skip to main content
skip to newscasts

Tuesday, May 7, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Ballot dropbox ban a barrier in SD primary; former President Donald Trump says jail threat won't stop him from violating gag order; EBT 'skimming' on the rise, more Ohioans turn to food banks; new maps show progress on NY lead service line replacement.

view newscast page
play newscast audioPlay

Hamas accepts a ceasefire deal amid warnings of a ground attack on Rafah by Israel, some faculty members defend protesters as colleges cancel graduation ceremonies, and Bernie Sanders announces his re-election run.

view newscast page
play newscast audioPlay

Bidding begins soon for Wyoming's elk antlers, Southeastern states gained population in the past year, small rural energy projects are losing out to bigger proposals, and a rural arts cooperative is filling the gap for schools in Pennsylvania and West Virginia.

A View from the Top: Gates Sr. Sounds Off about Estate Tax

play audio
Play

Tuesday, December 22, 2009   

FAIRFAX, Va. - Even some of the richest people in America say they don't mind the idea of paying an estate tax on a portion of their wealth when they die. But those views went unheeded in Congress, as the U.S. Senate recently blocked a bill to extend the federal estate tax for one year. Now, the tax expires on January 1.

Half of all U.S. Internet traffic runs through servers in Northern Virgina, and a familiar name in technology, Bill Gates Senior, says the estate tax is only fair. The elder Gates, who is co-chair of the Bill and Melinda Gates Foundation, believes families like his have prospered, in part, because they have benefited from living in a nation where taxpayers fund more than 90 billion dollars a year worth of research.

"Clearly, the largest and most generous venture capitalist in the universe is Uncle Sam. And it's clear that the folks who have become wealthy because of significant social investments did not do it alone."

According to U.S. Census figures, Virginia's Loudoun and Fairfax counties have the highest median household income in the entire nation.

John Bogle is the founder of The Vanguard Group and one of the "richest of the rich" who is in favor of the estate tax, for next year and beyond. The way tax law works, he says, most of his wealth has not yet been taxed, and won't be until his death. He says only a few are fighting the tax.

"For us to think, who owe these taxes, that we don't want to pay our fair share of the cost of running this nation, when our young citizens are dying in wars out there trying to protect democracy, seems to me quite outrageous."

The group United for a Fair Economy says 18 families have spent millions of dollars in a coordinated campaign to eliminate the tax, and they've succeeded in winning five tax cuts since 2001. Critics of the estate tax say it hurts family-owned corporations and farms, and prompts family businesses to sell out to larger companies when their owners die.

Ending the estate tax is also expected to cost charities more than 20 billion dollars a year, according to Catholic Charities USA, because funding charitable foundations is part of a tax planning strategy for the wealthy that won't be necessary if there is no estate tax.



get more stories like this via email

more stories
The Consumer Confidence Comic helps consumers get the best bang for their buck when purchasing a used car. (Oregon Consumer Justice)

Social Issues

play sound

Buying a used car can be a risky proposition, but a new consumer guide can help people avoid common pitfalls. The nonprofit Oregon Consumer Justice …


Social Issues

play sound

Buying a used car can be a risky proposition but a new consumer guide can help people avoid common pitfalls. The nonprofit Oregon Consumer Justice …

Social Issues

play sound

Special state funding for mental health staff at Michigan public schools during the pandemic is ending this year, leaving schools scrambling to find …


Social Issues

play sound

A staggering 93% of transgender teens live in a state that has enacted or proposed legislation that would restrict their rights, according to a new …

Environment

play sound

New maps show the extent of New York State's lead pipe replacement program. They demonstrate progress in replacing lead service lines, although the …

Social Issues

play sound

Wyoming's suicide rate ranks first in the nation, according to the most recent data, and state lawmakers are taking steps to improve access to mental …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021