Wednesday, April 21, 2010

Bill Gates daddy pushing Washington State Income Tax

Washington is one of the 9 states, including Tennessee of course, that still does not have a State Income Tax on earned income.

Gates Sr has also been active in opposing a reduction in the Federal Estate Tax and other big government policies. Why doesn't he just get sonny boy to turn over his fortune to the government?

The Washington State proposal is the same camel's nose under the tent approach that is ALWAYS used, "it will reduce most people's taxes by soaking the rich." Sooner or later the income limits are reduced and it becomes just another funding mechanism for public employee unions and others that feed at the government trough.

Individuals would pay 5 percent income tax on earnings over $200,000 a year and 9 percent on earnings over $500,000. For couples, those tax rates would kick in at $400,000 and $1 million, respectively.

Backers say the income tax also would raise $1 billion a year for education and health care. "It will cut taxes for the vast majority of Washington citizens," said the initiative's most prominent supporter, Bill Gates Sr., father of Microsoft co-founder Bill Gates. He was the first person to sign an I-1077 petition at a news conference at Soho Coffee in Seattle's Central Area.