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."
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