Link to articleSome of America's Richest Say 'No, Thanks' to Bush Tax Cuts by Abid Aslam
WASHINGTON -- Some of America's wealthiest individuals have declined billions of dollars in tax cuts bestowed upon them by President George W. Bush's administration and have urged others among the country's richest and most famous to donate their federal tax cuts to campaigns against the Bush package, often described as ''tax breaks for the rich.''
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For all the Bill Gates haters:Bill Gates Sr., co-chair of the Bill and Melinda Gates Foundation--the largest foundation on Earth--and father of the Microsoft Corp. co-founder, has spearheaded Responsible Wealth's campaign to oppose regressive changes to the tax code and to reform and preserve the estate tax.
The elder Gates for years has argued that individual wealth is a product not only of hard work and smart choices but also of a society that provides economic development, education, health care, and property rights protection. Such an economy's top dogs benefit the most from tax-funded institutions and programs and therefore should not resent or seek relief from having to pay taxes, he has said.
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Another reason not to shop at Walmart:Facing off against Gates and Responsible Wealth are families including the widow and heirs of Wal-Mart Stores Inc. founder Sam Walton and influential lobby groups including the National Federation of Independent Business.
Led by Sam Walton's only daughter, Alice, the family spent $3.2 million on lobbying, conservative causes, and candidates for last year's federal elections. ''That's more than double what it spent in the previous two elections combined,'' USA Today reported Wednesday, citing public documents.
The Waltons have sought income tax changes and other legislation that could preserve their shareholding in America's biggest business and the family's $84 billion fortune, the newspaper said.