Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes
Gates, William H., Collins, Chuck
Language: English
Published by Beacon Press, 2003
- Hardcover
- Used
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- Title
- Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes
- Author
- Gates, William H., Collins, Chuck
- Publisher
- Beacon Press
- Publication year
- 2003
- Condition
- Good
- Binding
- Hardcover
- Language
- English
- ISBN 10
- 080704718X
- ISBN 13
- 9780807047187
The Man Bites Dog story of over 1,000 highnet- worth individuals who rose up to protest the repeal of the estate tax made headlines everywhere last year. Central to the organization of what Newsweek tagged the billionaire backlash were two visionaries: Bill Gates, Sr., cochair of the Bill and Melinda Gates Foundation, the largest foundation on earth, and Chuck Collins, cofounder of United for a Fair Economy and Responsible Wealth, and the great-grandson of meat packer Oscar Mayer who gave away his substantial inheritance at the age of twenty-six.
Gates and Collins argue that individual wealth is a product not only of hard work and smart choices but of the society that provides the fertile soil for success. They dont subscribe to the Great Man theory of wealth creation but contend that societys investments, such as economic development, education, health care, and property rights protection, all contribute to any individuals good fortune. With the repeal proposed by the Bush administration, we might be facing the future that Teddy Roosevelt fearedwhere huge fortunes amassed and untaxed would evolve into a dangerous and permanent aristocracy. Repeal would drop federal revenues $294 billion in the first 10 years; 27 some $750 billion would be lost in the second decade, not to mention that the U.S. Treasury estimates that charitable contributions would drop by $6 billion a year.
But what about all those modest families that would lose the farm? Gates and Collins expose the fallacy of this argument, pointing out that this is largely a myth and that the very same lobbies and politicians who are crying cows have opposed other legislation that would actually have helped small farmers. Weaving in personal narratives, history, and plenty of solid economic sense, Gates and Collins make a sound and compelling case for tax reform, not repeal.
"Synopsis" may belong to another edition of this title.
About the Author
William H Gates Sr. is the co-chair of the Bill and Melinda Gates Foundation in Seattle. He serves as trustee for a number of Northwest and national organizations, including the national board of United Way.
Chuck Collins is the cofounder and program director of the Boston-based United for a Fair Economy and Responsible Wealth (www.responsiblewealth.org). He is coauthor of several books about economic inequality, including Economic Aparthied in America: A Primer on Economic Inequality and Insecurity.
Paul Volcker is former chairman of the Board of Governors of the Federal Reserve System.
From the Trade Paperback edition.
"About the title" may belong to another edition of this title.
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