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The Bill Gates Income Tax
Wall Street Journal ^ | October 5,2010 | ARTHUR LAFFER

Posted on 10/05/2010 9:12:41 AM PDT by Hojczyk

Framed on a wall in my office is a personal letter to me from Bill Gates the elder. "I am a fan of progressive taxation," he wrote. "I would say our country has prospered from using such a system—even at 70% rates to say nothing of 90%."

It's one thing to believe in bad policy. It's quite another to push it on others. But Mr. Gates Sr.—an accomplished lawyer, now retired—and his illustrious son are now trying to have their way with the people of the state of Washington.

Mr. Gates Sr. has personally contributed $500,000 to promote a statewide proposition on Washington's November ballot that would impose a brand new 5% tax on individuals earning over $200,000 per year and couples earning over $400,000 per year. An additional 4% surcharge would be levied on individuals and couples earning more than $500,000 and $1 million, respectively.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: billgates; gates

1 posted on 10/05/2010 9:12:43 AM PDT by Hojczyk
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To: Hojczyk

steve jobs, bill gates, warren buffet, geroge soros. Multi billionaires that love tax hikes on everyone else, which they don’t have to pay. Dem constantly use their names as the boggeyman. “GOP just want tax cuts for ppl like bill gates”


2 posted on 10/05/2010 9:18:22 AM PDT by 4rcane
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To: Hojczyk

The really rich want to tax those trying to get rich. The really rich are all for it because they won’t be paying it.
They have foundations, trusts, capital gains which are all untaxed until they need the money. In the meantime..their corporations pay all their expenses.


3 posted on 10/05/2010 9:19:41 AM PDT by Oldexpat
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To: Hojczyk

Sure...these SOBs love to tax everyone else. They already have theirs. The money doesn’t belong to the gov’t, you a@@wipes!


4 posted on 10/05/2010 9:21:25 AM PDT by WKUHilltopper (Fix bayonets!)
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To: Hojczyk

As with most powerful people, there’s stuff you say to the public and stuff you really do. Have you sent him a copy and asked WTF?


5 posted on 10/05/2010 9:22:40 AM PDT by stuartcr (Nancy Pelosi-Super MILF.................................Moron I'd Like to Forget)
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To: Hojczyk

“Mr. Gates Sr. has personally contributed $500,000 to promote a statewide proposition on Washington’s November ballot that would impose a brand new 5% tax on individuals earning over $200,000 per year and couples earning over $400,000 per year.”

If Gates is so in love with paying taxes, why doesn’t he just give his wealth to the Government and shut the f up?
He loves progressive income taxes because they don’t tax his wealth, only his income.

He can afford squads of lawyers to prevent his wealth from being stolen, but the majority of those that will be robbed under this scheme are small business owners that won’t be providing someone a job because the money they would have had to reinvest is being stolen and wasted by the Government.


6 posted on 10/05/2010 9:23:47 AM PDT by bitterohiogunclinger (Proudly casting a heavy carbon footprint as I clean my guns ---)
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To: Hojczyk

Counter with a $250,000 per year tax on every $1,000,000 of wealth (not income) and watch him sing a different tune. Jerks like that propose all these high INCOME tax rates because they know they won’t be paying it.


7 posted on 10/05/2010 9:25:55 AM PDT by PogySailor (The ruling class will not go down easily. And neither will their paid hacks.)
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To: Hojczyk

It’s a match made in heaven. The government works about as well as Windows and Word and is riddled with worms. And you constantly have to sink money into it for “upgrades” that don’t make it any better.


8 posted on 10/05/2010 9:32:49 AM PDT by colorado tanker
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To: Hojczyk
Mr. Gates Sr.—an accomplished lawyer, now retired—and his illustrious son are now trying to have their way with the people of the state of Washington.

Although many of the hackers in the Linux world are certainly left of center (think Richard Stallman), I'm not aware of any that are trying to influence policy to the extent of Gates (both the father and son). Furthermore, as a Linux user, I'm not paying any money to fund this kind of nonsense. Far too often, the billions made by Microsoft end up promoting socialist and other dubious causes.

9 posted on 10/05/2010 9:36:34 AM PDT by re_nortex (DP...that's what I like about Texas...)
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To: colorado tanker
It’s a match made in heaven. The government works about as well as Windows and Word and is riddled with worms. And you constantly have to sink money into it for “upgrades” that don’t make it any better.

Get out of my head! :-)

Very well said and quite succinct.

10 posted on 10/05/2010 9:38:52 AM PDT by re_nortex (DP...that's what I like about Texas...)
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To: 4rcane

It has to be a peculiar form of mental illness for otherwise sane and supposedly intelligent people to somehow believe that unaccountable drone-like bureaucrats — most of whom could not find a private sector job — and corrupt politicians can somehow spend THEIR money better and more productively than they can.

The incredible Medicade/Medicare fraud SHOULD be a tip-off to guys like Gates, Jobs, etc., etc. that what they’re doing is simply encouraging more of the same.


11 posted on 10/05/2010 9:43:21 AM PDT by Dick Bachert (The upcoming election is the most important in our lifetimes!!! BE THERE!!!!!!!)
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To: Hojczyk
What Washington really needs is a PYMWYMI (Put Your Money Where Your Mouth Is) Tax. This would be a special tax for those who advocate higher taxes for others.

Simply require Bill and Bill Jr. to pay large percentages of their assets to the state. Of course, for this purpose, their "assets" would have to include wealth they have sheltered in trusts, and donated to personal charities.

12 posted on 10/05/2010 10:00:54 AM PDT by 3niner (When Obama succeeds, America fails.)
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To: Hojczyk

bump


13 posted on 10/05/2010 10:01:25 AM PDT by lowbridge (Rep. Dingell: "Its taken a long time.....to control the people.")
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To: Hojczyk

Mr. Gates Sr as well as his son have their heads up their you know whats.


14 posted on 10/05/2010 10:03:23 AM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: Hojczyk

Let’s tax anyone with a wealth like his 100% and see how much he cries like a baby. Let’s see him live in a 1,300 square foot tri-level living paycheck to paycheck and see how much he prefers taxation to the level he does.


15 posted on 10/05/2010 10:04:10 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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To: Hojczyk
Mr. Gates Sr. has personally contributed $500,000 to promote a statewide proposition on Washington's November ballot that would impose a brand new 5% tax on individuals earning over $200,000 per year and couples earning over $400,000 per year. An additional 4% surcharge would be levied on individuals and couples earning more than $500,000 and $1 million, respectively

Sure, for now, only the rich would have to pay.

But once you've headed down the slippery slope... Give it time... In Washington State, eventually even Joe Lunchbox will be in for a blood-letting.

For now, Washington State is still one of the handful of states which impose no state income tax. Let's keep it that way!

Regards,

16 posted on 10/05/2010 10:06:00 AM PDT by alexander_busek
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To: Hojczyk

This was part of the discussion on CNBC’s Squawkbox this morning, with Becky Quick sticking up for the billionaires (Gates and Buffet) because “they’ve given away their fortunes” so why don’t people agree with them on raising the income tax?

She (and many of the other panelists on the show) can’t tell or see the difference between government confiscation of wealth and choosing to donate (and get a tax credit, and get all of the psychic rewards of giving) to various causes. They seemingly have no idea how capitalism works or has worked. And please don’t bring up the fact that at its core, Berkshire-Hathaway is an insurance company that prospered for decades selling life insurance for the purpose of paying estate taxes.

Just plain scary.


17 posted on 10/05/2010 10:09:36 AM PDT by ReleaseTheHounds ("The problem with Socialism is that eventually you run out of other people's money." M. Thatcher)
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To: Hojczyk

Gates has run 3 or 4 different ads on television supporting the initiative-and never uses the words “income tax”. It’s a scam of monumental proportion.


18 posted on 10/05/2010 10:10:47 AM PDT by Spok (Is it RINO season yet?)
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To: re_nortex

:-))


19 posted on 10/05/2010 10:14:21 AM PDT by colorado tanker
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To: Hojczyk

Taxes something that gets passed on to the next guy.


20 posted on 10/05/2010 10:22:19 AM PDT by Vaduz
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To: 3niner
a PYMWYMI tax. I like it....!!
21 posted on 10/05/2010 10:34:19 AM PDT by Outlaw Woman (Live Free or Die)
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To: Outlaw Woman

Tell you son and warren to give thier 60 billion to taxes instead of a tax free foundation.


22 posted on 10/05/2010 10:48:50 AM PDT by scooby321
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To: 3niner

>>>a special tax for those wealthy who advocate higher taxes for others.

How about a clawback on those who propose taxes for others. Go back to Gates’ first earnings and apply the new rates.

I’m sure he’d support that. /s/


23 posted on 10/05/2010 10:51:32 AM PDT by Hop A Long Cassidy
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To: Hojczyk

If they vote for it there really is no recourse.


24 posted on 10/05/2010 11:16:54 AM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: Hojczyk
I live in Seattle but haven't seen a poll on the Tax Initiative for several weeks.

The trend is favorable.

In April, it was 66%(Yes) - 27%(No).

In September, it was 41%(Yes) - 33%(No).

The “NO” ads in Seattle have been extremely effective, working the idea that it is just a question of time before the tax would expand to non-rich residents, which has caused an explosion of undecided voters.

The bad news?

King County (Seattle) voted 70%(Obama) - 28%(McCain) and is trying its best to become America's next California.

25 posted on 10/05/2010 11:57:15 AM PDT by zeestephen
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To: alexander_busek
In regards to your reply to me here.

Thanks, Professor

"But once you've headed down the slippery slope... Give it time... In Washington State, eventually even Joe Lunchbox will be in for a blood-letting."

You're using ellipses wrong. You either need to put a period at the end of your sentence and capitalize "give" or trail off with your ellipsis and continue your thought with lowercase "give."

You're welcome!

Regards,
26 posted on 10/09/2010 6:49:12 AM PDT by Spike Knotts
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