Shocker: Obama’s Costco Friends Getting Bonuses This Year To Avoid Obama’s Tax Hikes

Costco-Special Dividend.JPEG-0ee72

Well, this is ironic:

When President Obama needed a business executive to come to his campaign defense, Jim Sinegal was there. The Costco co-founder, director and former CEO even made a prime-time speech at the Democratic Party convention in Charlotte. So what a surprise this week to see that Mr. Sinegal and the rest of the Costco board voted to give themselves a special dividend to avoid Mr. Obama’s looming tax increase. Is this what the President means by “tax fairness”?

Specifically, the giant retailer announced Wednesday that the company will pay a special dividend of $7 a share this month. That’s a $3 billion Christmas gift for shareholders that will let them be taxed at the current dividend rate of 15%, rather than next year’s rate of up to 43.4%—an increase to 39.6% as the Bush-era rates expire plus another 3.8% from the new ObamaCare surcharge.

Just goes to show that when our friends on the left talk about our patriotic duty to give more money to the government they usually don’t mean themselves.

Rob Port is the editor of In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters.

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  • NDWinds

    Hypocrites doing what they do best.

  • WOOF

    This year and next year Costco and the rest of the nation are in
    the same boat,
    Go ahead, seize the opportunity, declare a dividend, sell millions
    of long term assets.

    The WSJ again fantasizing that the people making 250K are middle class.

    • tony_o2

      When you endorse a President and his policies, and then cash-out before they take effect, it’s like saying “we’ve made ours, pull up the ladder so nobody else can reach us.

      Soros and the other liberal millionaires/billionaires are another example. Of course they want their tax rates to go up. They aren’t going to have to pay these high taxes on the money they’ve already made. And they sure as hell aren’t going to retroactively pay back all those tax breaks they argue against. They’ve got theirs, time to pull up the ladder. Nobody else should be able to enjoy the financial influence that they hold.

      Whenever you guys bitch about the greedy rich, you always talk about the conservative rich who don’t think that anyone should have to pay enormous tax rates. But you never include your puppet masters who string you along. Why is that?

      • The Fighting Czech

        Its just good programing by the puppet master. they have been trained to “ignore the man behind the curtain” Unless told otherwise.

  • kevindf

    What’s the matter with these people; don’t they realize they are supposed to remain static regardless of events surrounding them?