March 7, 2007 1:38 PM
Should Bill Gates Oppose of Estate Tax Repeal?
While I can understand where Mr. Gates and Mr. Buffett come from, should they, arguably the best two capitalists of our generation, believe they, or their desginated agents, can spend more effectively than the government?
From WSJ:
Microsoft Corp. Chairman Bill Gates told a Senate panel today that he opposes a repeal of the federal estate tax.
Tax-cut legislation enacted in 2001 reduced the estate tax rate and provided for 10 years of increasing exemptions. For 2007, the top estate tax rate is 45% and the exemption is $2 million. Under the law, the tax is fully repealed in 2010 but will be revived in 2011 with a top rate of 55% and an exemption of $1 million. Pending legislation proposes making the full repeal permanent.
Gates’s father, Bill Gates Sr., has launched a public campaign in opposition to such a repeal along with other financial beacons such as Warren Buffett.
Asked Wednesday by Sen. Bernie Sanders of Vermont, “How are you getting along with your dad?” Gates said he agreed with many of his father’s arguments. Gates said he hadn’t spoken much about the issue publicly, choosing instead to focus on issues such as competitiveness and global health. Gates said of his father’s efforts, “I think what he’s doing has a lot of merit.”
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