Go To SPOXTalk.comHome

     Total Page Views
We received
27301507
page views since Nov 2004

     Login
Nickname

Password

Security Code: Security Code
Type Security Code


     Shop Amazon


     Stories By Topic
Vermont News



A Judge Lynching
All My Aliens
Announcements
Art News
Health News
Holidays
Humor
Interviews
Opinion
Paranormal News
Political News
Sci-fi News
Science News
Spiritual News
The News
Travel News
Unusual News
Vermont News

     Exploration
· Home
· 007
· Ask_Shabby
· Content
· Dates
· Downloads
· FAQ
· Feedback
· Fine_Print
· Forums
· Fun_Stuff
· Game_World
· Home_Grown
· Journal
· Link_To
· Private Messages
· QNL
· Recommend Us
· Reviews
· Search
· Site_Credits
· SPOX_Talk
· Stone_Tarot
· Stores_Shop
· Stories Archive
· Submit News
· Surveys
· Tell_Us
· Top 10
· Top Stories
· Topics
· Weather_Station
· Web Links
· Your Account

     Who's Online
There are currently, 35 guest(s) and 0 member(s) that are online.

     Monthly Quote
“If a man has an apartment stacked to the ceiling with newspapers we call him crazy. If a woman has a trailer house full of cats we call her nuts. But when people pathologically hoard so much cash that they impoverish the entire nation, we put them on the cover of Fortune magazine and pretend that they are role models.”
-– B. Lester

     Link to us!
AlienLove Logos

Add Your Link To Us!

     Anti-War Webs
Anti-War Web Ring
[<<<] [ list ] [???] [ join ] [>>>]

 Politics: Leave No Generation Behind

Opinion
A tax on inherited wealth could eliminate student debt while reducing growing inequality.

By Chuck Collins

Over a decade ago, I got a call from Bill Gates.

Not the Bill Gates you’re probably thinking of. It was Bill Gates Sr., the Microsoft founder’s dad. He was eager to speak out in support of the federal estate tax, our nation’s only levy on inherited wealth.

He called it the “gratitude tax.” If you were fortunate enough to make millions, he believed, then you should “recycle your opportunity” for the next generation.

How might that work?

Bill Gates Sr. served in the Army in World War II. When he returned, the GI Bill enabled him to attend college and law school for free. His debt-free education propelled him to a career as an attorney and allowed him to provide excellent educational opportunities to his three children — one of whom is one of the two richest people on the planet.

For today’s college-age youth, talk of a debt-free education sounds like science fiction. ...



Shop Amazon with AlienLove
Help Support AlienLove - Shop Amazon




Over 40 million Americans owe student debt. The average student borrower graduated last year with $33,000 worth.

There’s no public benefit served by saddling the next generation with astronomical amounts of student debt. Research shows that student debt delays homeownership, discourages public service careers, and reduces entrepreneurial risk-taking.

Over the last three decades, staggering inequalities of income, wealth, and opportunity have emerged. As Federal Reserve Chairwoman Janet Yellen observed recently, the U.S. households in the bottom 50 percent lost half their net worth between 1989 and 2013, while the top 5 percent saw their net worth double.

This inequality is hitting the rising generation hard, as today’s students graduate into a much tougher job market than their parents did.

We need a GI Bill for the next generation. It would be a game changer for equality of opportunity.

That’s where the “gratitude tax” comes in.

Back in Washington State, Gates Sr. championed something called the Legacy Education Trust Fund — a dedicated education account capitalized by the state’s estate tax.

A similar fund at the national level — call it the Education Opportunity Recycling Fund — could provide debt-free or low-cost tuition for all American students, financed by revenue from the federal estate tax.

Access to funds could be linked to completion of two years of national service, either in the military or in community service programs such as AmeriCorps. The current benefits for both of these forms of national service are woefully insufficient to expand college opportunity.

The “recycling fund” would be the mechanism through which America’s millionaires and billionaires would pay back the society that made their wealth possible, thanks in part to public investments in education, infrastructure, property rights protections, and so much more.

The fund would have at least three major benefits.

First, it would boost college access while reducing student debt.

Second, it would put a brake on the growing concentration of wealth and power that’s corroding our democracy.

And finally, it would help reweave the social fabric of our communities, as young people in national service programs work side-by-side as teacher aides, elder care workers, and protectors of our natural areas.

The Greatest Generation after World War II was created not only by their own grit, but also through major public investments in their prosperity.

A similar investment is required for the next generation to rise to their full potential. Why should our greatest generation be behind us?

************

Chuck Collins is a senior scholar at the Institute for Policy Studies and the co-author, with Bill Gates Sr., of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. IPS-dc.org

************

This article is licensed under a Creative Commons Attribution-No Derivative 3.0 License, and distributed by Otherwords.org, a project of Institute for Policy Studies, IPS

************

[20 November 2014]





Discuss this article in our forums.

Listen To SPOXTalk.



 
     Related Links
· More about Opinion
· News by Blue1moon


Most read story about Opinion:
Tomato Tampering


     Article Rating
Average Score: 5
Votes: 1


Please take a second and vote for this article:

Excellent
Very Good
Good
Regular
Bad


     Options

 Printer Friendly Printer Friendly


"Leave No Generation Behind" | Login/Create an Account | 0 comments
The comments are owned by the poster. We aren't responsible for their content.

No Comments Allowed for Anonymous, please register




Site Copyright AlienLove 2005, 2006, 2007, 2008
AlienLove is part of Scifillian Inc.
and SpoxTalk.com

PHP-Nuke Copyright © 2005 by Francisco Burzi. This is free software, and you may redistribute it under the GPL. PHP-Nuke comes with absolutely no warranty, for details, see the license.
Page Generation: 0.06 Seconds