Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes

William H. Gates, Chuck Collins

Beacon Press, Jan 15, 2004 - Political Science - 184 pages

More than a thousand individuals of high net worth rose up to protest the repeal of the estate tax-Newsweek tagged them the "billionaire backlash." The primary visionaries of that group, Bill Gates Sr. and Chuck Collins, argue here that individual wealth is a product not only of hard work and smart choices but of the society that provides the fertile soil for succes. Weaving personal narratives, history, and plenty of solid economic sense, Gates and Collins make a sound and compelling case for estate tax reform, not repeal.

Contents

• PROLOGUE TO THE PAPERBACK EDITION: ix
• FOREWORD: xv
• INTRODUCTION: 1
• What Kind of Nation Do We Want to Be?: 7
• REVENUE LOSS AND THE TAX BURDEN SHIFT: 8
• THE IMPACT ON STATE TREASURIES: 11
• THE ESTATE TAX AND INEQUALITY: 13
• CONCENTRATED WEALTH AND DEMOCRACY: 17
• CONCENTRATED WEALTH AND EQUALITY OF OPPORTUNITY: 19
• GROWING INEQUALITY IS BAD ECONOMIC POLICY: 20
• INEQUALITY AND OUR CIVIC AND PUBLIC HEALTH: 22
• DOES THE ESTATE TAX HAVE AN IMPACT?: 24
• The Origins of Americas Estate Tax: 26
• THE ROOTS OF THE ESTATE TAX: 27
• THE GILDED AGE AND THE MOVEMENT FOR AN ESTATE TAX: 32
• EARLY ESTATE TAXATION: 36
• SUPPORTERS OF THE ESTATE TAX: 37
• THE ESTABLISHMENT OF THE ESTATE TAX: 41
• Opposition to the Estate Tax: 52
• THE EFFORT TO REPEAL THE ESTATE TAX: 54
• INSIDE THE DC BELTWAY: 55
• WHATS IN A NAME?: 57
• ORANGE COUNTY CALIFORNIA: 59
• SEATTLE WASHINGTON: 61
• HIDING THE REAL FACE OF ESTATE TAXPAYERS: 64
• THE ESTATE TAX DOWN ON THE FARM: 66
• THE ESTATE TAX AND FAMILYOWNED ENTERPRISES: 74
• UNSOUND AND MISLEADING ARGUMENTS: 78
• IS THE ESTATE TAX UNFAIR BECAUSE DEATH SHOULD NOT BE A TAXABLE EVENT?: 79
• IS THE ESTATE TAX UNFAIR BECAUSE IT PUNISHES SUCCESSFUL PEOPLE?: 81
• IS THE ESTATE TAX A FORM OF DOUBLE TAXATION?: 83
• DOES THE ESTATE TAX PENALIZE THE LITTLE GUYS?: 85
• DOES THE ESTATE TAX RAISE ENOUGH REVENUE TO COVER THE COST OF COLLECTING IT?: 87
• IS THE TOP RATE OF THE ESTATE TAX TOO HIGH?: 90
• HOW MUCH DOES THE ESTATE TAX REALLY RAISE?: 91
• The Showdown: 93
• BUDGET FRAMEWORK: 94
• FISCAL RESPONSIBILITY AND THE RISING COSTS OF ESTATE TAX REPEAL: 98
• ORGANIZING TO OPPOSE COMPLETE REPEAL: 100
• A SUMMARY OF CHANGES: 104
• What We Owe Our Society: 110
• A RELIGIOUS PERSPECTIVE ON WEALTH AND SOCIETY: 119
• WHAT IS IT WORTH TO BE AN AMERICAN?: 121
• THE ESTATE TAX AND CHARITABLE GIVING: 123
• WILL CHARITIES LOSE WITHOUT THE ESTATE TAX?: 126
• A NEW SPIRIT OF GIVING?: 130
• THE DANGERS OF THE SILVER SPOON: 132
• The Estate Tax and the Common Good: 136
• NOTES: 141
• SELECTED BIBLIOGRAPHY: 164

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.

Bibliographic information

• Title: Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes
• Authors: William H. Gates, Chuck Collins
• Publisher: Beacon Press, 2004
• ISBN: 0807047198, 9780807047194
• Length: 184 pages
• Subjects: Business & Economics / Taxation / General; Political Science / Public Policy / Economic Policy; Political Science / Public Policy / Social Policy