You're right. This is exactly why taxing the rich will NOT improve revenue. The very wealthy have many many ways to protect their wealth. History & currently France where the rich are running away are living examples.– Facebook. The social networking giant’s founder, Mark Zuckerberg, told Obama in 2011 at a town hall forum that he was “cool” with paying higher taxes. But neither Zuckerberg nor his many Facebook execs are actually down with following through. Co-founder Eduardo Saverin renounced his American citizenship in a blindingly obvious bid to evade nearly $70 million in taxes. In addition, Zuckerberg and a half-dozen Facebook insiders are all skirting hefty estate and gift taxes on their family Facebook shares held in annuity trusts. According to Bloomberg News, the legal maneuver is called a “grantor-retained annuity trust, or GRAT,” and the total Facebook tax avoidance sum adds up to at least $200 million. A “cool”$200 million, that is.
– George Lucas. The billionaire Star Wars director called Obama a “hero” and parroted his candidate’s capitalism-bashing rhetoric in a January 2012 interview with PBS dinosaur Charlie Rose.“I do not believe that the rich should be able to buy the government,” Lucas lectured. He does, however, believe in shirking higher taxes the one-percenter way. In October, Lucas sold his film company to Disney for a whopping $4 billion in cash and stock to evade anticipated capital gains tax increases and Obamacare Medicare surtaxes on investment income.
– Andre “Dr. Dre” Young. Forbes magazine named this California gangsta rapper-turned-music industry mogul the highest-paid musician in the world in 2012. He raked in an estimated $100 million, mostly from sales of his Beats headphone company, along with concert revenue. Dre’s music electronics company was co-founded with Jimmy Iovine, who also founded Dre’s parent record label, Interscope Records. Interscope was funded by “progressive” billionaire Ted Field, heir to the Marshall Field retail empire and one of the nation’s biggest Democratic Party donors.
Dre boosted the careers of prominent Obama hip-hop cheerleaders Eminem and 50 Cent. But overseas, he’s rolling like a Romney supporter. The rap mogul is now using a County Cork, Ireland, tax haven to protect his global headphones empire subsidiaries and avoid high U.S. corporate tax rates. The Irish Examiner newspaper explained that the elaborate structuring “allows for money to be (channeled) between the separate companies in the form of royalty payments or (license) fees to artificially but legitimately reduce profits as a means of reducing tax liabilities.”
To paraphrase Dre and his Obama-endorsing rap partner Snoop Dogg: Ain’t nuthin’ but an E thang. ELITISM - EXEMPTIONS - EVASION......
Then there's the false belief raising taxes on large corps is a 'tax break' for the working stiff, when ANY expense that a company has is passed on to their end consumer or they would be out of business.
GE jet engine cost go up, air fares go up. Tax oil companies more, plastics, fuel & ALL shipping cost go up, duh!A lot of voters & Obama seem to choose to ignore those facts.
Tax revenue is needed of course but it needs to be tempered with logic. Spending cuts/control & improved employment are the only good ways to create revenue for government programs.