More Freebies for the Rich?
Published on June 17th, 2003 by J.T in MoneyFrom ArgMax:
Bill Gates and the Estate Tax
I just got back from a press conference sponsored by United for a Fair Economy and Americans for a Fair Estate tax. Bill Gates (Sr.) made a very compelling case for keeping the estate tax arguing that one important reason that the super-wealthy have been able to make/keep vast sums of money is that they are fortunate enough to live in America. And, as good Americans, they owe some of their wealth to the country that made it possible for them to become so wealthy.
FYI - only 2 percent of estates owe any tax, and the first $1 million for individuals, or $2 million per married couple, is tax-free. So, if you leave $1,000,001 to your heir (after deductions for charity), your heir is responsible for only 18 cents in taxes.
The House of Representatives is scheduled to vote on repealing the estate tax tomorrow. The repeal would cost around $162 billion over the next decade, and $1 trillion over the next 20 years.
