Hollywood’s elites are using a whole array of methods to escape paying their “fair share.” They use of offshore trusts, tax havens and the transferring funds to wives or civil partners as tax dodges.
As we head “forward” towards the Fiscal Cliff, one thing is certain: “millionaires” (defined incongruously by the left as anyone with a yearly income of $250,000 and above) are going to be hit with huge tax hikes.
If President Obama and the Senate Democrats get their way, every “millionaire” will see the expiration of the Bush Tax Cuts of 2001. Fiscal Cliff problem solved? Nope. Letting the income tax measures expire for top earners will raise revenue by a projected $850 billion over the next 10 years. In layman’s terms, this will cover about roughly eight days of spending per year. So what are the Democrats planning to do about the other 357 days of spending? Nothing to see here. Move along.
Spending is the real issue, but nobody wants to talk about that. Since President Obama’s first term, he has added more than $5 trillion to the national debt and his annual deficits have never gone below $1 trillion. Ironic that candidate Obama once accused President Bush as being “irresponsible” and “unpatriotic” for significantly smaller deficits. Ah, but the media would never call the President out on that hypocrisy and he knows that.
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