Bill Gates

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Bill Gates

Bill Gates is best known for his role as founder of Microsoft. He and his wife established the Bill & Melinda Gates Foundation. Both the foundation and Microsoft have made large donations to the Brookings Institution between July 1, 2008 and June 30, 2009.[1]

Support for Increased Estate Tax

On Dec. 16, 2009, Gates expressed his support for an increase in estate tax,

"No one accumulates a fortune without the help of our society's investments. How much wealth would exist without America's unique property rights protections, public infrastructure, and academic institutions? We should celebrate the estate tax as an 'economic opportunity recycling' programme. It's our turn to pass on the gift."[2]

The article in the Wealth Bulletin explains the recent law change on estate tax,

"The U.S. House of Representatives recently cast a vote in favor of the estate tax proposal, which makes 2009 estate tax law permanent, with a $3.5m exemption and a 45% tax rate. If no vote is taken this year, the estate tax will disappear on January 1, 2010, and then revert to a $1 million exemption per spouse with a 55% rate in 2011."[3]

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References