Results tagged “wealthy”

Washington may have sky-high sales tax, but the absence of any income tax has always been a consolation for citizens calculating just precisely how they could afford to live here. This morning, however, Democrat Senator Jeanne Kohl-Welles re-introduced a bill that would change that by imposing a state income tax. (Check out Political Buzz' reporting on the bill, including a response from Kohl-Welles.) The proposed 1 percent tax would only affect those making more than $500,000 a year, so maybe the image of budget-traumatized, poor citizens eking out an existence is not the best to conjure. If you're making over $500,000 a year, there are no ifs, ands, or buts about it: you can afford the 1 percent income tax, and we're terribly sorry if it requires you to liquidate one of your vacation homes or, god forbid, drive a car more than two years old.

There may be a scary economic recession, but the Gates Foundation won't be slowing down on their philanthropy this year, according to Bill Gates' first annual nine-page letter to the Foundation supporters at large. "The goal of our foundation is to make investments whose payback to society is very high rather than to pay out the minimum to make the endowment last as long as possible," he writes.

I am impressed by individuals who continue to give generously even in these difficult times. I believe that the wealthy have a responsibility to invest in addressing inequity. This is especially true when the constraints on others are so great. Otherwise, we will come out of the economic downturn in a world that is even more unequal, with greater inequities in health and education, and fewer opportunities for people to improve their lives. There is no reason to accept that, when we know how to make huge gains over the long term.