Tax Shelter Skelter

  • Aired:  10/13/10
  •  | Views: 64,523

The upcoming expiration of the Bush tax cuts force the super rich to go to boot camp to bond with their like-minded friends. (3:34)

EVERYBODY.

THANK YOU VERY MUCH.

FOLKS, AS AMERICANS, IT IS OUR

DUTY TO KEEP THE LEGACIES OF OUR

FORMER PRESIDENTS ALIVE.

FROM LINCOLN FREEING THE SLAVES

TO BONDAGE TO RONALD REAGAN'S

FREEING AIR TRAFFIC CONTROLLER

OF THEIR JOBS, I SAY LET THE

FREE MARKET DECIDE WHICH JET HAS

THE RIGHT-OF-WAY.

AND THE LEGACY OF OUR GREAT OR

GREATEST PRESIDENT IS UNDER TAKE

BECAUSE THE BUSH TAX CUTS ARE

ABOUT TO EXPIRE.

PRESIDENT OBAMA IS GOING THE

RAISE TAXES ON ANYONE MAKING

OVER $250,000 A YEAR.

WE ALL KNOW WHAT THAT IS.

>> WHAT IS HURTING OUR COUNTRY

THE MOST RIGHT NOW, HURTING OUR

ECONOMY THE MOST IS CLASS

WARFARE.

>> CLASS WARFARE.

>> CLASS WARFARE.

>> THIS IS CLASS WARFARE.

>>

>> Stephen:, YES, IT IS CLASS

WARFARE, AND IT'S NOT A FAIR

FIGHT BECAUSE WE GIVE THE

WORKING CLASS ALL THE GOOD

COMBAT EXPERIENCE.

RICH PEOPLE ARE ALREADY

SUFFERING.

AS FINANCIAL ADVISER KEITH

WHITAKER TOLD "NEWSWEEK," "TO BE

RICH NOW MEANS TO LIVE IN

ANXIETY.

WILL YOU REMAIN THE WEALTHY?

WILL THE MARKET OR THE FEDERAL

GOVERNMENT STRIPO OF YOUR

ASSETS, AND WILL I LOSE MY

SUMMER HOME?

AND WHAT ABOUT MY WINTER, SPRING

AND FALL HOME?"

IN FACT, THE UNCERTAIN ECONOMY

HAS MADE THE RICH SO ANXIOUS

THAT HEIRS AND HEIRESSES ARE

GOING TO FINANCIAL BOOT CAMP.

JUST LIKE MILITARY BOOT CAMP,

EXCEPT THE BOOTS ARE MANOLOS.

AND LIKE MOST CAMPERS, THE SUPER

RICH JUST WANT THE BOND WITH

LIKE-MINDED FRIENDS.

ACCORDING TO INVESTMENT ADVISER

CHARLOTTE BEIER, WHAT THE RICH

WANT IS A CHANCE TO DISCUSS

THEIR FINANCIAL WORRIES WITHOUT

FEELING RIDICULED.

NOTHING IS MORE AWKWARD THAN

COMPLAINING ABOUT SKIING AT

TAHOE TO SOMEONE WHO LIVES IN A

CHEVY TAHOE.

THE WHITE HOUSE DEFENDS THIS TAX

INCREASE BY SAYING IT'S

NECESSARY, AS EXPLAINED BY CHIEF

ECONOMIC ADVISER AND SPOOKIEST

CABINET MEMBER AUSTAN GOOLSBEE.

JIM.

>> WE'VE GOT A BIG BACK AND

FORTH GOING ABOUT THE TAX CUT.

UNDER THE REPUBLICAN PLAN,

HOWEVER, PEOPLE MAKING MORE THAN

$1 MILLION A YEAR ARE GOING TO

BE GET A TAX CUT OF MORE THAN

$100,000.

THAT'S EXPENSIVE.

GIVEN THESE BIG RED EGGS TO THE

VERY HIGH-INCOME PEOPLE WOULD BE

$700 BILLION WE WOULD HAVE TO

BORROW.

>> Stephen: SO WHAT?

WE'LL JUST BORROW IT FROM

SOMETHING ELSE BIG AND RED.

( LAUGHTER )

AND MAKING OVER $250,000 A YEAR

DOES NOT MAKE YOU RICH.

LOOK AT ME.

I MAKE SERIOUS COIN.

BUT I'M MIDDLE CLASS.

I JUST HAPPEN TO BE UPPER ELITE

PLATINUM PLUS MIDDLE CLASS.

AND AS A MEMBER OF THE MIDDLE

CLASS, I KNOW THAT ANY TAX

INCREASE ON THE WEALTHY WILL

HURT ALL OF US.

I MEAN NEW YORK SATURDAY'S "THE

NEW YORK TIMES," HARVARD

ECONOMIST M. GREGORY MANCU

EXPLAINS THAT RAISING RATES ON

THE WEALTHY KILLS INCENTIVES,

WRITING, I CAN AFFORD HIGHER

TAXES BUT THEY'LL MAKE ME WORK

LESS."

DO YOU KNOW WHAT THAT MEANS,

NATION, FEWER M. GREGORY MANCU

OP ENDS.

( CHEERS AND APPLAUSE )

WHEN WE RETURN, I WILL ASK

AUSTAN GOOLSBEE TO EXPLAIN WHY

HE AND THE PRESIDENT WANT TO

DEPLETE OUR PRECIOUS

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