Geithner report signed by President details tax cut success: Rich Google ally evades taxes.
(Page 2 of 4)
In the back of the report — right there in the literally small, fine cold black print — are the Geithner approved numbers that make the hard data hidden all the way at the back of the report directly contradict all the Obama rhetoric at the front of the report.
Not only that, the numbers, required to be a factual recitation of America’s economic history, reach back to the Kennedy years. Which means it includes the tax receipt numbers for the administrations of two tax cutting Democrats and two Republicans — JFK, Reagan, Clinton and Bush 43.
As seen in this chart, provided by Paul Sperry in Investor’s Business Daily, with all the figures coming from Geithner’s Treasury Department, in every single instance when taxes were cut — government receipts went up.
Which is to say, when taxes on the rich go up, the American government gets starved for cash.
How does this happen?
Let’s put aside the proved common sense Reaganomics here… that lower taxes creates more jobs and more economic growth. Time after time after time, as thoroughly documented by Obama’s Treasury Department, rising income dwarfed the decline in tax rates…and why wouldn’t it, with more people having jobs?
Instead let’s look at how “the rich” avoid taxes precisely because they are terrified of the policies of somebody like Barack Obama. And let’s use an interesting example of the game at work — interesting because it involves a famous company headed by a man who is an equally famous Obama supporter.
One of the names mentioned for a possible Cabinet job in the second Obama term is Google’s Chairman and former CEO Eric Schmidt. That’s right, Google. The Internet search engine company.
Mr. Schmidt was a major Obama contributor and supporter of the Democrats in 2012 as he was in 2008. Google’s political action committee gave $2.1 million to Democrats and over $700,000 to Obama in 2012.
So, a Google exec for Team Obama?
Not so fast.
Obama supporter Schmidt and Google are prime examples of how “the rich” go out of their way to escape paying high taxes. A regularity in America because people like Barack Obama are always just a handful of votes away from controlling U.S. tax policy.
Google, in fact, is terrified of Barack Obama and what he intends to do to “the rich.” And since Mr. Schmidt is both ex-CEO and current Google Chairman, it is abundantly clear by his actions on behalf of Google and how he comes about his own personal wealth what he really thinks of the “tax the rich” business. The “rich” defined here as, well, Google. Headed up by that very rich champion of all things Obama, Mr. Schmidt.
Let’s skip over to Bloomberg’s Businessweek back in October of 2010 for their description of exactly what Mr. Schmidt is doing to make good on his candidate’s “tax the rich” policies.
The headline on the story by reporter Jesse Drucker?
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online