Posted on 03/30/2005 11:04:15 AM PST by paltz
Taxing the estates of wealthy Washingtonians to provide essential services to the state "is a very sensible, very socially responsible thing to do," William H. Gates Sr. said yesterday.
Gates, the father of Microsoft Chairman Bill Gates and co-chairman of the Bill & Melinda Gates Foundation, was joined by Democratic lawmakers and others who support restoring Washington's estate tax, which was overturned last month by the state Supreme Court.
"This is not a tax on wealthy people. It's a tax on the grateful heirs of wealthy people," he said. "It's a tax on what's left after having lived ... a comfortable life."
Gates expressed support for Gov. Christine Gregoire's proposal to tax estates worth at least $2 million, something she says would raise $129.4 million over the next two years.
He said the higher exemption helps those of more modest wealth.
"There's an awful lot of people who have a net worth of a million dollars, given the increase in value in one's home," Gates said. "If I were a member of our Legislature I would be a fan of the $2 million exemption, but there's certainly a legitimate argument that it should be lower."
Before the Supreme Court ruling, the state tax threshold for estates had been on an increasing scale. In 2003, the threshold was $700,000; it grew to $950,000 by this year.
The court ruling ending the tax creates a potential revenue loss of $430 million over the next two years for the state, including a retroactive refund that could be as high as $150 million. That caused concern for lawmakers, who are facing a $1.6 billion spending gap in the upcoming budget cycle.
The majority Senate Democrats' budget, released Monday, proposes a slightly larger estate tax than Gregoire's plan, at first taxing estates of more than $1.5 million and then moving to her level of more than $2 million, providing $135 million over two years. The majority House Democrats are to release their budget proposal next week.
The estate tax would help pay for Initiative 728, which gives school-districts grants to reduce class sizes.
I wonder how Gates defines wealthy? I am sure his definition would include family farmers, and small business owners. Plus, taxes have already been paid on this money.
What an idiot:
Was Bill Jr. adopted?
I think you are quite perceptive. Gates didn't make political donations until the government went after Microsoft. They taught him a lesson.
The same people who bitch that family farms and large private tracts of land get sold to developers are the ones who like the death tax. They are just too dumb to realize that the family farms are sold so the heirs could pay the death tax.
Eliminating the death tax will help reduce sprawl.
Liberals are not so good at math.
OH to be wealthy and STUPID
It clearly states that that it is Bill Gates father not Bill Gate (Jr.)
Hard to believe there was ever a tea party in Boston, eh? God, I hope I'm alive to join the next one.
I think Andrew Carnegie and Benjamin Franklin prevented their fortunes from being squandered by the Nanny State.
Hey Bill, why not just hand $1 Billion over to the state instead of calling for a tax on everyone else? If taxes are so good, you should be volunteering tons of your own money to the government.
Liberals are not so good at math.
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Actually they are very good at LIBERAL MATH. Which basically says--- MORE TAXATION EQUALS MORE MONEY IN OUR POCKETS TO SPEND. And liberals have NO PROBLEM spending OTHER PEOPLE'S MONEY IN HUGE AMOUNTS WHILE TAXING TO SUPPORT SAME. A tax by any other name -- and this is, of course, right out of the Communist Manifesto - Marx did not want anyone leaving any wealth to heirs in his "great society" -- money represents power within the people, and Marxism does not allow that -- tax, tax, tax -- the lifeblood of our GREAT SOCIALISTS...
Jr. is a big liberal, too.
I would be happy to agree with this IF and ONLY IF ALL of the foolish tax-free "foundations" and other shelters were no longer.
More taxes means more people looking to avoid paying those taxes which means more people needing tax attorneys like Gates Sr.
I guess the reporter-stooge thought this conflict was inconsequential.
Bill Gates fortune is in MicroSoft stock. It is illegal for the government to own stock. In order to turn it liquid the government would have to immediatly sell it causing all other outstanding shares to be depreciated. This would cause 401ks to be devastated by panic selling. This would be a government cause "run on the bank".
who knew that there was still a Gates Sr. alive. Is there a bill gates the third?
I am not sure how GRATEFUL they are going to be to you...
So he wants to kick families out of their homes when a loved one dies? "Sell the house to pay the inheritance tax on it!"
What a scumbag. He'll never lose HIS house.
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