Cliff Deal Left Asset Wealthy Untouched
Now, Obama’s protecting those who already have their wealth. Obama is at war with those who have not yet acquired their wealth but would like an opportunity to do so. Those are the people that Obama’s cheering minions at this pep rally were opposed to. People who wish to acquire wealth.
Now, folks, it is very important to understand this. There are two kinds of wealth in this country. I’ve talked about it before, but I’ve never used these terms. I’m trying to use different terms here in a way of being more explanatory. Income wealth versus asset wealth. Asset wealth is that group of people who are already rich, already wealthy, and do not need income to stay wealthy. They are not seeing any tax increase to speak of. Five percent increase in capital gains, but that is it. In fact, several of the asset wealthy got carve-outs in this fiscal cliff deal.
The asset wealthy, Democrat donors, Democrat bundlers, Hollywood types, hedge fund types, Wall Street types, the very people that Obama is ginning up hatred for, are the very people exempted. And in their place are the income rich that people are being encouraged to resent, encouraged to hate. Obama is encouraging people to feel good when these rich people get stuck with higher taxes, except the real truly rich people in this country aren’t being stuck with higher taxes, the asset wealthy. I mentioned it in the first half hour, the carried interest loophole.
This is such an outrageous loophole that if you could get beneficiaries of it to be honest, they would tell you it’s unfair. They would tell you they can’t believe they’re getting away with it. Let’s say a young entrepreneur, say in Silicon Valley, starts up a big firm, and it goes gangbusters. He sells it for hundreds of millions of dollars. He has now become asset wealthy. He’s not income wealthy; he’s asset wealthy.