His class war speeches kicked off months of Occupy Wall Street protests in 2011, which ended up with more arrests than any other type of protests, destruction of public parks across the country and in the end fizzled out.
Raise taxes on the rich Obama cries, pointing to those making over $250,000 a year, not bothering to acknowledge that those very taxes would predominately hit business owners, those that actually create jobs.
Via IBD;
First, raising taxes on the rich won't make even a small dent in our $1 trillion plus annual deficits. So as a fiscal policy, it's useless.
Second, many of the top 2% earning families already face marginal tax rates as high as 35%. The top 2% pay nearly 50% of all income taxes, but take home less than 30% of all U.S. income. Is that fair?
The "rich" Obama wants to increase taxes on are the job creators and entrepreneurs. The top 2% of earners report 66% of all pass-through business income, 25% of all net business and professional income, and 85% of all partnership and S Corp. income.
They're business owners. Tax them at a higher rate, and you'll have fewer new businesses and fewer jobs. It's the middle-class that will suffer, not the rich.
Romney points out Obama's lack of experience and understanding of job creation, which is obvious since Obama's policies have not helped create jobs at level the U.S. needs in order to keep up with the new workers entering the work force.
But Romney seemed to welcome that fight, arguing that Obama, “having never had a job in the private economy, just doesn’t understand the kind of difficulty it is to start a business, to grow a business, to decide to hire people, to bring them on board, to train them, to take the risk associated with expanding an enterprise.”
The timing of the release of a Maryland study couldn't be more fortuitous in light of Obama's renewed class warfare rhetoric. The study shows that in Maryland 31,000 residents left the state between 2007 and 2010, the tenure of a "millionaire's tax" pushed through by Gov. Martin O'Malley. (Source- CNBC)
The result- A loss of $1.7 billion in tax revenues rather than the gains expected.
It isn't just Maryland though, it is becoming more advantageous for the top 2 percent, who pay 50 percent of all taxes in America, to simply leave instead of being punished for nothing more than making money, creating jobs and investing into America's economy.
In May, it was reported by Bloomberg that 1,780 expatriates gave up their nationality at U.S. embassies last year, up from 235 in 2008, according to Andy Sundberg, secretary of Geneva’s Overseas American Academy, citing figures from the government’s Federal Register. The embassy in Bern, the Swiss capital, redeployed staff to clear a backlog as Americans queued to relinquish their passports.
“Every dollar you save, you lose to the U.S. tax man,” said tax lawyer Ledvina. “That’s one reason why people give up citizenship.”
From a piece here at Wake up America in May 2012:
A few more names of high profile wealthy that made the choice Saverin and Getty made;
John “Ippy” Dorrance (Campbells Soup) - Ireland
Kenneth Dart (Dart Container) - Belize
Sir John Templeton (Templeton Fund) - Bahamas
Mark Mobius (Templeton Emerging Markets Fund) - Germany
Fred Freible (Locktite) - Turks & Caicos
Michael Dingman (Abex & Ford) - Bahamas
Joseph Bogdanovich (Star-Kist & H.J. Heinz)
4 of the J. Paul Getty grandsons, Richard Minns, Ted Arison
They will be buying homes, land, cars, food, clothing etc.... somewhere else. The taxes they were already paying will now benefit another country, not ours. Businesses will be created and people will be employed...... somewhere else.
So I go back to the question I asked in April of 2011: "Who Are They Gonna Tax When The Rich Fall Or Move Or Simply Quit?"
Former Obama supporter, Democrat and comedian Jon Lovitz, says it all: (Language alert)
[WATCH]