B12 Solipsism

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Archive for the ‘One Percent’ tag

Big Reasons The Estate Tax Needs to Be Raised to 90 Percent

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Of course it buys happiness
Of course it buys happiness

If I was in charge of tax policy, instead of lowering the estate tax as so many rich schmucks are constantly yammering about, I’d raise it to 90% on all estates valued at greater than $2,000,000. Why can’t these parasites make their own fortunes? and even being able to gift 10% of your multi-billion dollar estate is more than enough to live comfortably…

Here are some reasons why. 

For instance:

SC Johnson, the “family” company’s billionaire heir, Samuel Curtis Johnson III, who confessed to repeatedly sexually assaulting his teenage stepdaughter has received an outrageous prison sentence of only four months because the judge, Circuit Justice Eugene Gasiorkiewicz, feels that Johnson’s importance to the community is valued much higher than the dignity of his abused step-daughter. 

Affluenza, as it has been dubbed, has struck again. This billionaire has officially plead guilty to mere misdemeanor charges of fourth-degree sexual assault and disorderly conduct instead of receiving the maximum which is felony sexual assault on a minor child. These charges originally stem from 2011. Think Progress reported Johnson’s stepdaughter “initially told police Johnson was ‘a sex addict‘ and touched her inappropriately 15 to 20 times starting when she was 12 years old. She told her mother about the abuse in order to protect her younger sister, and Johnson confessed when the mother confronted him.” Because Johnson’s victim was unwilling to testify in the case, the prosecutors had to make a plea deal with Johnson and his legal team. 

(click here to continue reading – Billionaire Gets 4 MONTHS For Sexually Assaulting 12-Year-Old Because He’s ‘Productive’.)

and

A Delaware man convicted of raping his three-year-old daughter only faced probation after a state Superior Court judge ruled he “will not fare well” in prison.

In her decision, Judge Jan Jurden suggested Robert H. Richards IV would benefit more from treatment. Richards, who was charged with fourth-degree rape in 2009, is an unemployed heir living off his trust fund. The light sentence has only became public as the result of a subsequent lawsuit filed by his ex-wife, which charges that he penetrated his daughter with his fingers while masturbating, and subsequently assaulted his son as well.

Richards is the great grandson of du Pont family patriarch Irenee du Pont, a chemical baron.

According to the lawsuit filed by Richards’ ex-wife, he admitted to assaulting his infant son in addition to his daughter between 2005 and 2007. Richards was initially indicted on two counts of second-degree child rape, felonies that translate to a 10-year mandatory jail sentence per count. He was released on $60,000 bail while awaiting his charges.

(click here to continue reading One Percenter Convicted Of Raping Child Dodges Jail Because He ‘Will Not Fare Well’.)

and

Ethan Couch, the Texas teen whose deadly drunk driving was excused by a lenient judge because of “affluenza,” is serving his time in rehab on mostly taxpayers’ money, RadarOnline reports. According to RadarOnline, it is largely the public who will be responsible for the now 17-year-old’s $438,000-per-year rehab treatment.

“Recently a judge ruled that the teen should be sent to North Texas State Hospital in Vernon. The hospital’s rehab program charges $700 a day, but since it is a partially state-funded institution, Couch’s parents would only be charged $38 per day for their son’s treatment,” Kenneth Webster, a contributor to Breitbart.com, said, according to the news site. “Thanks to taxpayers, Couch’s rehab bill has been dropped from $438,000 annually to only $13,870.”

That seems a small fee for the affluent family, who have been sued for millions of dollars by the families of those killed in the drunk-driving accident, as well as by those injured.

Last year Couch decided to take a drunken joy ride in his pickup truck after a party. He crashed into the car of Breanna Mitchell, whose car had stalled, killing her and three others who were trying to help her. Another teen boy who was in the pickup with him, Sergio Molina, was thrown from the vehicle. He landed on his head and was left paralyzed, with only the ability to smile and blink. Molina’s family settled with Couch’s family in early May.

(click here to continue reading Report: Taxpayers Footing Rehab Bill for ‘Affluenza’ Teen – The Root.)

Walmart Neighborhood Market
Walmart Neighborhood Market

and then there are these stains:

As it turns out, the first generation led by patriarch Sam Walton put $4.7 billion into the foundation, a figure that represents 98.8 percent of all family donations over the past 23 years. The six Scrooges of the second Walton generation ponied up only 1.2 percent. Alice Walton, one of the faces of Mitt Romney’s 2012 SuperPAC, has given zero. With over $2 billion in assets, the Walton Family Foundation distributed $325 million in 2013. Those dollars went overwhelmingly to their stomping grounds in northwest Arkansas, funding environmental improvements, pet education reforms including charters schools and vouchers and, as Forbes reports, “Alice Walton’s stunning Crystal Bridges Museum of American Art.”

For starters, for decades the Waltons have relied on a tax dodge that now bears their name to keep billions of dollars from Uncle Sam. The Walton grantor-retained annuity trust, or Walton GRAT, has allowed billionaires like the Walmart heirs and casino mogul and GOP bag man Sheldon Adelson to shield $100 billion from the IRS since 2000. Named after the tactic lawyer Richard Covey, the dodge was developed for Sam Walton: GRATs work by rapidly shifting large volumes of stock into a trust fund that is legally required to return that initial investment after two years. The stocks in the trust gain enough value that when it comes time to repay the initial investment there is a substantial amount of stock left over that can be transferred on to some third party without triggering the gift tax.

(click here to continue reading The Walmart heirs should save Detroit.)

(click here to continue reading The Walmart heirs should save Detroit.)

And more…

In 2013 alone, the Foundation invested $325 million across three key areas: education reform, the environment and the family’s home region of northwest Arkansas. One of the Foundation’s major recipients has been Alice Walton’s stunning Crystal Bridges Museum of American Art, funded to the tune of $1.2 billion.

However, almost none of this largesse is the result of donations from the Waltons themselves, according to a report released on Tuesday by Walmart 1 Percent, a project of union-backed Making Change at Walmart.

Says the study, which can be viewed in full here:

The central finding of this report is simple: Our analysis of 23 years’ worth of the Walton Family Foundation’s tax returns shows that Rob, Jim, Alice and Christy Walton—the second generation Walmart heirs—have contributed almost none of their personal fortune to the foundation which bears their family name.

Specifically:

– Rob and Alice Walton made zero individual contributions to the Foundation during the 23 years we examined;

– Jim Walton made a single personal contribution of $3 million to the Walton Family Foundation, more than 15 years ago;

– Rob, Jim, and Alice Walton and the family holding company they control (Walton Enterprises) have been responsible for only .13% of all contributions to the Walton Family Foundation ($6.4 million);

– Among the second generation Walton heirs, it is the in-law, Christy, who has been responsible for the largest share of contributions to the Foundation;

– The four Walmart heirs and Walton Enterprises combined have been responsible for only 1.2% of all contributions to the Walton Family Foundation.

The combined lifetime contributions of the second generation Walmart heirs and their family holding company to the Walton Family Foundation come to $58.49 million, or:

■■ About .04% of the Waltons’ net worth of $139.9 billion;
■■ About .34% of the estimated $17.1 Billion in Walmart dividends that Rob, Jim, Alice and Christy received during the years we analyzed;
■■ Less than one week’s worth of the Walmart dividends the Waltons will receive this year;
■■ Less than the estimated value of Rob Walton’s collection of vintage sports cars.

The report goes on to detail how the Foundation has been funded over the years, namely by tax-avoiding trusts established with assets provided by the late Sam, Helen and John Walton or their estates. The study found that 99% of the Foundation’s contributions since 2008 have been channeled through 21 Charitable Lead Annuity Trusts. These CLATs, as they’re known, are specifically designed to help ultra-wealthy families avoid estate and gift taxes.

Forget-me-not Social Security
Forget-me-not Social Security

If the rich keep using their wealth and power to take from the rest of us, when will it end? If entitled assholes like the ones mentioned here get their way, and Social Security, Medicare, and other entitlement programs become insolvent because little S.C. Johnson the Third refuses to participate in our democracy, what then? Will a guillotine be required eventually?

Written by Seth Anderson

June 9th, 2014 at 10:33 am

Posted in News-esque

Tagged with , ,