The (Socialist) Rich Get Richer

Look at this from businessweek.com to better help you to understand the Democrat party:

It hasn’t drawn much attention but Facebook’s first annual earnings report contains an accounting gem: a multibillion-dollar tax deduction for the cost of executive stock options and share awards.

Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes  — and even receive a federal tax refund of about $429 million—according to a Feb. 14 (2013) statement from Citizens for Tax Justice.

This, friends, is modern day liberalism. Because remember that Facebook and its founder Mark Zuckerberg are ultra-liberal allies of Obama.

Yet what do we hear day in and day out from the Democrats and Obama?

It is that business is evil, that capitalism is unfair, that “the rich” must pay their fair share etc.

But then when it comes time for one of Obama’s billionaire cronies to pay his company taxes, well then, “the rich” are treated like kings. Facebook even got a tax refund.

Indeed for decades we have heard about all of the “rich Republicans” sitting in their mansions counting all of their money.

Yet the majority of rich people in America today are Democrats. In some places like Silicon Valley and Hollywood there is hardly a “rich Republican” in sight. The richest men on Wall Street are Democrats. The three richest men in America – Bill Gates, Warren Buffett and Larry Ellison of the computer company Oracle – are liberals. Our cities are chock full of wealthy Democrats while there are fewer and fewer “rich Republicans” as time passes.

But you never hear much about these wealthy Democrats. Because they and the Democrat party and the Liberal Media are too busy executing an intentional strategy to shift the spotlight off of them and on to “rich Republicans”.

Remember when General Electric paid no taxes on billions in 2010 profits? And it was sloughed off by the Obama Media who go insane every time a dentist deducts two cents from his tax return?

Yes, and the reason that GE got that special treatment is because its CEO Jeffrey Immelt was campaigning with and for Obama.

Do you ever wonder why Warren Buffett chums around with Obama?

It is because his company is in a billion-dollar tax dispute with the federal government. But the IRS does not aggressively pursue the billion dollars because Buffett is working with Obama.

This is one reason that so many of these rich people are liberals – because they are passed over by the Democrat-created and Democrat-controlled Internal Revenue Service. They can cheat all they want on their taxes and never be called out.

And second, many rich people are Democrats because of the way that they make their money. Zuckerberg made his fortune with Facebook which is merely an internet social networking site.

Facebook is typical liberal wealth created from media, from information technology and from entertainment like TV networks, Hollywood, internet sites etc.

If Facebook disappeared tomorrow America would not change one bit. Somebody else would start a look-alike site within one hour.

Yet when conservatives make their money manufacturing steel, like Mitt Romney’s Steel Dynamics, or servicing the oil business like the Koch Brothers – making real products that America needs – they are ruthlessly attacked and maligned by liberals like Zuckerberg and Obama.

Yet if our steel industry or oil industry halted production tomorrow the US would collapse. Because you can’t start a new steel company overnight like you can start a new website.

In short liberals dominate the “soft”, disposable, frivolous economy while conservative are engaged in the “hard”, essential capitalist economy.

Now how about Warren Buffett saying what a shame it is that he pays a lower tax rate than his own secretary.

This story is a huge charade that Buffett is telling in order to curry favor with Obama and to give Obama ammunition to raise taxes on wealthy Americans ostensibly because they “aren’t paying their fair share”.

But first remember the facts: Obama himself paid a lower tax rate than his own secretary on his tax return for year 2011. His media friends dutifully killed that story.

Now here is the truth about Buffett and his secretary. Actually there are two scenarios under which the Buffett claim is true, both of which are deceptive:

#1) Buffett’s ‘net worth’ is, oh, say, $50 billion. But his company is reported to only pay him an annual “official salary” of $80,000 while his personal secretary makes more than that, up to $200,000 annually according to news reports. So on that “salary”, Buffett indeed pays a lower rate than she would because he ‘makes less money’.

Yeah, right…

#2) The other explanation is that Buffett’s ‘annual income’ (outside of his $80,000 “salary”) is surely in the billions and comes from capital gains (profits, interest, dividends etc.) on his investments (his $50 billion). Those are taxed at the capital gains rate of 15%. This is a ‘second tax’ on his income because your investment capital is money that is left over after you pay your taxes the first time around.

So if Buffett’s secretary makes $200,000 she could easily be taxed much higher than Buffett’s 15% capital gains rate. Her rate would be 35% before deductions.

Thus don’t believe Buffett’s hot air. His secretary does not have a $25 million mansion in California and a $75 million private jet.

(Please bookmark this website; and buy a book from the offerings to the right to help this site. And please click the Google button (g+1) at the top of this page and recommend this site to all of your friends. Let’s make Nikitas3.com the #1 conservative site by word of mouth. Thank you, Nikitas)

This entry was posted in Current Events (More than 1,500 previous editorials!) and tagged , , , , , , , , . Bookmark the permalink.