build a senior of course is that bad of bill gates and now i'm sure this point
he's fabulously wealthy he was very lucky to begin with and then his son
obviously made all this money
%uh but he thinks
%uh that we need to have a really strong statement
and he's part of the group of by a very wealthy americans
%uh it's called the united for a fair economy
please for a lot of god
make sure
you take our money
birthday
and at what he means by that literally is
we need a state tax
%uh for when people buy because
society help us to become who we are it we don't give back to society
a new bill gates woke up
okay etcetera etcetera
right now they're biscuit east so important acceded baiting their state
tax right now
the house passed the version
%uh that is not very good %uh he would have a three point five million
exemption a seven million dollars for married couples
so the guy was six and a half million dollars you keep all
nike but your debt we'd give it
junior family wherever you want
%uh any definite external
but above seven million dollars per family
%uh it gets tax a forty five percent now the reason they did that is because
bush earlier had passed the law saying that they would be no estate tax and
twenty ten which would cost the government
millions of docklands whole billions of dollars and the guys who fought for were
of course gently to really rude
rich people including
the warm family who owns the walmart straight
their push their greedy they're pushing for more more more
and what bill gates senior saying all of the number what other wealthy americans
is
%uh let's make sure
%uh that one of the worst case scenario doesn't happen where there's no estate
tax and twenty ten and then secondly let's try to improve the house bill it
is even in the house bill as it stands now
%uh we would lose that our taxpayer would lose
hundred and
ninety one
billion dollars just over the next ten years
this state tax used to be fifty five percent for people over
a million dollars do you leave a million dollars
than afterwards is fifty five percent
he said if we don't go back to that we're gonna lose three hundred and
ninety one billion dollars american tax
now here the quarter
alike i normally you present the story
yeah okay i'm presenting this
optimistic before we get your commenter
here's a bill gates's economist gary criticism of the state taxes that
individuals who work hard
and save their money should be entitled to pass on the push for that labor to
their family i'm not against warring part saving money or taking care of your
family however we must acknowledge
but the person who can accumulates wealth in this country was not the will
to do that independently
the simple fact of living in america the country was stable markets and on
crowell
opportunity
fueled in part by government investment in technology and research
something my family
has had plenty of first-hand experience of with
provided in
even replaceable foundation for success
and have created a society
which makes it possible for some men
women and their children
and elegant life
i attended the university of washington under the g_i_ bill
and then became a warrior enjoying a successful create allowed me to provide
well from my family
so that they in turn were able to create their on what
sought by believe that those of us were benefit it's so greatly from our
country's investment in our lives should be has to do a portion of our wealth
back to invest in opportunities
for the future
right that this is a proposing specifically
because i'm not down with %uh taxiing fifty five percent after a million
dollars
it would be a second with the state tax cuts there are way too much money come
on man
white that's interesting then i'll be out of that
let let's say %uh
if money was spent the jury right and i become %uh
i have five million dollars in the bank
and and got and great and i have three children and i want to pass that money
down
taxi not five million dollars
fifty five percent is ridiculous
i don't think so personal you are in the money
your kids did they get it for free got money and in people
want to a card that money so they can provide a good life for their children
you know are not money just for them anemic one of the reasons why i want to
become rich is so i can support my family give my family everything they
could possibly want and that's the american tree than bill gates senior
recognizes that american dream we all do right
but at the same time
look part and the reason that you in this scenario would have had five
million dollars
is because you live in this country that the view that opportunity
now we want you to be able to pass some of that off your kids of course is a
natural human instinct
but at the same time
we also want provide that for everybody night and we want to be able to pass the
down so that someone who isn't born in your family who wasn't
born into that
privileged assuming that you've got that kind of money
%uh also has an opportunity that make sense
now what we're arguing about this a legitimate arguments
what's the percent yes bands of reason i dash agree with the state tax i think
that there should be taxed okay
however fifty five percent is ridiculous new dot is i mean that's more than half
and i found out of this way thing about this week and a and i hear you and i
would in the past i thought that was way too huh
and a part of who changed my mind was listed as we've got a lot of dialogue
about this back-and-forth
but with america was creating
the greatest middle-class and make them a great its economy that made us what we
or the highest tax brackets not even estate tax for the tax brackets for the
people or was between seventy and ninety percent
so obviously
that's the work
and that prolific provided a great society but i was in my own but that was
for the wealthiest one percent
we're talking about like billionaires right now on another note that this is
no they state tax applies to
the less than the wealthiest one percent i mean
%uh it's much less than one percent these are much more
wealthy then than even the guys who were in the highest tax bracket so that's so
if you pass on that seventy percent they're still left with a huge amount of
money right
campus or these get yet
and he said look you're not taxing conrad hilton who built middleton empire
you're taxing powers so
and you can see our money she did not burn
it's one thing if u talks tax cut it off in a seventy percent
what you are not much
right i'm a little uncomfortable and i think it's a high number right
%uh but if you taxpayers health of the fifty five percent
now i'm not merely a that has gone comparable because she she was just
happen to be the in this case the granddaughter of conrad hilton
and by know it's a big na and
companies like the worst things that i mean if i don't know if now use it and i
think now both for your case right now that it's a life well you know that you
understand anna hat
has one we all do which is this this think about what he'll do to make it and
that's what people fight against the state tax break befor
play that card and they're not that wrong that we all have that it's good
but the question is where
and the question is at forty five percent is at fifty five percent
etcetera
as you talk to me that government needs taxes right obviously in this obviously
creates a lot of
tax revenue three hundred ninety one billion is difference basically between
forty five and fifty five percent right plus the difference in in million
dollars
now but i will essentially be sale you know what he should be a million dollars
maybe should be seven million dollars right but then above that yes fifty five
percent because of i pass laws that
there for me if i don't know where we draw that line i don't know if it's two
million three million five million ok but there is a line or two drawback
absolutely i agree with that
and then after you get past outlined and i would say
yeah i don't like actually did a very high rate because
yet you do provide opportunities for others that are not in that family
they didn't help that you get that helped to bring up my here let me give
you one last quote that john up okaloosa
founder former c_e_o_ of the bangor group also
very very rich guy also part of this group
faces look of work
i don't ever quote but i never forget those who some of my colleagues
that i benefited from a lot of the business incentives the laws as i was
building the vanguard group to what it is today and i also know that back
is that if they didn't give me the taxes that is that they didn't give me all
this
valuation hat et cetera i one of the money the first place
right so i want to give some of it to my children an iso work for the country
that allowed me to do that
that's patriotic
so this debate is totally legitimate as to where to draw a line
but i_d_
i'm gonna go with
over the john bogle whom the voted seniors
of the world and you know what
and there is a lot of validity to that argument because as you're reading it to
me and i i'm thinking about all the opportunities that i've been getting
right in one of the opportunities was the state university that one too
and the reason why i was able to go is because it was super affordable
it had great
%uh professors that were educated in schools in the united states so yes
there is no evidence of that and i agree with it so %uh but where we draw that
line is
you know where i can change my opinion this is why the
charge us with being moderates
okay it would have been who'd been accused of being moderates
because we try to figure out what's reasonable right we understand the
point's been made and you got to try to find out where the right line in the
middle east doesn't always have to be in the middle
but just use common sense that the hearing out where it