Why do Billionaires pay for the Democrat Party? Why does so much of the “old Money” in San Francisco, LA, New York, Boston help fund the party that is, supposedly, the party of Marx, Engels, Trotsky and Lenin?
Well… could it be they are concerned about not paying their fair share of the national need? Is it because they think the gap between have and have not in society needs to be reduced and that Dems are the troops for the job? Could it be that the likes of Hoyer, Bloomberg, Hoffman, Powell Jobs, Geffen Benioff and the long list of Dem billionaire donors are so filled with their gut wrenching guilt over their “whiteness” that they feel they need to fund a political party just to abuse them?
Or do they have their own reasons which actually make sense?
First of all – people who have money generally like to keep it and the goodies that go with wealth.
People who inherit wealth seem to go in two different ways – they spend their inheritance profligately and become fodder for various magazines around the world. Or they tend to be careful with their trust fund, keep it safe and seek to grow it to pass on their heirs. But most people who make their pile, wish, within reason to keep most of it.
So why would they be out there sending money to the Democrats?
This hinges on the difference between “Wealth” and “Income”.
The recent NYT article that attempted to cast President Trump in a bad light (has there been an article in the NYT in the last 4 years that has NOT sought to cast DJT in a bad light? Answers on a postcard please ) made much of him only paying $750 dollars in Federal income tax in one year (they of course, forgot to add in the tax credit he used for a couple of million but fairness was not the look they were going for).
Whoa Nelly! How could a gazillionaire pay so little? This is Criminal!!!! Well, not so fast cowboy or cowgirl. No-one is taxed on how much money they HAVE. They get taxed on their earnings, just like us little folks. And they can use their money to make sure that professionals do their tax returns to minimize their payments. Now if they are seen to support higher rates of taxation rest assured, they are quite happy for those below them in the income pyramid to pay more.
But the impact of such increased taxation is much higher on those lower down the pyramid. Most people are paying as they earn for their future, their family, and their security and well-being. Most of us are paying off our house or paying rent. Fair enough. We have a certain ‘nut’ that we have to make each month to keep our noses above the water line. But there comes a point in the scale where most of the necessities are taken care of, the house is paid for, the earnings provide more than enough. Regular expenses are not a monthly concern. Keep saving and you will have reserves to last quite a while, earn even more and you will be able to buy things that you don’t need.
So if the super earners decide that taxes should be increased what they are saying is that YOU – Joe Schlub – need to pay more of your paycheck in taxes and fees. But that will impact you in other ways – less money for savings for emergencies, less money for kid’s school or college, longer payback on the mortgage. Less expensive holidays. Now add to that support from the well off for things like higher taxes on energy – that increase is paid by everyone. From the poor to the rich. And the impact is heaviest on the poor, not the rich.
People seem to have forgotten that many politicians have become rich from their government positions Many of the top Dems are millionaires – and they are not the only ones.
So why are the Extremely wealthy underwriting all this? Why do rich wealthy celebs send money to bail out street thugs who get arrested for criminal acts under the guise of “protest”? Why do they push for increased taxation and increased regulation (that results in extra taxation paid by the poor)?
They wish to avoid taxes on wealth. Socialism is all about seizing the wealth of the rich for redistribution to everyone. Not the “income” – the “wealth”. Imagine what the tax bill would be for Michael Bloomberg if he had to pay a certain percentage of the worth of all his owned properties, businesses, bank accounts every year? Or any billionaire.
What makes the Dems hold off? Well the leadership are millionaires and certainly do not wish to have their own smaller applecart upset, also, threaten to do it and billionaires will asset strip the USA so fast and transfer the wealth to Abu Dhabi, Switzerland and other, saner places. And the tax base of the USA would crumble. Remember this other fact – the top 10% of EARNERS pay 70 % of the income tax paid in the USA.
The Billionaires seem to have realized that paying a little more in taxes. Putting a little largess about to the upper tiers of the leftist organizations and they can feed the alligator of socialism with the work and bread of the middle class in the hope that they will be eaten last. They get away with it because if you scratch a socialist you find a greedy little person underneath.
Just remember one major thing here – there is nothing, in law, preventing any billionaire (or millionaire for that matter) from liquidating all his or her assets, turning them into cash, using some of the cash as a trust fund to live on for the rest of his or her days in total security taking just one property as a family home, and then giving the remainder to the government. It is totally legal. How many have done it?
Instead Billionaire Gates gave his fortune to a private “charity” that he runs, and which does what he says. Did not have much faith in the ability of the Government to use his money wisely. Though Bill does have absolute faith in them to use my and your money wisely.