As the presidential campaign begins in earnest now that Mitt Romney has officially captured the GOP nomination, watch the class warfare rhetoric reach a fever pitch in short order.
A reflection of this strategy is the introduction of legislation by U.S. Senators Charles Schumer (D-NY) and Robert Casey (D-PA) to chase after tax evaders like Eduardo Saverin, who renounced his citizenship before the Facebook IPO to avoid the capital gains taxes from the anticipated sale of his shares.
While Schumer and Casey care a lot about the taxes they can loot from Saverin, their bill is really about optics, and dividing squishy Republicans from stalwart tax-cutters. The more Democrats can link Republicans to billionaires like Saverin, the more they believe they will win the class warfare argument to scare voters into reelecting Obama and keeping the Senate in Democrats’ hands.
Billionaires such as Saverin and Facebook’s supposed founder Mark Zuckerberg may have worked hard to achieve their wealth, but they are also extremely lucky. Suggesting that these big government techies have something to do with Republicans is silly.
Considering the notion of getting millionaires and billionaires their “fair share” – which is fundamental to the class warfare strategy -- The real question that should be posed to Democrats running for reelection is: how much is “fair share” in terms of tax rates? Is 50% of income and capital gains taxes a “fair share”? How about 60%?
The details matter when it comes to the level of taxes that Americans are saddled with, especially because of the expected record tax increases beginning January 1, 2013 to fund the Obama stimulus, ObamaCare, and more.
Pinning-down tax-hikers on how they define “fair share” should be a top priority throughout this election year and will help prevent them from winning the class warfare fight towards their ultimate goals on Election Day.
Photo credit: AP