[Chapter 831: Cashing In on the Well-Off]
"How's it going, George? Isn't my new yacht something special?"
Standing next to the gleaming silver behemoth, George Bush felt a sense of unreality. The vessel, now proudly named Legend, was indeed massive. In comparison, Athena, the yacht's smaller companion, seemed almost like a child's toy.
"Why don't you call it the William? They look like father and daughter."
"Come on, what a ridiculous idea! Who would name a boat after themselves? That's just plain tacky."
"Ha! You're in trouble, though. Isn't Clinton collecting luxury taxes? This thing's got to be worth at least a hundred million bucks! Man, you really are crazy."
William White scoffed, dismissing the hundred million as trivial. Just the artworks on board were worth at least fifty million.
Looking at the cabin adorned with gold leaf, George felt a shiver. This guy had tastes akin to a desert prince.
"Don't make that face. Haven't you heard the saying? Gold isn't worth anything. I happen to agree. Forget the paint; the gold will do. Let me tell you, George, if I wasn't worried about it sinking, I'd build a yacht made of solid gold."
"Cough, cough. You'd better not do that. You'd attract every pirate in the world. That could be dangerous. By the way, have you paid your taxes yet? If you haven't, you better watch out."
"Honestly, you didn't let me finish. Can't you carry a conversation? This yacht I've got is rented, and by the way, it's registered in Panama. Unless old Bill can figure out how to make Panama turn into a star, I won't be paying a dime in taxes."
"Rented? Look at you."
"What's the big deal? It's just a trust investment with a 10% annual return. Definitely worth it."
George fell silent. This so-called luxury tax felt like a joke. The middle class stopped spending, but the super-rich had a thousand ways to evade taxes.
Bill Clinton had put the rich in his sights, slapping all kinds of bewildering luxury taxes on them.
If William White had his say, he'd say Clinton's aides were incompetent. How could such a foolish policy pass?
Luxury yachts would be taxed.
People were intrigued to know how much tax the richest man in the country would have to pay on his super yacht. The results weren't promising.
His yacht flew a Panamanian flag, and ironically, the owner wasn't even William White.
Were the tax authorities really going to check?
Come on, that's a joke. With billionaires like him, the tax authority had to be in on it. They weren't blind.
They thought yachts were expensive, but to rich people, they were merely toys.
You couldn't even dare to mention this publicly right now, not while they weren't criticizing your policies. They might just tear you apart if you stirred up trouble.
Clinton's policies were turning into flops. If he didn't watch out, he could forget about the midterms.
Imposing a luxury tax was utterly foolish; only the middle class suffered. Those top-tier millionaires would just stop buying. They wouldn't miss a yacht.
Even if they really wanted one, they could just set up an offshore company. There were so many tax-free zones out there.
The troubles of national healthcare weren't over either, another foolish policy rolled out.
American policies were baffling, with luxury taxes being a brainchild of old Bush. He later admitted it was a no-go and scrapped it.
Then a new administration came in, and they decided to bring it back.
Their meddling nearly wiped out America's yacht manufacturing industry.
The wealthy were extremely sensitive to price changes. The Democrats seemed to be out of touch. This "cashing in" plan came off more as a punchline.
In reality, this luxury tax didn't increase government revenue; rather, it significantly decreased it. The wealthy opted to vote with their wallets, opting out of these so-called luxury items.
The liberals were real idealists, thinking they could manage a country was laughable. Encouraging the rich to spend more should have been the way to go; "cashing in" was simply absurd. That was more the play of the Russians.
"William, I'm aiming for that seat in Texas. Do you think I have a shot?"
"George, relax. You've got this in the bag. They are making a mess of things right now; it's almost comical."
"You really think I will win?"
"I'm sure you will. Not only will you win, but if they keep this up, the Democrats will lose everything. The only thing left might just be that chair."
"Good, what you said gives me more confidence."
"Don't worry, old buddy, I'll support you all the way."
"Thanks!"
"Don't mention it. To be honest, even without my help, you'd still win. The Democrats are just a disaster. If they keep bungling things this way, I might just pack my bags and leave."
George felt elated; the situation was decidedly against the Democrats. He looked forward to their next blunder. That luxury tax was shaping up to gain them some points.
After the two men wrapped up their chat, they left. Today was just a chance to catch up. For William White, the yacht was mostly just for show.
Of course, he couldn't do without it. For occasions like today, a setting like this was just perfect. One was a promising new talent cultivated by the party, the other was a media mogul. To meet secretly at this tense time would be quite awkward.
"Son, what did William say?"
"Well, Dad, he will fully support me. He said I would win even without his backing. So, that help doesn't need to be repaid."
Old Bush's eyes lit up; he held William White in high regard. With such a powerful ally, his son might just climb up the political ladder. Another president from the Bush family would solidify their stance in America.
The Democrats' hoped-upon wealth redistribution never materialized. Meanwhile, they inadvertently burdened the middle class.
Consumer data started to plummet. Unemployment rose once more. This unforeseen outcome led many to label the Democrats as economically inept.
What was this luxury tax about, anyway?
The Republicans had experienced the pain firsthand; they had suffered under it for years. They'd just managed to eliminate it.
Now, the Democrats wanted to jump back into that hole again.
Of course, most of this was just media talk. The reality wasn't nearly as dire. At least, the tech sector was still rising swiftly. Cherry-picking the traditional industries to complain about was rather unfair.
Ridiculous, right?
Not really; it was wackier during election season. To say you didn't understand economics was polite; you might as well accuse them of collusion with the Russians.
Once you became a candidate, privacy went out the window. That was just how it went. Every action would be scrutinized.
At this stage, expressing yourself wouldn't get you sued for defamation. Naturally, issues of race and faith would always be hot buttons; those were best avoided at all costs.
Americans did play this game, not that there was no discrimination. On the contrary, because it was real and irreversible, they repeated it endlessly.
Bill Clinton's path to the presidency was indeed legendary. A common man rising to such heights was astonishing.
Their attitude towards the wealthy elite was understandable. Just because you became president didn't mean you escaped your station.
If Leo Wanta were in office, old Bush wouldn't dare reach out nor make any promises.
With no gateway into the elite class, the only route left was to cash in on them. It was indeed a shame, though. Clinton was still quite young. You couldn't just go against a bunch of capital titans; nothing good would come from that.
*****
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