Bill O’Reilly Ready to Abandon Staff Over Pittance
I was working on this before a family emergency drew me away and then I got loaded up with work upon my return. Soon after I made my post on how stupid it is to assume that raising taxes on the rich will cause them to up and quit, Bill O’Reilly fabricated another deep cesspool of Randian BS:
If you tax achievement, some of the achievers are gonna pack it in. Again, let’s take me. My corporations employ scores of people. They depend on me to do what I do, so they can make a nice salary. if Barack Obama begins taxing me more than 50%, which is very possible, I don’t know how much longer I’m gonna do this. I like my job, but there comes a point when taxation becomes oppressive.
First, O’Reilly is lying outright. Well, that’s obvious, and he’s lying about more than one thing. But right off the bat, it is not even remotely possible that Obama would raise the top marginal tax rate to 50%. He is suggesting 39.6%, a mere 4.6% increase; just that will be a battle royale against a dead-set GOP relentlessly opposed to wealthy people paying as much as the middle class. Raising it another 10% above and beyond that would be virtually impossible, and suggesting it is “very” possible is a flat-out lie. O’Reilly knows this damn well, and clearly has no problem making a patently false claim from the outset.
Now, even Obama’s 39.6% is just his opening bid–we all know too well that Obama usually moves towards Republican numbers from there, so what is “very possible” is that he’ll settle for something less than that, or just as likely get nothing. But let’s assume Obama stands firm and we get a tax hike exactly as he proposes.
O’Reilly makes at least $20 million a year, and his net worth is estimated to be at least $50 million. Now, let’s keep it simple and presume that he pays the top marginal rate on every dollar (he doesn’t) and has no deductions, shelters, or other ways to lessen his payment (you can bet your ass he’s got lots of those). This would mean that at 35%, O’Reilly takes home $13 million. Under the increased rates Obama would be lucky to get passed, O’Reilly would take home $12,080,000.
So, a man who is sitting on a fortune of more than $50 million and takes home $12 million a year is going to lay off “scores”–that’s at least 40 people, probably more–sending them to the unemployment lines and possibly derailing their careers, not to mention stop doing what he clearly loves to do, simply because he is unable to receive 4% less of $20 million when he has such a massive fortune already?
Keep in mind, of course, that O’Reilly is not claiming that he is tired of doing his job and thinking of retiring anyway, and this just is the last straw. No, he is acting as if he’s perfectly happy to work now–but would be so put off by a minor tax hike that he would kick “scores” of people he employs out on the street because his embarrassingly gigantic income dropped by such a small amount that he would have to look carefully at balance sheets to notice that anything had happened.
What kind of pathetic psychopathic prick would do that?
Of course, we’re assuming that O’Reilly’s screed is honest on its face. And that is never a good assumption.