Category Archives: If I were a Rich Man

If Mitt loses election, he also loses $5 million a year

The AP reports on an additional reason for Mitt Romney to run really, really hard to win this thing:

WASHINGTON (AP) — To see where the presidential candidates stand on taxing the rich, just look at how they’d tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama’s tax plan. For a man of Romney’s means, that could save almost $5 million a year.

For Obama, not as loaded as Romney but still well-off, losing re-election could provide a tax windfall. He’d save as much as $90,000 a year if Romney’s plan were enacted rather than his own tax-the-rich vision.

Two nonprofit research groups, the liberal-leaning Citizens for Tax Justice and conservative-leaning Tax Foundation, did the calculations, based on the most recent completed tax returns released by the candidates. Compared with what they owed in April, both men would be dinged in 2013 under Obama’s proposal, along with other wealthy taxpayers. They could expect savings under Romney, depending on which tax breaks the former Massachusetts governor decides to oppose….

That’s assuming, of course, that paying a lot more in taxes matters to Mitt. It apparently doesn’t to his opponent, but of course, he has less to lose.

If I had Mitt’s fortune, I don’t think it would matter to me. But then, that’s probably because I’m not the kind of guy who was ever motivated go out and amass all those bucks. Chicken or egg thing.

Must be nice to have millions to throw away

Of course, if I did, I wouldn’t.

But Sheldon Adelson certainly does:

Washington (CNN) – In a move that could again dramatically shake up the Republican primary race, billionaire and major Republican donor Sheldon Adelson is expected to donate an additional $10 million to the super PAC supporting Newt Gingrich, Winning Our Future, a source with knowledge of the donation told CNN.

That contribution is expected soon, before the end of the month, the source said. The timing is important because Gingirch, whose campaign has been lagging, is hoping to do well in several of the upcoming Super Tuesday states that vote on March 6 to boost his effort. His allies will need that money to be in a position to help. Because ten states go to the polls on that one day, money is key in order to do well.

You know, even if I were a billionaire, I doubt I’d throw it away like this. I’d still want to get something for my money, beyond just spinning out the GOP nomination contest a little farther down the line.

The WSJ has speculated that this is more about hurting Santorum than it is about helping Gingrich. (If you can’t get past the pay wall, Slate summarizes the argument.)

Whatever. It’s like this rich guy is playing with rats in a maze — giving this one a reward, that one a shock, to see what they’ll do next.

If I had the money, I’d spend it for something better. Build Habitat houses. Or get myself a new truck. Or burn it to keep warm on a cold night. Something useful…