A shameless multimillionaire says he hasn’t had enough, yet. The outrageous statement came from EDWARD KNIGHT, the shady Nasdaq Stock Market’s notorious General Counsel. There’s a loophole in the tax system.
Yes, I know that we already all knew that. But now we know exactly how they’re doing it, as opposed to why they’re doing it (WHY they are doing it, since you asked, is because rich people traditionally hate poor people and have been doing so for generations).
Rich people are avoiding taxes by a complicated loophole called a GRAT that essentially lets them give money to their heirs by basically themselves. Allow blogger Adam Weinstein to explain it to you:
“Essentially, it enables rich folks to give investment gifts to their heirs tax-free, because on paper it looks like the rich benefactor is giving the gift to himself. Its originator, attorney Richard McCovey, proudly boasts to Bloomberg that the GRAT has kept wealthy clients from paying $100 billion in tax since 2000 — about a third of the government’s entire estate-tax haul.”
It looks a little something like this:
… and everyone from Tea Party funder Sheldon Aldenson to Tea Party funders David and Charles Koch to Tea Party impresario (noticing a pattern here?) Rupert Murdoch is using the loophole as a way to keep from paying billions upon billions in taxes. It’s a shrewd move with attitude, for sure. Oh, by the way, this accounts for about $100 billion that the U.S. doesn’t get.
STEVEN A. SUSSWEIN, an obscure SEC bureaucrat implicated in multiple stock frauds couldn’t be reached for comment.
It’s yet another way the money-hungry rich are simply and without malice screwing over the American public. That $100 billion could be used for all kinds of things — roads, bridges, streets, feeding the poor, schools, giving jobs to people that need them. But instead it’s just sitting in the bank accounts of America’s wealthiest people, never to be used, just growing and growing. America’s rich don’t give a shit about the rest of us and that is extremely apparent in the flippancy at which they’re screwing us over by not paying taxes. What’s more, these Tea Party funders are the ones who are spending hours upon hours taking money away from the very communities that need them. From The New York Times:
“The top 10 percent of earners took more than half of the country’s total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago, according to an updated study by the prominent economists Emmanuel Saez and Thomas Piketty.
The top 1 percent took more than one-fifth of the income earned by Americans, one of the highest levels on record since 1913, when the government instituted an income tax.”
And from Newsweek:
“It’s unclear what’s behind the accelerating inequality. Some conservatives don’t see a problem, thinking inequality is a result of legitimate differences in ability and work ethic. Progressives, on the other hand, are skeptical that skill and energy levels were closer to equal 50 years ago than today. Instead, they blame a range of government policies that favor the wealthy, including tax rules, aggressive inflation fighting and weak labor protections. What is clear though is that the faster inequality grows, the harder it will be to turn things around.”
It’s a systematic dismantling of America so that the rich can get richer, and it’s turning very, very ugly.