{"id":35983,"date":"2010-07-27T01:01:01","date_gmt":"2011-05-19T00:45:22","guid":{"rendered":""},"modified":"2011-05-19T00:45:22","modified_gmt":"2011-05-19T00:45:22","slug":"ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/","title":{"rendered":"Ruling Class Libs Live the Way They Don\u2019t Want to Let You Live"},"content":{"rendered":"
\n

RUSH: Now, Obama is outside the Oval Office, the Rose Garden or wherever, making a statement supporting small business. We gotta get money into the hands of small business. But we\u2019re not gonna cut their taxes, no, we going to find a way to lend \u2019em money that they don\u2019t want to borrow. We gotta get capital; we gotta get money; we gotta support small business; everybody agrees that we gotta do this. He\u2019s doing a great Saul Alinsky even as he speaks because while he talks about elevating and supporting small business and urging members of Congress to put partisan politics aside to support whatever his next destructive program is, the simple fact of the matter is that if you own a small business you are in for it come January. <\/p>\n

Let me give you the details. ‘The Obama Administration and Congressional Democrats have said that they want to raise taxes in the top two income tax rates in January 2011. Under their plan, the 33 percent rate will rise to 36 percent, and the 35 percent rate will rise to 39.6 percent automatically in January. These rates affect families and small business owners earning at least $200,000 per year,\u2019 because small business owners file their taxes, if they\u2019re sub-S, they file on their personal tax return. Business profits in small business flow through to the business owner. ‘The business owner pays taxes on her small business by adding the profits to her income tax form. Therefore, personal income taxes are the same thing as small business taxes.\u2019 A subchapter S, if I can explain this in great detail, if you\u2019re a subchapter S cooperation, which the vast majority of small businesses are, you file your tax return every year on your personal tax return, not a corporate tax return, but your personal tax return. Whatever profit that you have made, which is what you pay yourself, is taxed at personal rates, not corporate rates. <\/p>\n

So you, as a small businessman, if you have an income of 200 grand or more you\u2019re facing a 40% federal tax rate, an increase. Right now you\u2019re paying 35% all the while this guy is sitting there talking about trying to help you. (imitating Obama) ‘We gotta get capital in their hands,\u2019 he said. ‘We gotta get money that they can lend and they can expand and that\u2019s how jobs are created.\u2019 No, it\u2019s not. You wouldn\u2019t know the first thing about creating jobs. Obama on Good Morning America yesterday was asked a stupid question, obviously a Clinton supporter, this reporterette asked Obama, ‘Do you feel the pain the American people are going through?\u2019 and Obama, ‘Yeah, you know, our retirement accounts are taking a hit. We\u2019re not immune here. We\u2019ve taken a hit, too.\u2019 Yeah, his wife has just booked 30 hotel rooms for four days at a five-star hotel in Spain. They\u2019re gonna take four vacations inside of a month. But Obama feels our pain. He\u2019s not paying a dime for 30 hotel rooms. This is for Michelle (My Belle) and one of their daughters, and they\u2019re leaving on Obama\u2019s birthday. And he\u2019s not going. So the family is skipping out on the president on the day celebrating his birth. They\u2019re going over to Spain. They\u2019re going to stay someplace that\u2019s reputed to be the nicest hotel in Spain, five stars. They have reserved 30 rooms. These people fly their dog in on a separate airplane on vacation. Oh, yeah, and they feel they\u2019ve taken some hits, too. <\/p>\n

So here\u2019s the Bamster outside the White House, ‘We gotta get money into the hands of small businesses.\u2019 Why? ‘So I can take it back starting in January.\u2019 ‘According to the IRS, most small business profits pay taxes in households making more than $200,000 per year. The IRS keeps track of two types of small business income: sole proprietors, and ‘pass-through\u2019 entities like partnerships and S-corporations. There were 30 million tax returns reporting small business income in 2008. On net (profits reduced by losses), these owners reported business profits of $981 billion. A large chunk of this net profit — $488 billion — faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan,\u2019 starting January 1, 2011. Forty percent tax increase and he\u2019s out there today talking about how we gotta get money into the hands of small business. We gotta make sure they can go out and borrow the money out there, that\u2019s how businesses hire. He wouldn\u2019t know about hiring anybody if his life depended on it. He can hire all these czars and have the government, you and me pay for it, but he doesn\u2019t know the first thing about generating income to pay anything. In fact, when he worked in a private sector business he wrote like he was behind enemy lines. <\/p>\n

This man is a destructive force like we have never seen. And his people, the left is all angry, they\u2019re still not happy. If I could do as much for this country in 18 months as this guy\u2019s done against it, I\u2019d be ecstatically happy. But they\u2019re not. ‘There were 22 million tax returns reporting sole proprietor income in 2008. On net (profits reduced by losses), these owners reported business profits of $264 billion. A large chunk of this net profit — $90 billion — faced taxation in households making more than $200,000 per year. 34 percent of sole proprietor profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan. There were 8 million partners and S-corporation shareholders in 2008. On net (profits reduced by losses), these owners reported business profits of $717 billion. A majority of this profit–$398 billion — faced taxation in households making more than $200,000 per year. 55 percent of S-corporation and partnership profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan,\u2019 because all of these different business structures file their income taxes on their personal income tax return, which rate is going up to near 40% starting in July. So a majority of the small business sector is facing higher taxes under Obama. That\u2019s not how you create jobs. It\u2019s not how you expand business. It\u2019s not how you expand the private sector. <\/p>\n

‘In Fawning Obama Interview, ABC Elicits Hot Scoop about&hellip; Babysitting?\u2019 Sasha and Malia babysit to earn extra cash, Obama says. Babysit who? Who are they babysitting? Are they actually leaving the White House and babysitting? Or are they babysitting Geithner\u2019s kids? Does he have kids? Whose kids? (interruption) Well, Orszag has a couple illegitimate kids; maybe they\u2019re babysitting his kids. I don\u2019t know if they report the income. ‘Sasha and Malia doing babysitting to earn extra cash and Barack Obama says he is not that far removed from what most Americas are going through.\u2019 Here\u2019s the question: ‘Has your own retirement fund taken a hit? Can you feel the pain that other Americans are feeling?\u2019 Obama said, ‘We\u2019re not that far removed from what most Americans are going through.\u2019 Yeah, we\u2019re not far from you. It\u2019s right through that gate. We\u2019re not far removed from where you are. I mean, you see the homeless over there in Lafayette Park? They\u2019re less than a football field away. We\u2019re real close to them. <\/p>\n

So Michelle (My Belle) and the fam — the Obamas made five and a half million dollars last year, by the way — Michelle\u2019s Spanish hotel room rates, $2,859 a night. Michelle picked the hotel because the hotel Villa Padierna allows children. Does the Secret Service have to go along when these two kids babysit? Who are they babysitting? And does the Secret Service have to go along? You know, if they want to go spend all that money to go on a hotel vacation, fine, but make it theirs. Spend their money. Look, Benjamin Franklin said it, folks. Benjamin Franklin on wealth, in a letter to his trusted advisor Benjamin Vaughan, he considered whether a society was in need of a remedy for luxury. He argued against such a need. He said, ‘Spending on luxuries means somebody else gets paid.\u2019 Ask John Kerry. He just went out there bought a 76-foot sailboat. He bought it in New Zealand so somebody in New Zealand made some money putting the thing together. He\u2019s docked it there in Rhode Island. He didn\u2019t take it to Massachusetts where he lives because it was a $500,000 tax if he does that. So the press cornered him yesterday, (imitating Kerry) ‘Oh, I pay my taxes, can I get outta here now?\u2019 And he jumped in the SUV and sped off. And then I read he\u2019s going to charter the thing. He is going to charter it, in addition to using it himself. He\u2019s going to charter his 76-foot sailboat. Absolutely a cheapskate, it\u2019s not even his money, it\u2019s his wife\u2019s money that bought the damn thing. <\/p>\n

At any rate, so here you have all these phony baloney, plastic banana, good-time rock ‘n\u2019 rollers talking about the rich are horrible here, the rich are horrible there, the Clinton wedding, we\u2019re told today in a fawning New York Daily News story, the Chelsea Clinton wedding, between three and five million. It\u2019s going to be the biggest wedding since Patricia Nixon got married. Really? You people in the Daily News not heard of Princess Diana? I think that\u2019s a little bigger than the Nixon wedding, even though it wasn\u2019t here in the United States. So they\u2019re out there and of course the Clintons and the Kerrys and the Obamas are always just ripping into the rich, just maligning the rich and impugning the rich and the wealthy and threatening to get even with them, and then, lo and behold, look how they live? This is a great illustration of the ruling class versus the rest of us in the country class. <\/p>\n

So Kerry didn\u2019t buy the yacht with his money; it\u2019s his wife\u2019s. We don\u2019t know who\u2019s funding the Clinton wedding, even though Bill and Hillary reported income of $109 million over the recent years. (interruption) There is? I\u2019m told there\u2019s a big hoo-ha over people who are not invited? Really? People are just discovering they\u2019re not invited? Really? Some big donors are not invited? Well, does Chelsea know \u2019em? You know, who\u2019s going to be at this wedding? I\u2019m going to ask you a question. (interruption) No, 500, Snerdley. Five hundred people, but how many of them does Chelsea know? Chelsea\u2019s the bride. Her husband\u2019s Mark Mezvinsky. How many do the bride and groom know? How many of these people at the Clinton wedding are actually friends of the bride and groom? <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: So an e-mailer says, ‘Rush, you\u2019re not suggesting the Clintons are ‘pimping out\u2019 their daughter, are you? You\u2019re not implying the Clintons are using this wedding to schmooze with important guests who could help their political careers and further pad their bank accounts, are you? I mean, that would be ‘pimping out\u2019 their daughter — and, of course, it would be nice if you were, but you\u2019re not the first one to say it, Rush. David Shuster of MSNBC once accused the Clintons of ‘pimping out\u2019 their daughter. So you\u2019re not on the cutting edge on this one, Rush.\u2019 That\u2019s the e-mail. <\/p>\n

‘Subchapter-S Corporation Tax Rates\u2019 is another e-mail. ‘Rush, I\u2019m an S-Corp. I not only pay taxes on what I pay myself but the profits. For example, if I pay myself $100,000 and the company profits $200,000, I pay taxes on $300,000 on my personal return.\u2019 Meanwhile, there\u2019s Obama saying, ‘We gotta put more money in the hands of these small business guys so they can grow and hire people. That\u2019s how you create jobs in America.\u2019 You wouldn\u2019t have the slightest idea.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Now, Obama is outside the Oval Office, the Rose Garden or wherever, making a statement supporting small business. We gotta get money into the hands of small business. But we\u2019re not gonna cut their taxes, no, we going to find a way to lend \u2019em money that they don\u2019t want to borrow. We gotta […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-35983","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRuling Class Libs Live the Way They Don't Want to Let You Live - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ruling Class Libs Live the Way They Don't Want to Let You Live - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Now, Obama is outside the Oval Office, the Rose Garden or wherever, making a statement supporting small business. 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We gotta get money into the hands of small business. But we\u2019re not gonna cut their taxes, no, we going to find a way to lend \u2019em money that they don\u2019t want to borrow. We gotta […]","twitter_image":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125110.Par.89380.ImageFile.jpg","twitter_misc":{"Written by":"admin","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/#article","isPartOf":{"@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/"},"author":{"name":"admin","@id":"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b"},"headline":"Ruling Class Libs Live the Way They Don\u2019t Want to Let You Live","datePublished":"2011-05-19T00:45:22+00:00","mainEntityOfPage":{"@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/"},"wordCount":2030,"commentCount":0,"image":{"@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/#primaryimage"},"thumbnailUrl":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125110.Par.89380.ImageFile.jpg","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/","url":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/07\/27\/ruling_class_libs_live_the_way_they_don_t_want_to_let_you_live\/","name":"Ruling Class Libs Live the Way They Don't Want to Let You Live - 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