During Bill and Melinda Gates guest appearance on The Late Show Tuesday night, host Stephen Colbert referenced their status as “billionaires,” asked their opinions on the functionality of the U.S. tax system, and brought up the question of a presidential candidacy.

Speaking first about taxes, the Gateses said that wealthy individuals should be taxed at a higher percentage than the middle and lower class. “To whom much is given, much is expected,” Melinda said. She argued that the American economy needs a “fair system” that “stimulates good growth.”

Their appearance came right after the couple’s Gates Foundation its annual letter for 2019, in which it identified the biggest “surprises” of the previous year. “From especially devastating natural disasters on the one hand to record numbers of women campaigning for office on the other, 2018 felt to us like a series of surprises,” the letter began. Highlighted surprises included the fact that Africa is the youngest continent, that data can be sexist and that “textbooks are becoming obsolete.”

Asked by Colbert what the “purpose” of the letter is, Bill replied, “Every year we travel to Africa, meet with scientists, see all kinds of things that are going very well, so this is a chance to share why we’re excited about the work.”

In other press stops promoting the annual letter, Bill elaborated he on his view of a higher tax on the wealthy but that he was against “extreme” propositions. ” We can be more progressive without really threatening income generation—what you have left to decide how to spread around,” he told The Verge. He may have been referencing a proposition by newly-elected Democratic Rep. Alexandria Ocasio-Cortez to apply a 70 percent tax to the top-earning Americans.

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