I have a good question for you: Why do the rich give thousands of dollars to President Barack Obama’s re-election campaign?
In almost every speech that he makes, Obama says that the rich should pay their fair share. Yet the rich continue to support him and give him money.
The rich know that what the president is saying is nothing but a ploy. That is why, according to www.businessinsider.com, the following people support Obama’s “millionaire tax”: George Soros (Soros Fund Management), Eric Schmidt (Google), Brian Moynihan (Bank of America), Robert Rubin (former secretary of the treasury), Bill Clinton (former president) and Mark Cuban (owner of the Dallas Mavericks).
Some rich people avoid paying taxes or pay a lower tax percentage because of the existing tax code, which gives them hidden deductions. So even if the tax rate is raised, they won’t pay more in taxes. That is why Democrats oppose a “flat” tax or Herman Cain’s 9-9-9 plan. Both of these plans take away all of the hidden tax deductions.
Another thing most people don’t realize is that once a person achieves a certain level of financial stability, they become more interested in power than money, but with power comes more money.
Just look at George Soros, who is known as “the man who broke the Bank of England.” According to theatlantic.com, he made a billion-dollar profit during the 1992 Black Wednesday UK currency crisis by short-selling the pound sterling. When the British pound failed, Soros made money. Today, the dollar is failing. You can draw your own conclusion here.
Here are a few reasons why I believe one of these people doesn’t really care about higher taxes: Moynihan has his wealth in B of A stock, and he pays a lower tax on the capital gains of the stock. Most of the rich, including Mitt Romney, earn income from capital gains, which are taxed at the lower 15 percent.
Does anyone know of a law that prevents the rich from donating to the federal government? I don’t. So why don’t these rich people who want a higher tax rate just write a check to the U.S. Treasury? Because it looks good to want to pay more taxes but they don’t actually want to pay more taxes.
The Treasury website has an account, called “gifts to the United States.” This account was established in 1843 to accept gifts, such as bequests, from individuals wishing to express their patriotism to the United States. Although the rich can contribute to this fund voluntarily, they don’t. The fund received only $1,527,313.54 in 2010, according to the washingtontimes.com.
We hear all of the rhetoric from our tax-and-spend president about raising taxes on the rich, but he does this to get votes from the lower- or no-income people who depend on government handouts.
If the president can establish class warfare, he looks like Robin Hood, taking money from the rich and giving it to the poor.
But, in actuality, the rich will not pay more and the money that the president is giving to the poor actually is coming from the middle class and an ever-increasing national debt.
Calderone is a conservative who lives in Midway. He is a professional salesperson and has written articles for trade publications in various fields for 30 years.