What are the wealthy doing with their Bush tax cut money?
July 22, 2011
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Republican in Congress have made it abundantly clear that they are opposed to anything that has a tax increase, and in fact some support a further reduction of taxes, at the cost of medicare, medicaid, social security, and scientific progress.
So while we’re butchering these programs, maybe we should look back at a 2006 MarketWatch article about how the
super-rich job creators have been spending their money on since the deficit-creating Bush tax cuts were passed in 2001 and 2003. A few highlights (probably in 2006 dollars):
– $30,000 per year on booze
– $226,000 per year on cars (how long do their cars last?), $404,000 per year on boats (how long do their boats last?)
– $147,000 per year on watches. Watches. That’s about 1,470 times what I’ve spent on watches in my lifetime.
The biggest expense?
– $1.75 million per year on art (typically old art, not exactly creating jobs)
So when you’re fighting with your siblings about which one of you is going to pay mom’s latest health care bill, just be aware, somewhere out there is a guy with a heck of an art collection, sitting on a boat that’s worth more than your life, that thanks you.
Actually, he’s probably not going to be thanking you, and he’s probably going to be spending a bit of his money on lobbying Congress for more tax cuts, calling you wealthy because you have a refrigerator. But at least you’re making him happy.