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Michigan lawmakers target predatory loan companies; NY jury hears tape of Trump and Cohen Discussing Hush-Money Deal; flood-impacted VT households rebuild for climate resilience; film documents environmental battle with Colorado oil, gas industry.

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President Biden defends dissent but says "order must prevail" on campus, former President Trump won't commit to accepting the 2024 election results and Nebraska lawmakers circumvent a ballot measure repealing private school vouchers.

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Bidding begins soon for Wyoming's elk antlers, Southeastern states gained population in the past year, small rural energy projects are losing out to bigger proposals, and a rural arts cooperative is filling the gap for schools in Pennsylvania and West Virginia.

A View from the Top: Gates Sr. Sounds Off about Estate Tax

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Tuesday, December 22, 2009   

FAIRFAX, Va. - Even some of the richest people in America say they don't mind the idea of paying an estate tax on a portion of their wealth when they die. But those views went unheeded in Congress, as the U.S. Senate recently blocked a bill to extend the federal estate tax for one year. Now, the tax expires on January 1.

Half of all U.S. Internet traffic runs through servers in Northern Virgina, and a familiar name in technology, Bill Gates Senior, says the estate tax is only fair. The elder Gates, who is co-chair of the Bill and Melinda Gates Foundation, believes families like his have prospered, in part, because they have benefited from living in a nation where taxpayers fund more than 90 billion dollars a year worth of research.

"Clearly, the largest and most generous venture capitalist in the universe is Uncle Sam. And it's clear that the folks who have become wealthy because of significant social investments did not do it alone."

According to U.S. Census figures, Virginia's Loudoun and Fairfax counties have the highest median household income in the entire nation.

John Bogle is the founder of The Vanguard Group and one of the "richest of the rich" who is in favor of the estate tax, for next year and beyond. The way tax law works, he says, most of his wealth has not yet been taxed, and won't be until his death. He says only a few are fighting the tax.

"For us to think, who owe these taxes, that we don't want to pay our fair share of the cost of running this nation, when our young citizens are dying in wars out there trying to protect democracy, seems to me quite outrageous."

The group United for a Fair Economy says 18 families have spent millions of dollars in a coordinated campaign to eliminate the tax, and they've succeeded in winning five tax cuts since 2001. Critics of the estate tax say it hurts family-owned corporations and farms, and prompts family businesses to sell out to larger companies when their owners die.

Ending the estate tax is also expected to cost charities more than 20 billion dollars a year, according to Catholic Charities USA, because funding charitable foundations is part of a tax planning strategy for the wealthy that won't be necessary if there is no estate tax.



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