Obama backers paying their 'fair share'?
Deep-pocketed donors ducking tax payments
- Duration 5:55
- Date Jan 4, 2013
Deep-pocketed donors ducking tax payments
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-- President Obama this week has succeeded making the rich pay more in taxes and he says he wants to raise taxes still.
But our next guest says some of the president's wealthiest supporters may not be totally on board with that plan at least when it comes to their own bank accounts.
Yesterday I spoke with columnist Michelle Malkin about who's ducking their tax payments and how.
The vice president United States says it is patriotic as our patriotic duty to pay more in taxes.
And you say he needs to be preaching that to his own democratic choir the democratic donors who help what President Obama.
In office -- -- -- Google.
Yeah that's right had of vast majority of Google campaign contributors -- donate to the Democrats.
And many high level Google executives are big champions and cheerleaders of Obama.
And yet this company at at the end of last year now.
Reveals in filing from the Netherlands subsidiary.
That they have ten billion dollars that will be protected from not taxes corporate taxes and tax hikes.
Because of the shelter that they've set up.
And I'd really really -- here from all of those Obama campaign operatives that made it such a huge issue.
Over the last campaign cycle when they land baste it every last Republican for suppose it -- purported.
Offshore tax havens how they feel about their Google supporters use of the same tax avoidance strategy I know the -- All over the UK the -- upset over there because they're the ones who believe they're entitled -- that ten billion dollars now that America.
So maybe we L pays much attention here since we won't get the money even if we could OK but let's move -- -- -- a long list.
The Washington Post you say -- Washington poses taken advantage of certain tax maneuvers.
That don't necessarily equate to paying more.
It they sure aren't these privileged elites who publish editorials in favor of Obama's tax increase is.
-- at the same time that they praise their candidate for.
His supposedly noble protection of the middle class themselves took out a year -- dividend payment.
Upwards of seventy million dollars that they'll give to their investors.
To avoid all of these higher tax increases that are now hitting everybody else.
In the pocket book this year and among those who will benefit our of course the investors of Berkshire Hathaway.
Obama supporter Warren Buffett's company.
Which will read probably seventeen million dollars as as a as a result of this year and dividend payment.
So it's not I mean that lots of folks we talked about this when Mitt Romney was running for office I mean the -- allowed him to pay.
A certain rate on capital gains is opposed to income tax and he did that and that was legal and it was allowed to do -- this was legal of the Washington Post to pay out dividends before the year and but that you're you're suggesting there's a hypocrisy since it it.
It's trying to take the moral high ground on the wealth inequality in the need to pay more in.
Short not just suggesting it but it's stadium for replete with plainly and flat -- right -- that it is the phenomenal hypocrisy.
These Obama supporters to.
Poured hundreds of thousands if not millions.
Of of dollars of the last two campaign cycles into -- candidate to has profited so much from class war demagoguery.
And then turned around and either look the other way.
Or in some cases.
Facilitated her or helped or there or even cheerleader at the kind of tax avoidance strategies that they castigate.
They're political opponents for for using and I think that's an important point that you make -- Nobody saying that there's anything criminal or illegal about this.
But just the select activity with which they show outraged when certain corporations engaged in these tax avoidance strategies -- others it's.
-- -- what we saw something this week with you know the big they're big tax break that the fiscal cliff deal included for Hollywood.
And -- been provided in the past but still I mean this is fiscal cliff this is a time -- looking -- looking at spending and and odds and ends in cross their t.s and dotting your -- and somehow Hollywood ones of -- the seventy million dollar tax break and it.
And you know that includes a lot of big Obama donors -- that raise some eyebrows.
In Washington and beyond.
It certainly dead -- and Hollywood -- -- in so many instances.
Where many of these wealthy elite Mobil's.
Have one set of standards for themselves and another set of standards for everybody else.
And with regard to these kinds attacks -- I named Georgia -- guests.
And doctor -- way as two more of that the millionaires and billionaires out there.
Who engaged in and very.
Clever tax avoidance strategies for their corporations in the case of George Lucas.
Selling off his -- company Lucas films to Disney before the end of the year for four billion dollars in cash and stock so that he can avoid corporate tax increases this year.
-- you -- another.
The beneficiary of these up.
Out overseas tax havens.
For his very successful company beats by Dre headphones.
That put him number one on the Forbes list of highest paid musicians.
Trying to hit escape by the high corporate tax rates than everyone else -- forced to -- -- I thought about for that but who put.
Well we just talked about a Al Gore selling current TV to Al-Jazeera.
Anyone in the deal to close before the first of the year.
Because -- want to have to pay the higher tax rates.
That he helped put this week it was under President Clinton you like the bush tax rates matter but their work out of the -- -- and -- -- Michelle yeah crocodile tear for that but yeah I caucusing overload on that deal.
Fingernail here Michelle Malkin everybody.
You -- take care thing.