Originally Posted by
Draymond
Nobody, and I mean no President, will ever will have done more for the fabulously wealthy than Barack Obama. It's one of the reason why Wall Street backed Clinton so heavily while the common working guy went for Trump. When I say common working guy I am referring to the $50,000 - $500,000 a year worker. The multi millionaires and especially the billionaires all favored the Democrats by a factor of 10:1. Obama's easy money, Trillion dollar annual deficits, and macro globalist policies really were an economic treasure trove for global millionaires and global billionaires.
At least the Dems listened to the electorate by re-electing Nancy Pelosi as Minority Leader, and promoting NYC own Chuch Shumer in the Senate. LOL. Watch the Republicans pick up 8-10 seats in 2018. Trump will cut them to pieces next election cycle.
It's pretty funny watching libs spin out of control blaming the Russians for everything. LOL. You do realize the Dems were BLOWN out in ALL facets of government, from town Mayor to the Presidency, I mean look at the governorships. People like Obama as a guy to have a beer with, but they sure repudiated his policies which is why the Dems have lost every election cycle since 2008.
Wrong for 2 reasons.
(1) Unlike most everyone else, the fabulously wealthy usually benefit from economic downturns because their access to credit during economic crises is so much better than everyone elses, allowing them to more easily weather them. In fact, "crisis capitalism" over the past 4 decades has helped the fabulously wealthy to increase their proportional of national wealth while those most sensitive to economic downturns, the middle class, have lost significant ground in turns of their share of national wealth. And George W. Bush's management of the economic set the stage for the greatest economic crisis the US has experienced since the Great Depression.
(2) The fabulously wealthy's biggest concern isn't how to create wealth through business opportunities, but how to reduce the effect of taxes on their ability to keep that wealth and pass it on to their intended heirs. That's why the most important service that "wealth management" services provide to sugg clients is tax reduction and avoidance. GWB helped the fabulously wealthy in two significant ways during his time as president.
First, during his first term as president, George W. Bush signed into law the reduction in the estate tax rate over time, ending with the one-year elimination of the estate tax in 2010. That estate tax holiday allowed several fabulously wealthy families avoid paying any estate tax when their fabulously wealthy parents died during that year. Included among them were George Steinbrenners' heirs, who saved an estimated $600 million.
Second, during GWB's administration, the IRS was relatively lax in going after folks using illegal overseas tax shelters. Obama reversed that policy and stepped up efforts to go after folks using such schemes. And that effort resulted in fabulously wealthy folks like Mitt Romney scrambling to accept the ammesty offering for coming clean on illegal tax avoidance. And he pushed for and signed into law a means to collect taxes on wealth that is likely being transferred overseas for tax avoidance.
Bottom line: George W. Bush did the most for the fabulously wealthy of any US president in recent history.
P.S. Forget to mention how GWB pushed for and signed into law reduction of federal income taxe rate on dividends to the same as capital gains. It was so controversial, he had to dispatch his veep to cast tie-breaker vote in the Senate to put it over the top. And most dividend income is earned by the fabulously wealthy. Which is another reason why folks like Warren Buffet face lower effective federal income tax rates than the idiot middle classers who repeatedly vote for GOP candidates.
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