A Quote by Bill Gates
Me and my dad are the biggest promoters of an estate tax in the US. It's not a popular position.
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On the estate tax, if you look at the couple of groups who are the biggest advocates for repealing the estate tax, it really is the pass-through business, and it's the farmers.
If you're a full-time manager of your own property - and full-time, according to Congress, is 15 hours a week - you can take unlimited depreciation and use it to offset your income from other areas and pay little in tax. One of the biggest real estate tax lawyers in New York said to me, if you're a major real estate family and you're paying income taxes, you should sue your tax lawyer for malpractice.
My mum is, like, my biggest fan, and she's the one who will basically do all the publicity for me back home... She'll constantly be talking to me saying, 'Dan, what's going on? We've heard this. Tell us about it! Dad wants to know!' And so I'll give them as much information as I can, and Mom and Dad are both my biggest fans.
I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.
I thought I would spend the rest of my life being a good tax lawyer. The interesting thing about being a tax lawyer is, none of your clients are poor. I had clients come to me and say, 'Can you help us make investments?' That led to me getting into the real estate business.
Repealing the estate tax won't create jobs, it won't boost GDP, and it won't add efficiency to the market. Instead, repealing the estate tax will simply add to the debt, hurt our ability to build a stronger economy and worsen economic inequality.
What people really haven't thought about with real estate is, if you get tax reform, you're going to see real estate now... the velocity of selling and buying real estate will just kick.
Baby, black promoters oppressed me before white promoters ever got hold of me. Don't talk skin to me.
The real estate lobby has prominent allies in both parties. After the last major overhaul of the tax code, in 1986 - under a Republican president, Ronald Reagan, a Republican Senate and a Democratic House - it was a Democrat, Bill Clinton, who signed legislation that restored lost real estate tax breaks seven years later.
In 1997, in Rich Dad, Poor Dad, I stated, 'Your home is not an asset.' Real estate agents sent me hate mail.
If we completely repealed the estate tax, it would provide an estimated $32 billion tax break for the Walton family - the founders of Wal-Mart.
It used to be that we taxed property - zapped farmers basically. And there were very rich people who didn't pay that much tax. So in 1913, they put in the income tax. It was incredibly popular. The tax we love to hate today.
The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don't report any taxable income, because if you depict yourself as earning a profit, you have to pay a tax on it. So, it's all about what accountants choose to declare as profit.
The estate tax punishes years of hard work and robs families of part of their heritage by imposing a huge penalty on inheritance after death - a tax on money that has already been taxed.
People were holding high denomination notes to keep tax unaccounted for money. Some sectors like real estate were using cash to avoid tax.
In 2010 the U.S. will have a payroll tax rate increase, an estate tax increase, and income tax increases. There's also a tax increase coming in 2010 on carried interest. This rate will rise from its current level of 15 percent to 35 percent, and then it will rise again in 2011.
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