One rich guy who wants to pay higher taxes: Bill Gates Sr. [View All]

[kpete]

Source: McClatchy

* Posted on Sunday, October 24, 2010
One rich guy who wants to pay higher taxes: Bill Gates Sr.
By Brad Shannon | Tacoma News Tribune

Bill Gates Sr., the retired lawyer and wealthy father of the Microsoft co-founder, thinks Washington state's tax system is out of whack and needs repair.

The poor pay too much tax, the rich pay too little, Gates says. And the school system, which is such a springboard for future economic growth in high-tech Washington, suffers with too little funding because the wealthy aren't paying their fair share of the investment, he says.

Gates' solution — an income tax on adjusted earnings that exceed $400,000 a year per couple or $200,000 for an individual — is drawing protest from Washington business leaders and owners, as well as anti-tax allies such as Tim Eyman, who says the phrase "income tax" is politically toxic in Washington.

Initiative 1098 would give tax credits to an estimated 80 percent of Washington-based businesses and would cut the state share of property taxes by 20 percent for businesses and homeowners. Critics say I-1098 would harm the economy by taxing earnings of people who own the businesses — money that most likely would put people back to work.




Read more: http://www.mcclatchydc.com/2010/10/24/102520/one-rich-guy-who-wants-to-pay.html#ixzz13KQOo6sI