Big Dogs House

In Search Of Unicorns

Dec 27, 2011 Political

The problem with Democrats is that they don’t understand how things work in the world of business. They are too engaged in class warfare to actually tell the truth or to do things that are good for the country. Democrats believe that they should tax the living hell out of the so called rich and while they claim it is because the rich need to pay their fair share the reality is that the Democrats want to create envy among the have nots. Make the middle class believe that the rich are getting over and gain Democrat voters.

The absolute fact that the rich pay most of the income taxes in this country is lost on those who play the class warfare game. The bottom 47% of wage earners pay absolutely NO federal income taxes and many of them actually get money back. They owe no taxes and get a refund while the wealthy foot the bill for the cost of government in this country. The top 53% of wage earners pay the money that runs the country.

Democrats want to tax the people who create jobs. Remember folks, government does not create jobs. It can only create an environment favorable to job creation or one that hinders job creation.

Harry Reid, the Senate Majority Leader and world class moonbat Democrat has stated that millionaires (the latest group targeted for a tax increase) who produce jobs are like unicorns, they do not exist. He then narrowed it down to some small fraction (two opposing views, either they do NOT exist or they are present in a small percentage).

Both statements are incorrect. Wealthy people create plenty of jobs. In fact, we can shoot down the do not exist argument in one shot. Bill Gates, the late Steve Jobs, and the founders of Google are all extremely wealthy and they all create thousands of jobs. Not only are they creating jobs at their companies but their products create jobs down the line in companies that produce computers and those who install software. These millionaires (plus) have created plenty of jobs so the argument that they do not exist is gone.

But are the millionaires who create jobs a small fraction of the total number of millionaires or are they, as Reid claims, hedge fund managers and rich lawyers (like a lot of members of Congress)?

Paul Roderick Gregory of Forbes puts the Reid claim to the test and it looks like Reid told a whopper.

The number of millionaires who create jobs is significant and way above what Reid claimed. One would think that Reid would have some fact checkers doing some work to ensure he did not make such outrageous claims but that would assume that Reid did not want to make the mistake. He did not care. The truth was not his goal.

His goal was to create another myth and to perpetuate the class warfare that Democrats are known for. He wanted people to believe him.

It is like the myth that Warren Buffett pays less in taxes (as a percentage) than his secretary does and that he wants Congress to fix that because it isn’t right. The man avoids taxes (even while calling for higher rates) and the comparison he makes is invalid.

The whole story is bogus but people, supposedly intelligent people, keep using it to justify taxing the very people who pay the most in taxes (top 10% of earners pay 77% of the taxes).

That was Reid’s goal, spread a lie and have it multiply geometrically so he can continue to whip up class envy.

It is what Democrats do and this will never be different.

It is up to intelligent people to cut through the BS and come up with the truth.

We will never find unicorns but we can easily find millionaires who create jobs.

Reid lied. A truthful Democrat is like a unicorn…

ADDENDUM: While Reid is playing class warfare the wealth of members of Congress has tripled in the last 25 years while the wealth of the average American has decreased. Imagine that, their wealth has increased and they do not create ANY jobs and I don’t doubt they avoid paying higher taxes as well…

Cave canem!
Never surrender, never submit.

Tags: forbes, Harry Reid, jobs, lies, millionaires, taxes, unicorns, warren buffett

Warren Buffet Should Heed Own Advice

Nov 14, 2007 General

Billionaire Warren Buffet said that he favors the estate tax and that it should be higher to tax the wealthy on the amount of their estates. The estate tax currently sits at 45% (and will increase to 55% without reform), which means that 45 out of every 100 dollars someone leave to an heir goes to the government. This is a tax on money that was already taxed at least once in the lifetime of the person and probably more than once, in all reality. The government taxes the money when it is earned, taxes any interest on investment and then gets nearly half of it when a person dies. This is why estate planners make a lot of money, to figure ways to pass wealth without paying taxes AGAIN.

Buffet though, does not live by this philosophy of taxing estates. He has ensured that his estate will be given away so that he avoids any taxes. His fortune is well over 40 billion dollars so his heirs would have to pay around 20 billion in taxes when he dies. This would help with the burden he says that the middle class bears but it is not what is good for him. He is giving a lot of his money to five foundations, most notably the Bill and Melinda Gates Foundation. There will be no taxes when he gives this so he avoided paying an estate tax. He has set up one billion dollar foundations for each of his children and they are to do philanthropic work with the money, no doubt after they draw hefty management fees from the foundations. This will avoid estate taxes and allow him to pass a great deal of money to his children.

Buffet is another do as I say liberal who thinks it is perfectly acceptable for the government to take money it did not earn from the pockets of people who received it from a loved one. He feels that it is OK so long as he (or technically, his estate) is not the one paying the taxes. Buffet cries about the plight of the middle class but he could make 1000 people millionaires for every billion dollars he has. If he is so concerned about people why does he not take 20 billion and make 20,000 people millionaires?

That would probably do more good than giving money to foundations that already have billions of dollars. But Buffet would rather see the wealthy taxed to death and since he has figured out how to avoid the estate tax he really does not care.

Of course, he assumes that other rich people are not as bright as he and therefore cannot avoid paying estate taxes.

Tax schemes created by the government lead people to think of creative ways to avoid paying those very taxes and the richer people are, the more creative they become. Besides, if Buffet is really concerned about the government, he can donate money to the treasury and they will be happy to take it.

I wonder why, if he really cares, he didn’t send his money there instead?

Source:
al Reuters

Tags: bill and melinda gates foundation, billion dollars, government taxes, management fees, millionaires, philanthropic work, warren buffet