Saturday, July 14, 2012

Obama and the Dems Have No Right to Smack Romney on his Wealth

I'm certainly no fan of Romney but Obama and the Dems taking cheap shots at Romney, Bain Capital and his wealth is outrageously disingenuous. Romney may be a rich elitist bankster and defense contractor owned statist but so is Obama in every sense of the word and despite Obama's efforts to market himself as the man of the people, Obama is a total fraud. Let's examine some facts.

Over 30% of President Obama’s 2009-2011 Gross Income Came From Foreign Sources
I find it strange that the Obama campaign would be making so much of Romney’s income from foreign sources when Obama’s foreign source income appears to be a much bigger percentage of his income over the last few years. Of course, one can’t tell for sure because Mitt Romney has not released his 2009 tax return.

Yet in the three tax years in which Barack Obama has been President (2009, 2010, and 2011), fully 30.1% of the Obamas’ gross income has come from foreign sources: ($2,711,340 out of a 3-year total gross income of $8,993,449). In 2009, 26.5% of the Obamas’ gross income came from foreign sources. In 2010 it was a whopping 41.4%, and in 2010 it was 30.2%.

The salary that we taxpayers pay him as President (just under $1.2 million over the 3 years) accounted for less than 13% of the Obamas’ income, a share dwarfed by their 30% from foreign sources over the same period.

From 2009 through 2011, the Obamas paid $87,429 in foreign taxes, which they applied toward a credit to reduce their U.S. tax bill. The amounts I examined are reported on Form 1116, of which there are two filed along with their 1040 when they had both general and passive foreign income.
Obama may relentlessly and publicly bash the Bush tax cuts but he certainly availed himself of them. Obama's own secretary paid a higher tax rate than the Obama and on a whole lot less income.

Let's Talk Taxes, Obama paid a lower effective tax rate than his secretary.
PRESIDENT PAID LOWER RATE THAN SECRETARY... Could Have Paid $103,067 More In Taxes Without Bush Tax Cuts, Credits... Kids get $48,000 -- tax free! VEEP PAYS 23.2% RATE -- ON $379,035 INCOME...
Obama and the Dems going after Romney's wealth as a self made man is nothing more than a sleazy attempt to vilify entrepreneurship. In fact, many Dems are very wealthy and there are more wealthy Dems in Congress than wealthy Republicans. But it's always the Dems who make wealth an issue. Interestingly, the Dems seem to be trust fund babies who inherit their wealth while the Republicans tend to earn their wealth.

More Wealthy Democrats in Senate than Republicans
Yes America, there is a wealth gap. Seven of the top ten wealthiest members in Congress are Democrats.

The results are based on a new study released today by the non-partisan Center for Responsive Politics. The Center did an analysis of the financial statements filed by members of Congress for 2010 income and net worth.

This revelation of extreme wealth by Democratic politicians is completely contrary to the public image of the Democratic Party. President Obama has castigated “millionaires and billionaires,” suggesting they are evil people, largely Republican or conservative. The issue of the Democratic Party as the millionaire party has not yet made it into the mainstream media. But the facts are indisputable. Democratic members of Congress tend to be wealthier than their Republican counterparts.

According to the Center, 36 Senate Democrats and 30 Senate Republicans reported an average net worth in excess of $1 million in 2010. The median estimated net worth among members of the Senate Democrats was $2.58 million. Senate Republican median net worth was $2.43 million.

And, the wealthy Democrats tend to inherit their money. Republicans tend to earn it.

Senators John Kerry (D-MA), Jay Rockefeller (D-WV) and House Minority Leader Nancy Pelosi (D-CA) all came by their fortunes through marriage or inheritance. Senator Kerry, who was born into wealth, has listed his net worth as high as $281 million, while his wife Teresa is estimated to be worth $1 billion. Ms. Heinz did not earn her wealth either. She inherited the money from her husband Senator John Heinz, who died in an airplane crash.

Senator Rockefeller, representing dirt poor West Virginia, inherited his fortune from his family. He is reported to be worth $136 million.

While the economy continued to tank in 2010, Rep. Pelosi reported her own wealth to grow by 62%. Pelosi’s husband, Paul, is a financier. They own a multi-million dollar vineyard and a number of million dollar homes. They have a net worth of $196 million.

The class warfare game of the Democrats goes like this: It's OKAY to be a rich Democrat but it's not OKAY to be a rich Republican because the Democrats really care about the folks and the Republicans are bad people who don't care about the folks.

One would have to be brain dead and hooked up on life support to believe the garbage spewing out of the mouths of the Dems. Of course, the Dems will never admit that many of their own are indeed welfare queens themselves.

Al Gore is a Welfare Queen

While politics may be a contact sport and an exceedingly vicious game, at the end of the day there are darn few differences between the Republicans and Democrats, or as Jesse Ventura would say:

Finally, the RNC and DNC machines are indeed wholly owned subsidiaries of the same folks - the banksters, rent seeking fascist corporatists, military industrial complex and the prison industrial complex.

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