Author Topic: ahh, the pleasant stench of hypocrisy  (Read 556 times)

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sirs

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ahh, the pleasant stench of hypocrisy
« on: February 18, 2013, 10:20:52 PM »
Obama's Tax Evaders of the Year

President Obama will kick off the new year the same way that he kicked off the old year: by demanding that the wealthy pay their "fair share" in taxes. But while millions of small-business owners, struggling entrepreneurs, inventors and investors brace for a double whammy of fiscal cliff tax hikes and new Obamacare taxes, the class-warrior in chief's richest pals are getting a pass.

It's a Golden Pass for liberal millionaires and billionaires who support higher Obama taxes for everyone but themselves. Meet the Democratic tax evaders of the year.

-- Google. The left-wing Internet giant provided Silicon Valley's biggest campaign finance boost to Obama, with individual employee donations supporting the tax-hiking candidate by a ratio of more than 31-to-1. Google rank-and-file workers pitched in some $800,000 to Obama. Google's CEO Eric Schmidt, Google cofounder Sergey Brin, Chief Legal Officer and Senior Vice President David Drummond, and Google Vice President and Chief Internet Evangelist Vint Cerf are all vocal Obama supporters and top donors.

In December, Google's Netherlands subsidiary disclosed in a tax filing that it had shifted nearly $10 billion in revenues to a Bermuda shell company. That's "almost double the total from three years before," according to Bloomberg News. In response to criticism, Google defended the scheme as a legal response to government incentives. "It's called capitalism," Schmidt snarked defiantly.

Wonder what all of Obama's operatives and media lapdogs who bashed evil, selfish Republican offshore tax havens have to say about that? Cue crickets chirping.

-- The Washington Post. Speaking of media lapdogs, this newspaper sanctimoniously supported Obama for president and singled out his support for "revenue (tax) increases." Its endorsement editorial castigated Mitt Romney for embracing an America "in which an ever-greater share of the nation's wealth resides with the nation's wealthy, at a time when inequality already is growing."

The privileged wealthy barons at The Washington Post, however, increased that inequality at the end of the year when they joined a growing number of companies who are giving 2013 dividends in 2012 to protect investors from paying higher Obama taxes on dividend income. It's "proof positive," my friend and guest-blogger Doug Powers noted, "that no matter what happens in the negotiations, the country is definitely going off the irony cliff."

Bonus irony: The $70 million year-end dividend payment will be a windfall for other "higher taxes for thee, but not for me" Obama supporters, including donor Warren Buffett's firm Berkshire Hathaway. According to The Associated Press, "Berkshire is its largest shareholder, with an estimated 1.7 million shares, which means it could get a roughly $17 million dividend payment."

-- Costco. The mega-retailer's co-founder, Jim Sinegal, is a lifelong Democrat and top Obama fundraiser. He crusaded aggressively for Obamacare and sent out a campaign dispatch defending his candidate from criticism over his "you didn't build that remarks." But while Sinegal purported to speak for beleaguered small-business owners, his company was availing itself of rarified tax avoidance strategies. Like The Washington Post, the Costco board of directors voted to pay special $7 per share year-end dividends to avoid higher taxes. In addition, Costco will borrow $3.5 billion to finance the payout, according to The Wall Street Journal. Higher taxes, more debt. They built that.

-- Facebook. The social networking giant's founder, Mark Zuckerberg, told Obama in 2011 at a town hall forum that he was "cool" with paying higher taxes. But neither Zuckerberg nor his many Facebook execs are actually down with following through. Co-founder Eduardo Saverin renounced his American citizenship in a blindingly obvious bid to evade nearly $70 million in taxes. In addition, Zuckerberg and a half-dozen Facebook insiders are all skirting hefty estate and gift taxes on their family Facebook shares held in annuity trusts. According to Bloomberg News, the legal maneuver is called a "grantor-retained annuity trust, or GRAT," and the total Facebook tax avoidance sum adds up to at least $200 million. A "cool" $200 million, that is.

-- George Lucas. The billionaire Star Wars director called Obama a "hero" and parroted his candidate's capitalism-bashing rhetoric in a January 2012 interview with PBS dinosaur Charlie Rose. "I do not believe that the rich should be able to buy the government," Lucas lectured. He does, however, believe in shirking higher taxes the one-percenter way. In October, Lucas sold his film company to Disney for a whopping $4 billion in cash and stock to evade anticipated capital gains tax increases and Obamacare Medicare surtaxes on investment income.

-- Andre "Dr. Dre" Young. Forbes magazine named this California gangsta rapper-turned-music industry mogul the highest-paid musician in the world in 2012. He raked in an estimated $100 million, mostly from sales of his Beats headphone company, along with concert revenue. Dre's music electronics company was co-founded with Jimmy Iovine, who also founded Dre's parent record label, Interscope Records. Interscope was funded by "progressive" billionaire Ted Field, heir to the Marshall Field retail empire and one of the nation's biggest Democratic Party donors.

Dre boosted the careers of prominent Obama hip-hop cheerleaders Eminem and 50 Cent. But overseas, he's rolling like a Romney supporter. The rap mogul is now using a County Cork, Ireland, tax haven to protect his global headphones empire subsidiaries and avoid high U.S. corporate tax rates. The Irish Examiner newspaper explained that the elaborate structuring "allows for money to be (channeled) between the separate companies in the form of royalty payments or (license) fees to artificially but legitimately reduce profits as a means of reducing tax liabilities."

To paraphrase Dre and his Obama-endorsing rap partner Snoop Dogg: Ain't nuthin' but an E thang. Elitism. Exemptions. Evasion.
"The worst form of inequality is to try to make unequal things equal." -- Aristotle

sirs

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Re: ahh, the pleasant stench of hypocrisy
« Reply #1 on: February 19, 2013, 01:30:56 AM »
Democratic senator pushing higher taxes faces outstanding $1,200 tax penalty

Just last week, Democratic Sen. Mary Landrieu argued during a Capitol Hill hearing that the government needs more tax revenue.

But in a twist of hypocrisy, the Louisiana senator and her husband appear to have not yet paid $1,206.95 in tax penalties to the District of Columbia government on their Capitol Hill home, The Daily Caller has learned.

According to public records available online in the District of Columbia’s “Real Property Assessment Database,” the D.C. government has penalized Landrieu $1,003.33, plus $202.62 in interest, for 2012 taxes on her mansion on East Capitol Street. It is unclear what the penalty is for.



The online records indicate that the penalty was still outstanding as of Feb. 2. A spokeswoman for Landrieu did not immediately respond to an email from TheDC on Sunday asking for more information.

While the property is listed in the name of her husband, Frank Snellings, online search result listings  indicate that the East Capitol home is Landrieu’s address.

The house is worth about $2.3 million dollars, according to online assessments.

Just last week during a Capitol Hill hearing, Landrieu argued for higher taxes, saying “the reality” is “that the revenues coming in to the government are the lowest level since President Eisenhower was the president.”

“We have to bring [in] more revenues,” Landrieu said during a Feb. 14 Senate Appropriations Committee hearing on debt reduction and the federal budget.

While owing tax penalties to D.C., Landrieu sits on the Senate committee that has oversight responsibilities over the city. She’s a member of the Senate Homeland Security and Governmental Affairs Committee’s subcommittee on oversight of government management, the federal workforce, and the District of Columbia.

UPDATE: Amber McDowell, a spokeswoman for Landrieu, responded in a statement to The Daily Caller on Monday.

“Thank you for you inquiry,” McDowell said. “The Senator and her husband are traveling in Asia this week and the DC government offices are closed due to Presidents Day.  When they reopen, we will be able to supply you with additional information on this issue.”

Ahhh...such an aroma
"The worst form of inequality is to try to make unequal things equal." -- Aristotle

sirs

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Re: ahh, the pleasant stench of hypocrisy
« Reply #2 on: February 20, 2013, 05:45:05 PM »
Step one - Louisiana liberal Sen. Mary Landrieu demands higher taxes on the American people, averring that President Obama's recent $600 billion hike (in addition to all the Obamacare taxes) "is not enough" to satisfy Big Government's spending appetite:

Sen. Mary Landrieu (D-LA) Wants More Taxes

"We have to bring more revenues!"


Step two - Louisiana liberal Sen. Mary Landrieu admits to underpaying the taxes she owed on her $2.3 million Beltway home and cuts a check to the Washington, DC government to settle the discrepancy:

Louisiana Democratic Sen. Mary Landrieu has now paid the tax penalty owed to the District of Columbia government on her Capitol Hill mansion, a spokeswoman for the senator said Tuesday. Citing publicly available documents, The Daily Caller first reported this week that the Democratic lawmaker and her husband were facing $1,206.95 in tax penalties on their home. “Senator Landrieu and her husband believed that property taxes on their DC residence were paid in full by the required due date of Sept. 15, 2012,” Amber McDowell, a spokeswoman for Landrieu, said in a statement.


Step three - Senate Republicans' campaign arm pounces on the news, seeking to draw attention to the story in Landrieu's home state --where she happens to be up re-election next year:
 
Mary Landrieu’s campaign slogan must be, ‘Do as I say, not as I do.’ Senator Landrieu wants hard working Louisianans to send more money to Washington for President Obama to spend, but got caught failing to pay her fair share of taxes on her DC mansion. Senator Mary Landrieu’s mansion tax avoidance is the latest case of powerful Democrats in Washington trying to force the people to do one thing as they do another.

Step four will be in the hands of Louisiana's voters in November of 2014.  Unlike their senior US Senator, they're not a particularly liberal bunch.


Ooooooops
"The worst form of inequality is to try to make unequal things equal." -- Aristotle