Government

‘TAX THE RICH’ Chant From Dems Haunts NY Gov

Is a huge Wisconsin-style revolt brewing in the Empire State?  New York has unsustainable, long-term obligations to huge public employee pension funds as well as new governor who has talked bluntly about the need for layoffs across the board, and draconian budget cuts.

With his talk of reigning in government spending and asking unions for concessions in pay and benefits, New York’s newly elected Gov. Cuomo has sounded more like NJ’s Chris Christie than his father Mario Cuomo.  Apparently some of his fellow Democrats are feeling that way too.  Andrew Cuomo‘s plan for fixing the state’s massive budget shortfall includes talk of many layoffs, cuts across the board, but no extension of the so-called millionaire’s tax that expires at the end of 2011.  Outspoken NYC Councilman Charles Baron (D-Brooklyn) wants no cuts, no layoffs and more taxes on the highest earners. And he is not shy about it.

Sunday night in Albany, the Governor was speaking to the state’s Association of Black and Puerto Rican Legislators. What should have been a friendly place for a Democrat, turned hostile as Cuomo had to deal with a heckling Charles Barron, a New York City Council member from Brooklyn. The former Black Panther turned activist/politician broke into the governor’s speech with shouts of;

“Shame on you!”

and

“Stop the cuts!”

Gov. Cuomo, like his father, did not back down from a challenge, replying;

“How are you tonight Charles?  I can’t see who it is, but I know who it is.”

At that point, the Brooklyn-based City Councilman had the opening he needed and started leading the crowd of 500, chanting;

“TAX THE RICH! TAX THE RICH!”

Cuomo was forced to shout over the disgruntled democrats, ironically letting them know that they will not be divided.  The Governor was also quick to let the attending members of the Press know that he believes his plan is correct, pointing to his current sky-high poll numbers;

“If you take that barometer, then you would say people accept the budget that I put out.”

The entire story is covered in the first two minutes of the attached clip.

Comments (120)

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  • rfycom
    Posted on February 22, 2011 at 9:02am

    Yes rich people own companies that employee us paupers. This is true. Rich people make money using us paupers this is true. But us paupers have to continue to fight for our slice of the pie just like the rich people do. That is what is going on. It is simple PEOPLE. You see the rich people to do not have the best interest of us paupers at heart. If you are a pauper, and all of y’all are, and you believe the rich have you back you are fools. Get your nose out of the rich man’s crack and starting fighting for your rights. If you don’t you are screwing your pauper children out their future. Yes they will be paupers just like you are. Get real.

    I am not a liberal or a conservative. Both sides are all F$#@$$ up.

    Report Post »  
    • rfycom
      Posted on February 22, 2011 at 9:32am

      Envy looks so good on you. What part of what I wrote is not true?

      I used to pay myself $250K per year. I used to own my own business. Over the last 30 years I have employed over 400 people. I lost big time in this rich man’s created recession. Last year I paid myself $39K. I live like a pauper now. I feel like a pauper now. If you expect the rich to watch out for you and to provide for you, you are a pauper.

      And if you are a Christian and you vote against the poor, you are going to burn in hell.

      You are over complicating the issue. You are doing so because you are weak and you have allowed Beck and Rush to brainwash you.

      I am not liberal and I am not conservative. I voted for Bush the first time and his stupid daddy. You are a fool.

      Report Post »  
    • UpstateNYConservative
      Posted on February 22, 2011 at 9:46am

      @rfycom

      You are so deliciously comical!

      I‘m not the one ’envious’, as you charge. YOU are, proven by your own words. You used to make $250K, and I think that’s great. I wish you had kept your business, I wish you were making ten times that amount and you prospered yet more.

      To you, as you wrote, making $39K a year is living like a pauper? What‘s that you said about ’envy’? God, you’re more sick than I thought–you’re envious of your own past. That has got to be some new kind of mental illness.

      I trust Rush and Glenn, but they didn’t come first in my life, you idjit. My hate of liberalism comes from liberals themselves, and it happened long before Rush was on the air. Think me a fool all you like to make yourself feel better; emotional crisis on your part doesn’t constitute a guilt trip on my part.

      Instead of simpering all the time, get back your business and lift yourself up, jackwagon. I never made income like you claim to have once had, and I’m fine with it. I’m not wealthy and never will be, but I’m content. I’ve been places you will never see, even at $39K a year. There’s nothing a latte-sucking llliberal like you can tell me. Save your sanctimonious crap for discussions of Charlie Brown according to Marx, or some such other.

      One last thing: I do feed the hungry with more than my taxes. Not only that, what I return to my Lord is never deducted when I file my tax return; all those receipts go in the garbage when I receive them. Unlike some, I never recall a penny that I returned to God from what He generously gives me.

      In short: frack you.

      Report Post » UpstateNYConservative  
  • UpstateNYConservative
    Posted on February 22, 2011 at 9:01am

    @PIL

    But you see, here’s the problem: when liberals move from a state they ruined to another one, they bring their liberalism with them. They then try again to set up their imagined Utopia, and begin the process of destroying their new home state, too.

    The only solution is to smash liberalism itself, so that it’s as defunct as feudalism is in the modern Western world.

    Report Post » UpstateNYConservative  
    • Slayer
      Posted on February 22, 2011 at 10:13am

      True – look at the Northeast. Liberals in Mass spread out like a cancer there and wiped out most of the neighboring states. Same out West. California Liberals have moved into Oregon, Washington, Nevada, Arizona, New Mexico and Colorado after wrecking California. Those states are mostly hurting now.

      Report Post » Slayer  
  • BoilitDown
    Posted on February 22, 2011 at 8:54am

    “Tax the Rich”….the cry of a society in rapid decline. As we see these people desperately avoiding the independence and the self reliance that makes nations great and prosperous while clinging to the hand outs of those who seek to control them, we see history repeating itself. When I was young and foolishly idealistic, I thought Americans were wise enough that we wouldn’t have to go through the failures taught to us by history. Live and learn.

    Report Post »  
  • PIL
    Posted on February 22, 2011 at 8:53am

    Here’s something for the rich haters to think about, in California a $4 million property generates $45,000 in tax revenue. In George and Tennessee the property tax is only $3,400.

    Maybe if progressives weren‘t so greedy they wouldn’t have the rich escaping to states that welcome them with open arms. So to the “tax the rich” commies, do it at your own peril.

    http://libertarians4freedom.blogspot.com/

    Report Post » PIL  
    • rfycom
      Posted on February 22, 2011 at 9:51am

      Duh there are no properties in Tennessee worth $4M

      Report Post »  
    • PIL
      Posted on February 22, 2011 at 1:50pm

      I saw them on the Wall Street Journal.

      Report Post » PIL  
    • Liberty7
      Posted on February 22, 2011 at 7:35pm

      @PIL
      I don’t know where you got your tax information from, but I live in Alpharetta, Ga. We don’t own a $4 million property and our home is worth approx @300,000. And my property tax was $3,200 for the past year.

      Report Post »  
  • Carl1
    Posted on February 22, 2011 at 8:52am

    Typical Liberal Democrats…. Screaming for money they didn’t earn. More they scream for it more they will lose in 2012.

    Report Post » Carl1 Supports Israel  
  • angelcat
    Posted on February 22, 2011 at 8:49am

    it seems to me that the last time NY raised taxes on the rich that there was a huge outflux of the rich to other states and they didn’t get the extra funds they had planned to get. I guess some of the New Yorkers haven’t figured out that is exactly what will happen again.

    Report Post »  
  • mikenleeds
    Posted on February 22, 2011 at 8:49am

    you stupid dems the rich are the ones that creates the job ,, why don t you cut back on your drinking,drugging and pot if you want to have more money in your pockets ,

    as far as the public schools goes they should be shut down looking at how dumb our kids are , let the churches,home schools or Christian schools take over the education our kids

    Report Post » mikenleeds  
    • firstlast
      Posted on February 22, 2011 at 11:22am

      kids are dumb, so schools need to be shut down?!

      Report Post »  
    • OREGON_GUN_NUT
      Posted on February 22, 2011 at 2:08pm

      you know what he meant…
      i agree that there needs to be a major housecleaning in out public schools, it’s a very sad fact that with a massive budget and all the support of the federal and state governments and the taxpayers who continually vote yes on bond measures, somehow the public schools and our childrens’ education continue to decline. i say we stop rewarding failure. instead, reward success, like private schools.

      Report Post »  
  • CountMeIn
    Posted on February 22, 2011 at 8:35am

    All these liberals with larceny in their hearts. It is sad. Why is greed inaccurately attributed to conservatives when all these libbies seek to gain wealth they have not earned?

    Report Post »  
    • RLTW
      Posted on February 22, 2011 at 9:26am

      They work hard to steal other people’s money and that is their sick twisted logic at work; it’s like double time to them.

      Report Post »  
  • hempstead1944
    Posted on February 22, 2011 at 8:31am

    Go ahead NY….tax the rich some more…..then they will all move to Florida……what ya gonna do then?

    Report Post »  
    • UpstateNYConservative
      Posted on February 22, 2011 at 8:43am

      @hempstead1944

      Change the tax laws is what they’ll do.

      A NY judge recently ruled that, if you own property in NY though you might not occupy it, and though you live out of state, your income no matter from what source or where might be that source, is taxable by NY.

      Report Post » UpstateNYConservative  
  • Mackerel
    Posted on February 22, 2011 at 8:31am

    Tax Black activist’s for every stupid thing they say….that should cover all of the shortfalls.

    Report Post » Mackerel  
  • Tickdog
    Posted on February 22, 2011 at 8:31am

    oh well, i chant, “Death to democrats!!!” so there…

    Report Post » Tickdog  
    • dawg of gawd
      Posted on February 22, 2011 at 9:48am

      You‘re a real man’s man . . . or is it a boy’s man . . . man’s boy? I didn’t know they made glocks that small.

      Report Post » dawg of gawd  
  • RightUnite
    Posted on February 22, 2011 at 8:30am

    Right… Tax the rich, lose the rich. The rich are fools if they stay in this state.

    Report Post »  
  • mrsclark
    Posted on February 22, 2011 at 8:30am

    It’s a crazy mess!

    Report Post » mrsclark  
  • UpstateNYConservative
    Posted on February 22, 2011 at 8:30am

    Tax the rich some more? I live in Buffalo, and I assure you there aren‘t that many ’rich’ people left around here. The confiscatory taxes of NY have driven out businesses, making good jobs all but extinct.

    That Dem from NYC who wants more taxes should come see me. I’ll be more than happy to take him on a tour of downtown Buffalo, where he can see all the closed shops on Main Street that used to be thriving businesses providing goods and jobs. You used to be able to buy anything you wanted downtown, but not any more.

    Needed shoes? There were at least three shoe stores within a block of where you might have been standing.

    Wanted pizza? Wanted wings? The meal of your fancy and whim was within a hundred feet of where you might be standing. How about a cup of coffee? Turn your head, take two steps, and you got it. Heck, we have a train that will take you from the University to downtown Main Street in less than fifteen minutes–for a cheap $1.75.

    Tax the rich some more, that Dem says?

    There aren’t many left! Liberals like him drove just about all of them from the state. What will that clown say when the last few are gone, where will he get his Obama money then?

    Report Post » UpstateNYConservative  
    • vennoye
      Posted on February 22, 2011 at 11:36am

      I can only imagine what Buffalo must be like now after so many years Democrat governance. We moved to Amherst for 2 years in the 1970′s and even then their newcomer package was saying “Don’t move to Erie county unless you have a job already (because they had so many people on welfare).” Lackawanna’s factories were already closed. It is a beautiful area, loved being 14 miles from Niagara Falls. Sorry things are so rough now!!

      Report Post » vennoye  
    • just the facts
      Posted on February 22, 2011 at 11:49am

      I left the Syracuse area mid summer of 2010. Had the insight and foresight to see what was happening and going to happen. I told my sister (who works for nys insurance) that she had absolutely no idea or concept how bad things were going to get before 2012 (as well as after). Wait to after Obamacare kicks in if it does at all. Watch what happens then. Progressives and progressivism, they’re the problem. But you all keep electing the dems/progressive into power – see where it gets you. At this point, even if the correct vote, correct decision is made, your all still going to need to walk through the fire of change to rebuild and that will not be pretty.

      Hate to say this to you New Yorkers, — You have know idea how bad things are going to get and you are not prepared.

      Report Post »  
  • libertariangal
    Posted on February 22, 2011 at 8:29am

    These people are about to self implode. Wait until Wisconson taxpayers take thier state back from the unions……

    Report Post » libertariangal  
  • WILLIAM E.
    Posted on February 22, 2011 at 8:27am

    They just don’t get it. Socialism is nice until you run out of other peoples money. When it is gone where do they go next?

    Report Post »  
  • hauschild
    Posted on February 22, 2011 at 8:22am

    These idiot progressives have really created a monster.

    Hope they’re proud of their accomplishments.

    Report Post »  
  • psst
    Posted on February 22, 2011 at 8:16am

    OK. Tax the rich some more. Then tax them again. Then tax their tax. I hope they ALL end up leaving NY.
    Then NY can tax all all the union workers and welfare recepients and illegals (those can be both)
    That’s sustainable. Of course.

    Report Post »  
  • damrite1969
    Posted on February 22, 2011 at 8:14am

    LOL they tried taxing the rich in NY and NYC .. all the rich packed up and left town.. the State lost Millions in tax’s.. one of Bloomburgs brain storms..

    Report Post »  
  • Rickfromillinois
    Posted on February 22, 2011 at 8:06am

    One of the problems that NY and NJ both has is that as they increased taxes on the rich, the rich moved to another state, so much so that the state actually lost revenue the last time they raised the taxes on the rich. For some reason those greedy rich seem to want to keep the money they have earned. As it is now if you are “rich” and live in NY city then they are paying over 60% of their income is paid out in city, state, and Federal income taxes. Still, the libs answer to everything is “tax the rich”.

    Report Post » Rickfromillinois  
  • justice
    Posted on February 22, 2011 at 8:02am

    The rich earned their pay, the same as middle class. Why do they owe us their money because they make more. Get your a$$’s out there and make your own doe. We are sick of hearing class warfare and that spreading the wealth around. All of you whiners get a life.

    Report Post »  
    • bread and circuses
      Posted on February 22, 2011 at 8:23am

      The saddest part of this “tax the rich” mentality is that a family of 4 in NYC on welfare with food stamps make around $42,000, not to mention their FREE medicaid.

      Report Post »  
    • Midwestgirl1116
      Posted on February 22, 2011 at 8:44am

      Right on Justice—Could not have said it better. My husband and I are in top brackets and I am sick of hearing about class warfare. We work like dogs. Have earned every freakin dime. Hey all you lazy butts—go get a job! We are hiring…but you got to love the agriculture business and you will have to get dirty—can you handle that?? Or will you just whine from your couch?

      Report Post »  
    • RLTW
      Posted on February 22, 2011 at 8:47am

      @Bread and circuses

      That is very sad, in the US Military you don’t reach that salary as an enlisted soldier until 8 to 10 years service.

      Report Post »  
    • OREGON_GUN_NUT
      Posted on February 22, 2011 at 1:57pm

      wow! i work my butt off to make 28,000 per year, i come home every day tired and sore, (i’m not complaining, i’m lucky to have a job right now.) i don’t take any government support, no food stamps, nothing. i know people who do, and let me tell you when people are buying things with someone else‘s money they don’t care what it costs. i think people need a relity check, you wanna eat, you gotta work. simple as that. to all the protesting governmet workers complaining about a tiny contribution to their own retirement plans, i have ZERO pitty for you. can i have you job? you can have mine.

      Report Post »  
  • crackerone
    Posted on February 22, 2011 at 7:57am

    Glen predicated the chickens would come home to roost!

    Report Post »  
  • Psychosis
    Posted on February 22, 2011 at 7:56am

    if i was rich, i would take my ball and go home, then we can see how these welfare leeches figure out they shouldn’t bite the hand that obviously is feeding them.

    Report Post » Psychosis  
    • TexasCommonSense
      Posted on February 22, 2011 at 8:04am

      That’s what Rush Limbaugh did. I think he said they were taxing him $13,000 per day. Ridiculous!

      Report Post » TexasCommonSense  
    • JohnQTaxpayer
      Posted on February 22, 2011 at 9:59am

      It has become painfully obvious our representatives in Albany need to learn math, you know, the basic third grade stuff.
      So in the spirit of self preservation I will teach our elected so called leaders some basic math rules.

      1 If a taxpayer or many taxpayers leave the Socialist Utopia of New York State-
      “You” ( this means government officials) will no longer be able to take their money in taxes. You can not spend what is no longer there. They and their money will be gone and,

      The government has less money than when they lived here.

      2 If a person or family moves to the Socialist Utopia of New York State to get welfare, Medicaid, or other taxpayer supplied money and services. They are not going to pay any taxes and,

      The government has less money than when they lived elsewhere.

      3 Now that you have less money, if you raise taxes, fees, fines, tolls etc on the remaining taxpayers. More taxpayers will leave the Socialist Utopia of New York State.

      See item 1

      The government has less money than before the tax increases

      4 If every time you raise taxes more people leave the Socialist Utopia of New York State or others come here for Welfare, you will have less money. To balance the budget, you will have to reduce spending. (balance happens when what you collect in taxes is equal to what you spend)

      I know this concept of always spending more than you have and just raising taxes is your normal operation procedure for decades, it will no longer work.

      See items 1, 2 and 3

      So remember spending more than you have and raising taxes is bad and will no longer work.
      Cutting spending although never done by you is good, and the only option you have left.
      Or you can just spend the Socialist Utopia of New York into bankruptcy.

      Are our elected officials smarter than a 4th grader?

      John Q Taxpayer

      Report Post » JohnQTaxpayer  
    • tankerBigRed1
      Posted on February 22, 2011 at 10:03am

      I collected my marbles- as soon as the bamster won election-

      Report Post » tankerBigRed1  
    • BUCKEYES
      Posted on February 22, 2011 at 11:24am

      per “Atlas Shrugged” by Ayn Rand

      Those who produce vs those who do not

      Report Post » BUCKEYES  
  • Conserving Ink
    Posted on February 22, 2011 at 7:55am

    Hmmm, sounds a little like “Eat the rich.” The loot and pillage mentality of our Progressive base is becoming more apparent every day.
    _________________________________________________________________
    http://conserving-ink.blogspot.com/2011/02/you-have-been-adjusted.html

    Report Post » Conserving Ink  
    • IntheKnowOG
      Posted on February 22, 2011 at 8:07am

      A civil war is brewing

      Report Post » IntheKnowOG  
    • Just_Bubba
      Posted on February 22, 2011 at 8:38am

      The next step is when they decide to just start taking because the system is not supporting them anymore. Many of us have been smart enough and worked hard enough for our whole lives to just sit back right now and wait them out. Come and get it.
      Tax revolt can be as simple as quitting working for a couple years to starve them from what is not theirs to begin with. I would imagine there are more people like us than they realize. When there is a reason to help we will be there, but right now we have taken our marbles and went home.

      Report Post » Just_Bubba  
    • GhostOfJefferson
      Posted on February 22, 2011 at 9:09am

      @Just_Bubba

      I was thinking exactly the same thing. Their methods include shouts, mocking, threats of violence and actual violence. We can counter that peacefully by simply and quietly withdrawing from the system that allows them to leech off of us. You can’t take from somebody who is not participating in the system. Make sure your house is paid off of course first.

      Report Post » GhostOfJefferson  
    • Just_Bubba
      Posted on February 22, 2011 at 9:36am

      @Ghost
      We are free and clear and sitting here waiting to see what happens next. People don’t realize that the debt they have been sold is equal to slavery. Without debt you have the freedom to tell someone to stuff it when you don’t like something. You are only as free as you choose to be!

      Report Post » Just_Bubba  
    • KICKILLEGALSOUT
      Posted on February 22, 2011 at 9:44am

      The Dems are so ignorant, America has some of the highest corporate taxes in the world and if you continue to raise taxes the rich will just take their money out of the country and find other tax shelters. Then they will complain because all the jobs have left America.

      How about you QUIT SPENDING and maybe focus on things that are really killing our economies like a handful of taxpaying Americans having to pay for millions of illegal immigrants and their multiple kids meanwhile they keep every penny they earn and get a free ride of hard working Americans. Then the idiots in government wonders why we don’t have any money?

      Report Post » KICKILLEGALSOUT  
  • tbolt71
    Posted on February 22, 2011 at 7:53am

    another cuomo running new york,watch the other hand

    Report Post »  
    • grandmaof5
      Posted on February 22, 2011 at 8:28am

      I say, let’s give him the benefit of the doubt, for now. Now they have a thug as a city councilman, no brains, just brawn and a big mouth. Coumo could probably dazzle him with figures and facts that he is too stupid to understand so maybe he should debate him on television with no audience to make his point. Baron is just another pandering liberal, living in an alternate universe, trying to cause a revolution amongst the minorities – no class warfare being promoted here……

      Report Post »  
    • HillBillySam1
      Posted on February 22, 2011 at 8:42am

      A rose by any other name should smell as sweet……..Isn’t it kinda sad that Progressives feel like all wealth should be in their hands so that they can deem the best possible uses of that wealth…..such as giving it to their voting constituants for re-election purposes?? That is the REAL reason behind “distribute the wealth”…..it is simply to keep Progressives in office…..that is the Progressive view of entitlement programs, and now Obamacare……keep the people dependant upon programs instead of helping them become self-sufficient and independant. They truly do not care about the condition of the “disadvantaged”. The politicians are desperate about using entitlements as a campaign issue because if they didn’t then they would have to campaign on their own merits and integrity…..and those are things that are political elites are sorely lacking.

      Report Post »  
    • TAXLORDCOMETH
      Posted on February 22, 2011 at 8:44am

      Cuomo used his position in the Justice Department to basically buy the governor’s seat with federal tax dollars. He should be wearing an orange jump suit.

      Report Post »  
    • 13th Imam
      Posted on February 22, 2011 at 8:52am

      When all the rich have no more money, or decide to flee the thieves haven of NY, the chant will be,, ” Tax the Upper Middle Class, Tax the Upper Middle Class”. What you will never hear is “Tax Me, Tax Me” Maybe then Good ol Charlie Rangold D, NY will have to voluntarily pay his taxes. but probably not

      Report Post » 13th Imam  
    • dirtypolitics
      Posted on February 22, 2011 at 9:07am

      With this move, he is now more of a DINO (Democrat In Name Only).

      Hope he succeeds with his Conservative agenda.

      Report Post »  
    • seeker9
      Posted on February 22, 2011 at 9:55am

      Wonder if people will follow Pelosi’s advice, quit your job, take their health care, and follow ones’s real ambition (professional chanting)? Unintended consequences.

      Report Post » seeker9  
    • watchtheotherhand
      Posted on February 22, 2011 at 10:29am

      For once I think I agree with those liberal fruitcakes.. Yeah increase the tax on the rich so that they move to other states that will treat them fairly. Bringing their companies with jobs to people who appreciate those opportunities and don’t see them as a personal piggy bank to pillage at any given time. Liberal policies have made the mess in many of these areas with weak self-serving republicans playing the spineless accomplice and now they want bailed out by “the rich”. Amazing how being rich automatically makes you an evil person worthy of being “legally” robbed of what is yours, yet somehow being a radical Muslim and cutting off heads makes you a misunderstood freedom fighter whose intentions must be defended at all costs

      Report Post » SLEAZYHIPPOs ILLEGITIMATE OFFSPRING  
    • Muslim in Chief
      Posted on February 22, 2011 at 10:40am

      These Mutants have no idea….most of the rich are Dems. Kennedy, Pelosi, Kerry….so on

      Talk about hypocrisy

      Report Post » Obama Bin Lying  
    • right-wing-waco
      Posted on February 22, 2011 at 10:55am

      I would really like to see the “rich” flip their finger in the air and tell these people to go-to-hell. Then just move out of NY. John Galt, where are you?

      Report Post »  
    • HDumpty
      Posted on February 22, 2011 at 11:32am

      Bloomburg Neo-Nazi No smoking in parks! Look at whats happening in the USA! Extremeism. Intoleration! Smoking another way to land in jail and cost the tax payers money for incarceration?
      Thats a reality! What happened to live and let live?

      Report Post »  
    • Polwatcher
      Posted on February 22, 2011 at 2:33pm

      Since the union people make all the money, right now, “Tax the Rich” means to tax themselves.

      Report Post »  
    • tower7femacamp
      Posted on February 22, 2011 at 4:56pm

      So you don’t want to pay a bunch in taxes. Yeah, we hear you. Solution? Absolutely. All you have to do is move to Washington and go to work for the president. Seriously. Former Treasury Secretary Hank Paulson sold $500 million of his stock in Goldman Sachs shares and didn’t pay one single USD in capital gains. That’s right. Your blue collar pay check goes right to the IRS and if you trade stocks you’re getting hit with taxes anywhere from 5% to 15%, but not a single cent of this former US government employee’s hundreds of millions of dollars went to the IRS.

      Isolated incident you might think? I think not. Secretary Paulson’s predecessors Robert Rubin and Paul O’Neil also enjoyed a luxurious tax dodge as well. Don’t think that others have not been graced with the same practice. Names like Rumsfeld and Evans too, have not been taxed.

      Now if you know your politics, you may be mulling over the fact we have laws that have been put in place to cease these practices. George Bush Sr. passed the Ethics and Reform Act of 1989 that supposedly did away with honoraria on Capitol Hill. At face value, the act placed employment restrictions on Congressmen, increased disclosure of financial dealings, and reformed the savings and loan industry to combat the crisis back in the late 80’s and early 90’s. It also allowed Freddie and Fannie to support mortgages for low- and moderate-income families (not that that would become a problem).

      So now we have this act which “discourage[s] able citizens from entering public service”. Before this Section 1043 cabinet members and judges way up the chain had to sell off their positions in other companies that were a conflict of interest in their presently held government office. But now these officials get a onetime roll over, transferring their shares to treasury bonds or broader market funds; thus avoiding the taxes that go along with an immediate sale. Thanks George.

      This means the deferment of taxes on the sale of Paulson’s 3.23 million shares equates to tens of millions of dollars. This tax shelter exists for not only almost every appointed executive, but their spouses and dependants as well. The public servant field of play is not at all reachable to the average investor. However, investors can experience no capital gains taxes on the trade of small business stock (ie. companies that have $50 million or less in assets), but everybody gets that incentive.

      Fight back against the labyrinth of tax code! The best way to do so is to optimize your once a year “gift” option. If it is $13k or less no taxes will accrue. So hypothetically, you can give your kids the stock and they can sell it at a much lower tax rate. If it is to your spouse and he/she is a U.S. citizen, then due to the unlimited marital deduction you can gift any amount to them without incurring any federal gift tax or state gift tax consequences as long as the gift is of a present interest. Perfectly legal. You just need a little trust. Just know if you give more that your annual exclusion amount you’ll be looking at a gift tax.

      Everything I have learned about finance and tax code has been from trial and error. What I have learned is not to just accept your fate like an animal in a snare or bear trap. These guys in DC have found a shortcut to make money. You should too.
      http://www.taxfiling.net/help/tax-dodging-shortcut/

      Report Post » tower7femacamp  
    • presley311
      Posted on February 22, 2011 at 6:09pm

      Tax the union

      Report Post » presley311  
    • oldoldtimer
      Posted on February 22, 2011 at 8:31pm

      I guess the Dems have not run enough of the so called rich people out of the state. NY has lost over 35 billion that has moved to other states. I bet Ny will be completely broke by 2012. If any one says bailout for these progressive states that spent themselves into this mess they should be charged with treason. Not one dime of my tax dollars to bailout any of them. No loan guarantees , no nothing. They cause it they fix it.

      Report Post »  
    • happyboy
      Posted on February 24, 2011 at 5:31pm

      “TAX THE RICH” IS REALLY A BLOOD LIBELER CODE FOR “KILL THE RICH.”

      If all the rich can be killed then the Blood Libeler Democrats can confiscate the rich people’s cash using the Death Tax. Dead people mean Death Tax revenues. Soon anyone who owns anything will be considered RICH.

      Report Post »  
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