Thanks to Eyman, Gates will be able to afford this sweet new shrub he's been eyein'.
You already know that the primary goal of Tim Eyman's I-1033 is to let large property owners keep more of their money. That much should be clear, despite the text describing the initiative's claim that it's meant to help "struggling working families."
Seattle Times columnist Danny Westneat actually bothered to break down exactly how much wealthy landowners like Bill Gates would save. And that makes for some fun reading:
- Eventually give the richest man in the world, Bill Gates, up to a $571,000 break on the $1 million in annual property taxes he pays on his Medina mansion.
- Slash the taxes on billionaire Paul Allen's waterfront home, on Mercer Island, by up to $150,000.
- Over time eliminate $1.7 million of the annual property taxes that Bellevue mogul Kemper Freeman pays on just one of his malls, Bellevue Square.