Panicked Plutocrats and Other Bedtime Stories

Good Times in 2008 (Getty Images)

 

Axios morning email thingie tells us that the Rat Bastards are already preparing for our iron-fisted, socialist overlord [checks notes] Joe Biden to bleed them dry:

High-net-worth Americans are setting up trust funds, giving large gifts to heirs and philanthropies, and even selling family businesses as they brace for the tax hikes a Joe Biden presidency might bring, Axios’ Jennifer A. Kingson and Hans Nichols report….

Reality check: “Just 1.9 percent of taxpayers would see a direct tax hike” if Biden’s tax proposals for individuals were in effect in 2022, the Institute on Taxation and Economic Policy (ITEP) estimates.

  • Many of Biden’s proposals would simply attempt to roll tax laws back to where they were when President Obama left office.

Yeah, the well-marbled are so a-feared of getting taxed that they are selling assets at a loss:

Family business owners who have been flirting with selling their companies are making a big rush to the exits:

  • It takes months to close such a deal — and waiting until next year could mean paying 40% in taxes on the transaction vs. 20% this year, Joe Maier, an estate-planning attorney in Racine, Wis., tells Axios.
  • Buyers are lowballing their bids — knowing that a seller could be grateful for a 10% smaller offer as long as the deal closes in 2020.

The ol’ Invisible Hand is telling me that if there is a glut of X on the market, the value of X goes down. So if the Rich want to garrotte themselves before Biden arrives, who am I to complain? Saves us work later to to mop up the streets ankle-deep with the blood of the oppressors.

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5 Responses to Panicked Plutocrats and Other Bedtime Stories

  1. The financial adviser who manages part of our retirement stuff (when Mrs BDR inherited her moms 401K and other retirement accounts, we just left it with him; he’s pretty good.) sent a ‘calm the fuck down you morons’ note around to their clients a month or so back, complete with a chart showing that the economy demonstrably does better under Democrats.

    Quite the bold stance for West Dumbfuckistan Ohio, but instructive how $$ trumps politics (no pun intended).

    Liked by 5 people

  2. retiredeng says:

    My extremely tiny violin is at the ready for these bozos.

    Liked by 2 people

  3. w3ski4me says:

    Just yesterday, standing in the line at our local early voting site, we overheard some of the locals, being fearful of Biden’s “tax hikes” to come. Those were rural folks mind you, that don’t make enough to pay much in taxes, but they were fearful of that “Guvbermint” taking taxes.
    Fear, of one kind or another. It’s all the rethugs know.
    w3ski

    Liked by 4 people

  4. roket says:

    More transfer of wealth. In this case, the more rich are getting richer off of the less rich.

    Liked by 1 person

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