHEST MAN IN THE WORLD.
YOU'RE THE SECOND RICHEST MAN IN THE WORLD, RIGHT?
>> WE'RE TRYING TO GIVER IT AWAY FASTER.
>> Stephen: WILL BEZOS EVEN TAKE YOUR CALLS AT THIS POINT?
( CHEERS AND APPLAUSE )
FASTER.
SEE THAT'S THE SORT OF BEHAVIOR PEOPLE WANT FROM BILLIONAIRES.
THERE'S A LOT OF TALK RIGHT NOW THAT MAYBE BILLIONAIRES
SHOULDN'T EXIST.
YOU HAVE HEARD SOME OF THIS TALK?
>> WE HAVE.
>> Stephen: THAT MAYBE THE EXISTENCE OF BILLIONAIRES IS A
FAILURE OF CAPITALISM, BECAUSE NOT ENOUGH OF THE-- THE CAPITAL
GETS CONCENTRATED WITH TOO FEW PEOPLE.
WHAT WOULD YOU SAY TO THOSE PEOPLE WHO SAY BILLIONAIRES
SHOULDN'T EXIST?
>> WE MIGHT BE BIAS GLD IT'S POSSIBLE, IT'S POSSIBLE.
>> I THINK YOU CAN MAKE THE TAX SYSTEM TAKE A MUCH HIGHER
PORTION FROM PEOPLE WITH GREAT WEALTH.
>> Stephen: 70%?
70%.
( APPLAUSE )
ORDINARY INCOME.
THESE GREAT FORTUNES WERE NOT MADE THROUGH ORDINARY INCOMES.
SO YOU PROBABLY HAVE TO LOOK TO THE CAPITAL GAINS RATE AND THE
ESTATE TAX IF YOU WANT TO, YOU KNOW, CREATE MORE EQUITY THERE.
SO I THINK THAT'S A GREAT DEBATE.
I THINK IF YOU GO SO FAR AS TO SAY THAT THERE'S A TOTAL UPPER
LIMIT THAT, THAT MIGHT HAVE MORE NEGATIVES THAN POSITIVES.
BUT, YOU KNOW, I MAY HAVE A DISTORTED VIEW OF THIS.
>> Stephen: YOU BOTH GO ALL AROUND THE WORLD.
THERE ARE A LOT OF PLACES IN THE WORLD WHERE THERE ARE MUCH
HIGHER TAX RATES, ESPECIALLY FOR THE MOST WEALTHY.
HOW DOES IT WORK OUT IN THOSE COUNTRIES?
>> NOT NECESSARILY THAT WELL.
IN FACT THERE, HAVE BEEN MANY TIMES WHEN YOU'RE IN FRANCE AND
THEY'LL SAY, "GOSH, WE WISH WE COULD HAVE A BILL GATES.
WE WISH WE COULD HAVE SUCH A VIBE RABBIT TECH SECTOR.
BUT THE TAXES HAVE BEEN DONE THERE IN SUCH A WAY THAT IT
DISTRIBUTE ACTUALLY STIMULATE GOOD GROWTH.
SO WE BELIEVE IN A GOOD TAX SYSTEM THAT SHOULD TAX THE
WEALTHY MORE THAN LOW-INCOME PEOPLE FOR SURE.
>> Stephen: MORE THAN PRESENTLY IS BEING TAXED?
>> YES.
>> THAT WOULD BE OUR VIEW.
WE HAVE BEEN THE BIGGEST LOBBYISTS--
( APPLAUSE )
INCREASING THE ESTATE TAX.
THERE WAS ACTUALLY ONE YEAR THAT WAS GOOD TO DIE IN BECAUSE THERE
WAS NO ESTATE TAX.
>> Stephen: OH, DAMN IT!
I MISSED IT!
>> YEAH, YOU DID.
( LAUGHTER )
QUITE A BIT.
IT'S LOWER THAN IT USE-- IT USED TO BE 55%.
>> WE DO BELIEVE THAT TO WHOM MUCH IS GIVEN MUCH IS EXPECTED.
AND THAT MEANS YOU NEED HAVE--
YOU NEED TO HAVE A FAIR TAX SYSTEM THAT TAXES THE WEALTHY
MORE THAN LOWER-/MIDDLE INCOME, AND YOU NEED HAVE A VIBRANT PL
PHILANTHROPY SECTOR.
WE CAN TRY THINGS.
WE CAN DO INNOVATIONS THAT YOU WOULDN'T WANT YOUR GOVERNMENT TO
DO WITH DOLLARS BUT IT HAS TO BE GOVERNMENT THAT SCALES THINGS UP
LIKE HEALTH AND EDUCATION.
>> Stephen: YOU SAILED THE THEME IS SURPRISE.
WHAT ARE THE BIGGEST SURPRISE OR MAYBE THE HOPE OF SURPRISES WE
WILL SEE IN THE NEWSLETTER THIS YEAR?
>> WHAT WE SPEAK ABOUT AROUND THE WORLD IS A CELL PHONE HAS SO
MUCH POWER IN THE HANDS OF A POOR WOMAN.
WHAT I MEAN BY THAT, WOMEN IN POOR COUNTRIES WILL TELL YOU
THEY'RE NOT WELCOMED AT THE BANK.
THEY DON'T HAVE THE MONEY TO GET ON THE BUS TO GO THERE.
IF THEY DO, THEY MIGHT GET ROBBED.
BUT WHEN SHE CAN SAVE $1 A DAY, $2 A DAY ON HER CELL PHONE, SHE
SPENDS IT ON BEHALF OF HER FAMILY, ON THEIR HEALTH AND THE
EDUCATION OF HER KIDS.
AND SHE ALSO SEES HERSELF DIFFERENTLY.
SHE STARTS TO SEE HERSELF AS A WORKING WOMAN.
AND SHE'LL TELL YOU, HER HUSBAND SEES HER DIFFERENTLY WHEN SHE
HAS SAVE THES.
SHE'S IN INDIA, HER MOTHER SEES HER DIFFERENTLY.
IT'S NOT THE ONLY TOOL BUT ONE OF THE TOOLS THAT WILL HELP
EMPOWER WOMEN.
( APPLAUSE ).
>> Stephen: THE TWO OF YOU SEEM TO PUT SO MUCH--
( APPLAUSE )
MUCH THOUGHT INTO THE GENERAL WELFARE, AND WHILE, AGAIN,
YOU'RE FABULOUSLY WEALTHY, YOU SEEM TO TRY TO WORK
ALTRUISTICALLY FOR OTHER PEOPLE.
HOWARD SCHULTZ IS A BILLIONAIRE.
HE'S RUNNING FOR PRESIDENT.
MAYOR BLOOMBERG IS A BILLIONAIRE.
HE'S THINKING ABOUT RUNNING FOR PRESIDENT.
DONALD TRUMP PRETENDS TO BE A BILLIONAIRE.
HE IS PRESIDENT.
HAVE THE TWO OF YOU THOUGHT ABOUT RUNNING FOR PUBLIC OFFICE?
( APPLAUSE )
POLITICIANS.
BUT NEITHER OF US WILL CHOOSE TO RUN FOR OFFICE.
YOU KNOW, WE ARE SPECIALIZED IN WHAT WE DIG INTO AND WHAT WE
KNOW.
AND, YOU KNOW, WE HOPE WE GET GOOD POLITICIANS.
BUT WE'RE NOT GOING TO RUN.
>> Stephen: WELL, IN THAT CASE-- I THOUGHT THAT WAS THE
CASE-- SO WE HAD THESE MADE FOR YOU.
THEY'RE ONLY TWO CAMPAIGN SHIRTS AVAILABLE.
"GATES 2020, IT'S NOT AN OPTION."
>> PERFECT!
>> Stephen: THERE YOU ARE.
THERE YOU ARE, YOUNG LADY.
>> ALL RIGHT, DEFINITELY NOT RUNNING.
>> Stephen: THE GATES FOUNDATION ANNUAL LETTER IS OUT TODAY.
YOU CAN ALSO GET IT ONLINE.
BILL AND MELINDA GATES, EVERYBODY!
WE'LL BE RIGHT BACK WITH JENNA FRIEDMAN.