Democrats' Hypocrisy with the Rich

Did you know that President Obama is responsible for the loss of more U.S. jobs than any other person? Did you know that Sen. John F. Kerry and his wife are three to four times as rich as Mitt and Ann Romney, according to the New York Times, yet paid a lower tax rate than the Romneys in 2003, the year before Mr. Kerry ran for president? Do you know how to lower your tax rate? Read on.

Mr. Romney is being criticized in the mainstream media for having paid just about 14 percent of his income in federal income taxes and having some of his money in places like Switzerland and Cayman (even though he appears to have paid all of the taxes on interest and dividends that were due to the United States). Yet, eight years ago, when the far richer Mr. Kerry and his wife paid a slightly lower tax rate and also had their money dispersed globally, as sensible rich people do, they were lauded by many of the same folks who are now in a tizzy about Mr. Romney's finances. Note: Mr. Kerry's wife inherited her money, while Mr. Romney earned his by building real businesses.
Rich people usually employ others to manage their money. Presidents and presidential candidates put their money in blind trusts, as have Mr. Romney and Mr. Obama. When people hire money managers, they expect them to make the highest after-tax returns commensurate with the level of safety those people desire, and the managers have a fiduciary responsibility to do so. Diversification, by type of investment (stock, bonds and real estate) and by geography, is considered prudent financial management.

Read more: http://www.cato.org/publications/commentary/democrats-hypocrisy-rich