In this cor-ner retired Seattle lawyer and dunk-tank victim, Bill “Tax-Me” Gates Sr. In the other cor-ner, former United States Sen. Slade Gorton. The two political heavyweights will square off in what is already being billed as “The Great State Income Tax Debate” Oct. 11 at the University of Washington Tacoma.
The subject of course is Initiative 1098, the November ballot initiative that would impose an income tax on higher earners while reducing some other taxes. The event is free, but seating is limited: For tickets, click here.
UPDATE: Mike Bay at TVW says they will tape the debate and broadcast it initially on Thursday Oct. 14 at 8 p.m.
Here’s the press release from UWT:
Slade Gorton and Bill Gates Sr., to debate income tax initiative
EVENT: The Great State Income Tax Debate
LOCATION: UW Tacoma, Philip Hall
DATE: Oct. 11
TIME: Doors open: 5:30 p.m.; Debate: 6:00-7:30 p.m.; Reception: 7:30-8:30 p.m.
TOPIC: Two senior statesmen make the case for and against state Initiative 1098, the “income tax initiative” headed for the November ballot.
SPEAKERS: Bill Gates Sr. (in favor) and Slade Gorton (opposed)
John Burbank, executive director of the Economic Opportunity Institute, will serve in a supporting role for Gates
SPONSORS: The League of Women Voters of Tacoma-Pierce County, City Club of Tacoma, Tacoma-Pierce County Chamber of Commerce, UW Tacoma’s Interdisciplinary Arts and Sciences
OFFICIAL INITIATIVE SUMMARY:
Ballot Title Statement of Subject: Initiative Measure No. 1098 concerns establishing a state income tax and reducing other taxes.
Concise Description: This measure would tax “adjusted gross income” above $200,000 (individuals) and $400,000 (joint-filers), reduce state property tax levies, reduce certain business and occupation taxes, and direct any increased revenues to education and health.
Should this measure be enacted into law? Yes [ ] No [ ]
Ballot Measure Summary
This measure would establish a tax on “adjusted gross income” (as determined under the federal internal revenue code) above $200,000 for individuals and $400,000 for married couples or domestic partners filing jointly; reduce the limit on statewide property taxes by 20%; and increase the business and occupation tax credit to $4,800. The tax revenues would replace revenues lost from the reduced levy and increased credit; remaining revenues would be directed to education and health services.