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.
And Windows is bug free.
"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."
First, they are not revenue losses as they are not entitled to unearned income, taken by the barrell of a gun. Second, if you have a spending gap, well, reduce spending.
Ooops, I forgot, I should just be glad the government lets me have any of my earnings!
Tax reform ping!
That pretty much sums it up.
"My advice for those who die ... declare the pennies on your eyes ..."
People at that level don't have an estate. It is easy for the super rich to tell everyone else to be taxed.
I got mine. screw you.
Hey,theres nothing to stop Gates from willing a "fair"percentage of his wealth to the government coffers.
Yet he should let the rest of us KEEP that money in the family.
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