Fiscal policy intended to separate people from their assets/wealth, because we need to spread that wealth around, you know, by stupid government entities thinking they can play Santa Clause with other people’s money, has consequences. Always! Nobody is going to just accept the loss of their wealth that these wealth redistribution schemes assure, and even the LSM is forced to report that’s what’s happening right now:
For many of the wealthy, 2012 is becoming a good year to sell.
They’re worried about the “fiscal cliff,” which is when tax cuts expire and spending cuts are set to go into effect at the end of the year.
Fearing an increase in capital gains and dividend taxes, many of the rich are unloading stocks, businesses and homes before the end of the year.
Wealth advisors say that with capital-gains taxes potentially going to 25 percent from 15 percent, and other possible increases in the dividend tax, estate tax and other taxes, many clients are selling now to save millions in taxes.
“Under almost any scenario, it makes sense to take the gains this year,” said Gregory Curtis, chairman and managing director of Greycourt & Co. “Clients aren’t selling willy nilly. But if they can and they have a huge gain, they’re selling now.”
If the Bush-era tax cuts expire, taxes on capital gains would revert back to its previous rate of 20 percent from its current 15 percent. Another 5 percent may be added from health-care levies and changes in itemized deductions, bringing the rate to 25 percent for many high earners.
Taxes on dividends could go from 15 percent to over 43 percent. And the estate tax could go from 35 percent on estates worth more than $5 million to 55 percent on estates over $1 million. (Read more: CEO Sends Out Raises, Not Pink Slips After Election)
As a result, the wealthy are taking a close look at all of their assets to see what could or should be sold off now to avoid potentially higher taxes next year.
The runoff to sell assets and avoid a higher confiscation rate is just natural instinct. What seems to go unreported is how many hardcore leftists, often the same ones pretending to support and love these wealth redistribution schemes and the fools that propose them, are rushing to sell and secure their cash. For example, George Lucas, a huge leftist squirreled away his nuts. Anyone with large capital gains of any kind and a need to keep their wealth liquid, is also doing the same.
The next time you hear some rich liberal tool say they don’t mind higher taxes, remember that what they are telling you is that they don’t mind higher taxes on you. Their accountants sure as hell will provide ways for them not just to avoid the tax increases, but to make out like a bandit from these business and economy killing collectivist ventures. Yes, collectivist policies have consequences. The problem is that it is rarely the people that support these stupid policies that pay for the unforseen and forseen consequences. But if you are stupid enough to believe fucking idiots that want you to think they are in government to “help” the little guy, and not to just steal as much wealth as they can for themselves, then you deserve the rape, without even the courtesy of a reach around, they have planned for you.
Elections and policies have consequences. Enjoy the ones heading our way…