In full-page ad in The Times on Monday, August 20, titled “Why This Fat Cat Likes Obama’s Tax Plan, Normal Litz of La Jolla, California tells us that his income has averaged over eight figures annually for the past seven years. He warns that if Obama is re-elected, he expects his total tax bill, including California, to exceed 50 percent, in which case he will shutter his equity business, putting his dozen employees out of work and cutting in half his so-far unimplemented plan to provide $50 million to charity. Instead, he and his fiancée Rachael will indulge in a mutual passion—world travel.
Litz made his fortune as a private equity investor, and clearly believes he earned every million with his hard work and business genius. But I have some questions for him. How does all that hard work and genius justify an income hundreds of times greater that the equally hardworking farmer, factory worker, or schoolteacher who can’t afford a full-page ad in The Times to present their cases? As an equity investor, what actual useful service, what tangible product did you provide to improve our economy and contribute to society, comparable to that provided by the great bulk of working men and women in this country? What did you invent? What did you build? How many lives did you make better?
I imagine that your company a one-man version of Bain Capital, buying companies and then selling them at a huge profit after they cleaned house and laid off “unnecessary” employees. How many people lost their jobs to earn you your tens of millions of dollars?
I hope you and Rachael get to take your long-awaited trip around the world. America will be better off in your absence.