March 23, 2004

Mega Rich Democrats. "Did you ever wonder why George Soros, Warren Buffett, John Kerry, and innumerable wealthy Hollywood celebrities all support the Democratic party — hook, line, and sinker? It doesn't seem to make sense. Why would these patricians favor the party that wants to increase tax rates? Here's one explanation. They may act like philanthropists, but in actuality these Democrats are fat cats who can either avoid taxes entirely or pay just a minimal amount. They surely don't pay their fair share relative to their wealth. These megabuck corporate elites take minimal salaries and then benefit from tax-sheltered windfalls when their company stock prices go up. In addition they create huge foundations that provide tax deductions which can offset much of their taxable income. Ongoing contributions to these foundations can materially reduce income taxes for an indefinite period of time. So the guys at the top — whether they are billionaires by inheritance, luck, or hard work — have amassed enormous fortunes that grow, and at the same time they use their assets to keep their income taxes low. Legions of tax accountants and lawyers make sure they take advantage of every tax loophole .. ". more on MEGA RICH DEMOCRATS.

The folks who stress over taxes are the broad middle class -- the people for whom tax rates can make a difference over whether mom or dad have free weekends or have to work a second job. The folks for whom tax rates can make a difference over which schools Jason and Emily go to -- or if they get to go at all. Pre-School two days a week or three? State university or private? And so on.

A car upgrade this year? Or another year driving the old clunker?

This is a world the Mega Rich Democrats don't feel -- income tax increases often leave them untouched, and any tax increase merely effects the size of their tax deductable donations to charity, and never shows up at all as an impact on their lifestyle. Does it cause them to send their kids to different schools? No. Does it cause them to change cars? Are you kidding me? It doesn't even cause them to downsize from five homes to four. Tax increases or tax cuts simply don't register in the lives of the Mega Rich. And so they don't care -- they don't care whether taxes go up, and certainly so when this means your taxes, and not theirs.

Quotable: "John Kerry, fat cat from Massachusetts, is unlikely to endorse any true tax on the rich. He only wants to raise taxes on the wannabe's — people like you and me."

UPDATE: InstaPundit readers answer the question, What did you do with your tax refund daddy? Posted by Greg Ransom | TrackBack