Obama's billionaire Solyndra bundler paid $11,699 in taxes over 6 yrs:
Obama’s Billionaire Solyndra Crony George Kaiser Evaded Taxes
According to his relentless class warfare demagoguery, Comrade Obama wants “millionaires and billionaires” to “pay their fair share,” despite the fact that the top 1% of earners already pay close to 40% of federal taxes. Obviously he is banking heavily on envy and ignorance, but it is true that some of the ultra-rich don’t pull their own weight — for example, his crony capitalist pal George Kaiser, who hardly pays any taxes at all:
Oklahoma billionaire George Kaiser has been in the headlines in recent months thanks to his role as a major investor in Solyndra LLC, the now-bankrupt California solar panel maker hailed by President Obama as a model for America’s “clean energy future.”
Congress is investigating why the Obama administration gave Solyndra a $535 million loan guarantee despite multiple warnings from career bureaucrats and private sector investment experts that the company was a poor risk, lacked a realistic business model and was likely to go bankrupt as a result. …
Because Kaiser was a campaign “bundler” — an individual who collects contributions to a candidate from others that are then simultaneously given to the candidate — who raised about $250,000 for Obama during the 2008 campaign, congressional Republicans and media analysts have speculated that the Solyndra loan guarantee was nothing more than using tax dollars to reward a political supporter.
But the Solyndra scandal is far from Kaiser’s first brush with political controversy. As the Sunlight Foundation’s Bill Allison reports [Thursday], Kaiser has become extraordinarily wealthy by taking advantage of the federal tax code in ways that some tax experts — including the IRS — believe to be illegal.
As Allison describes it in his Sunlight post [Thursday], “in one six year period, during which he increased his net worth enough to land him on the Forbes list of the 400 wealthiest Americans, Kaiser reported taxable income to the Internal Revenue Service just once, totaling $11,699 — equivalent to a full-time hourly wage of $5.62.”
A favorite tactic of Kaiser is to acquire “assets” that he knows will lose money, because our perverse tax system rewards failure. This helps explain his interest in solar energy. However, according to the IRS, “losses resulting from acquisitions made to evade or avoid income tax are prohibited.”
Once again, feel-good “green energy” idiocy is used as a cover. It not only allows Obama to launder taxpayer money to pay off his campaign donors, but permits those wealthy donors to evade the taxes that are crippling the rest of us.
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