How does the benefit to the few financially greedy parasites, beholding to no one and nothing-except to increase their already overflowing coffers, outweigh any benefit to the nation and it’s people?
Even if the obscene wealth of these economic predators were taxed at the same rate as the wage earners of our nation, these cannibals within our society would still accumulate in a year more financial strength than the wage earners will in a working lifetime. How can Congress justify legislation and policy that further lines the pockets of these sociopathic multi-million and multi-billionaires as they continue to rape the country and sell off what is left in the wreckage?
Economic cannibalism is an archaic ritualistic practice of the ancient money-changers which has not disappeared in modern culture; but, survives as an increasingly profitable and bizarre business. This type of behavior does not create employment of any kind that can build national wealth or productivity and it devours and destroys the industries on which it feeds. When the furtherance of personal greed and whatever it can acquire is allowed, it jeopardizes the society it destructively operates within: it becomes a diseased sociopathic behavior.
Which brings me to The RNC presidential candidate, Mr. Willard Mittington Romney, whose fiscal plan delivers huge tax cuts to the wealthiest Americans while simultaneously forcing massive cuts to public services and the social security insurance system on which the average workers rely. Then, there is the matter of his personal finances…
Not only, according to his released tax returns, did Romney make $42.7 million over the past two years, paying only $6.2 million in taxes which is an effective tax rate of less than 13.9% for doing nothing, he took advantage of a giant tax loophole that’s available to only a very select few. It’s called the carried interest loophole, or as it’s often called the hedge fund manager tax loophole (in 2009 Top 10 Hedge Fund Wheels of Corporatism averaged $900,000/Hr). Why the hedge-fund carried interest tax loophole? Because; hedge fund managers, partners in real estate ventures, and private equity wheels, are the select few who can use this legal provision to escape paying what the 99.999 % of the population are forced to pay.
The fact that closing this loophole could save the nation and it’s taxpayers and the deficit $15 billion by 2015, it is the percentage – usually 20% – that hedge fund managers and private equity Wheels can claim as investment, taxed at the long-term capital gain of 15% rate, instead of claiming what it actually is, fees or income, which would be taxed at what the rest of us pay, 35%.
In addition to the affront of carried interest, the maximum Gift Tax Amount a married couple can pass to their children without paying gift taxes is $10 million, but Romney paid zero gift tax on the $100 million trust funds he set up for his sons. The Romney’s avoided $31 million in gift tax that 99.999 % of the population would have had to pay if they did the same thing, while simultaneously accumulating and distributing financial strength within their family!
According to David Cay Johnston, the Romney’s “gave their sons some of their carried interest. And because the carried interest is not an ownership, it is a right to receive profits, Congress lets you value that gift at zero”.
In a nutshell, top hedge fund managers, gifted with a much lower tax rate, who do not produce anything tangible, or, many argue, anything of any value whatsoever, make more hourly, than most Americans will earn in a lifetime.
This economic cannibalistic presidential candidate, who left the company 13 years ago, still receives a share of the firm’s “carried interest” profits – taxed at the same low rate. He has now gifted his sons with the financial strength and the lesson that the country he raped is there for his sons to rape: the increase by the number of sons of economic cannibalistic Americans. It’s the gift that ever continues increasing to those few who receive it.
Like the after effects Of uncaring clear cutting loggers in the forest, erosion and death follows.