Tax-dodging crony capitalist extraordinaire Warren Buffett provides propaganda support for the Obama Regime by croaking that he pays taxes at a lower rate than his secretary. Coincidentally, so do Obama’s pals at taxpayer-subsidized Government Motors:
General Motors … made about $9 billion dollars in 2011. How much of its “fair share” is GM paying in taxes? Zero. In fact, from GM’s financial report, they actually received a “benefit” of $110 million for the year. The UAW benefited as well, as they are set to receive $7,000 per worker in profit sharing bonuses.
The sweet tax deal GM receives was set up by the Obama Administration as the company was granted a multi-billion dollar tax credit for loss carry-overs when they exited their bankruptcy proceeding. Normally, the company would not have received the tax credit but the bankruptcy process was anything but normal. Creditors were put in the back of the line to protect UAW interests and tax code was changed so that GM could profit for years without paying its fair share in taxes. President Obama now campaigns on the perceived success at GM and any help he can give to the company will result in additional votes come November. As taxpayers lose out, GM profits and shares the wealth with the politically favored UAW.
Obama’s buddies at GE don’t pay taxes either.
As Democrat donor Leona Helmsley liked to say, only little people pay taxes. Under socialism, little people are those who don’t have a seat at Big Government’s table.
On a tip from AC.