A GI Bill for the next generation

[question everything]

By Bill Gates Sr. and Chuck Collins
June 24, 2004


(snip)

It's time for a new GI Bill. It's time to revitalize the American Dream and restore the foundation for a new century of progress. America needs a bold effort to expand opportunity, close the racial wealth divide and ensure that college is affordable to all Americans.

We propose the creation of a GI Bill for the next generation. A fund would provide grants for college and subsidized mortgages. It could be modeled after the "baby bond" program passed in Britain last year that creates a universal savings program for all citizens as they come of age. In this scheme, high school graduates are eligible for funds to open doors for higher education, homeownership and small business development.

This opportunity fund could be capitalized by a reformed federal estate tax, our nation's only tax on accumulated wealth. Much of that wealth has appreciated tax free over generations. A reformed estate tax, completely exempting the first $2.5 million in wealth for an individual and $5 million for a couple, would generate almost a trillion dollars in revenue over the next two decades.

Unfortunately, Congress is considering abolishing the estate tax, even at a time of war, sacrifice, huge budget deficits and widening gaps in opportunity. We must rethink this. What would be more American than for those who have accrued tremendous wealth in our country to pay a small part of their accumulated wealth to capitalize a fund for opportunity for the next generation?

America's multimillionaires and billionaires have disproportionately benefited from the fertile ground that we together, as taxpayers, have created for private wealth creation. After all, where would the Forbes 400 richest Americans be without our country's investment in technology, research, defense, market protections, property rights and public infrastructure?


(snip)


Gates is the co-chair of the Bill and Melinda Gates Foundation. Collins is co-founder of United for Fair Economy and Responsible Wealth. They are co-authors of "Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes."



Find this article at:
http://www.signonsandiego.com/uniontrib/20040624/news_lz4e24gates.html

[Jmeyers130]

1. At least Gates

Isn't the same greedy fuck that most of those excessively rich bastards are. He's rich, but he supports holding onto the estate tax and such...That's a guy that I can respect.

[The Backlash Cometh]

2. YES!

There has NEVER been a more effective uniter of ethnic groups and provider of opportunities for the poor, than the G.I. Bill. No Faith-based initiative will ever come close.

[The Backlash Cometh]

3. Replying again to give this more attention.

For those of us who lived to appreciate the G.I. Bill, I hope that you will help kick this article and help explain it better to the younger members on this newsgroup.

[question everything]

4. Kick (thank you) n/t