Ralph Nader: ‘Wealth for Justice’

By Ralph Nader
Nader.org

There are signs that some super-rich are revolting against their “wealth fraternity.” Last fall, mega-billionaire, Warren Buffett, traveled to Washington to meet with Democratic Senators and urge them to raise taxes on the wealthy like him. He pointedly said he pays at a lower rate than his secretary.

The liberal Senators were either bemused, or moved away from him as if he had a contagious disease. Buffett is not deterred. Earlier in this decade, he joined with a thousand other rich Americans led by lawyer William Gates, Sr. and Chuck Collins (founder of United For a Fair Economy) to successfully block the repeal of the estate tax (applied to 2% of wealthier decedents) by a Republican-controlled Congress.

Just last week, Mr. Gates, father of Microsoft’s Bill, Jr. launched an initiative campaign in Washington state to impose a progressive income tax on the wealthiest citizens (over $200,000 income) and roll back taxes on property and small business revenues. Initiative 1077 would net $1 billion a year for education and health care. Unlike most states, Washington has no state income tax at present. Any later downward expansion of such a tax would have to be decided by a vote of the people themselves, stipulates I-1077.

The “yes” on 1077 Initiative organizers have to collect 241,153 valid signatures by July 2 to get on the November ballot. This is a huge hurdle for a relatively small state, but when the super-rich are on board, the money will be there for the petitioners.

Last week, several megamillionaires held a conference call with reporters to express their desire for high taxes on people like them. “I would with pleasure sacrifice the income,” declared Jeffrey Hollander, CEO of Seventh Generation. Eric Schoenberg, possessing investment banking riches, bewailed his “absurdly low tax rates.”

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