Slashdot Mirror
'Gates for President' Group Gives Up
netbuzz writes "Dilbert creator Scott Adams had done his best to make this fantasy (or nightmare, depending on your point of view) a viable notion, but after three months of trying the group's leader has acknowledged that it's unlikely Gates will give up his current gig. They've tossed in the towel." Here is our original coverage of this ill-conceived plan.
Uhm... No.
In fact, he defends the tax so much he wrote a book about it. The argument of the book is basically saying the law that is in place is too lenient and it should be repealed for something like the old one that didn't have loopholes. He wants the rich to pay more taxes when they die.
From Wikipedia:
Gates is co-author, with Chuck Collins, of the book Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes, a defense of the estate tax.[2]
The book on Amazon.com Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes
I haven't finished it yet because I use it to fall asleep... however your statement is not true in fact and spirit.
The FairTax proposal addresses most of your objections.
Everyone gets a monthly prebate covering the tax on spending up to the poverty level. This eliminates taxes altogether for the truly poor, and makes the tax effectively progressive.
True, there's a limit to how hard you can punish success and productivity with such a tax, but the overall effect on the economy and, dare I say it, fairness, more than makes up for that.
Website: http://www.fairtax.org/
Summary: : http://www.fairtax.org/fairtax/thumbnail.htm