18. Keep Estate Tax,Some of America’s Richest Say
President will make his case1 for his $ trillion2 tax cut plan, delivering a speech at munity center in St. Louis. The proposal would slash3 federal tax rates across all levels of e, eliminate the so- called marriage penalty4 and phase out5 estate taxes. plain that the plan--which would cut the top rate from 39 to 33 percent --would disproportionately6 benefit the wealthy and unnecessarily squander7 expected budget of the richest Americans are urging Congress not to repeal the estate tax, The New York Times reported on Wednesday.(Feb. 14)
About 120 wealthy Americans had signed or supported a petition9 to oppose phasing out the tax. President Bush has included the repeal of the tax in his $ trillion tax-cut proposal. Normally when “ dozens” of Americans join in a political cause, it is not particularly noteworthy, but in this case the dozens include: e Soros, a billionaire financier; Warren Buffett, an investor listed as America's fourth-richest person; the philanthropist10 David Rockefeller Jr.; and William Gates Sr., a Seattle lawyer and father of America's richest man, Microsoft Corp. Chairman Bill Gates.
It was refreshing to see Buffett and e Soros and a number of other extremely wealthy luminaries11 stand up in opposition to President Bush's proposed repeal of the estate tax. While the policy h
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