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Wealthy Senator, Dianne Feinstein, is taking full advantage of this summer’s hot real estate market–and help her avoid investment taxes while her party pushes to tax the rich. Her posh Tahoe beachfront cottage just went on the market for a modest $41 million. The sale of her beachfront property will certainly add to her net worth estimated to be about $58.5 million.
Feinstein and her husband also own a home in one of the most exclusive neighborhoods in the country, Pacific Heights—also known as billionaire’s row. While her Tahoe home does not have the billionaire neighbors like her Pacific Heights neighborhood has, the sale from her property will certainly add to her wealth. Which will certainly add to how much she pays in taxes, right? Because that’s fair, right?
“California’s Sen. Dianne Feinstein’s estimated net worth is $88 million as of 2018. Blum Capital, a private equity firm founded in 1975 by her husband, Richard Blum, is the source for most of that wealth.”
Feinstein’s net worth lands her in the top ten most wealthy in today’s Congress. This should be interesting as Biden pushes taxing the uber-wealthy. She and many others in Congress are the uber-wealthy. Of course, the uber-wealthy get out of their fair share of financial scandals as well. Feinstein is no saint in that category either.
Here is the rub. Feinstein, and many of her colleagues are the uber-rich. Feinstein’s neighbors in Pacific Heights are the uber-rich from a spectrum of politics, Hollywood, and the tech giants of San Francisco.
ProPublica put out a piece last week showing those Dianne takes high tea with are the very people Congress wants to tax. Those known to give the most money to key Democrat Congress members, are the uber-rich that aren’t paying their “fair share” of taxes. They have gamed the system to get out of it, which they’ve always done.
“The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.”
Historically, the uber-rich have always found a way to avoid taxes. The sparks will fly when those in Congress, such as Feinstein, have to vote on such “reforms”. If history is correct, any reforms will have lots of loopholes for the rich, such as Feinstein. The big difference this Congressional go-around, Congress hasn’t had it’s hard left, Socialist crowd pushing so hard for such crazy taxes.
Democrats took a pause after finding out the new tax data caught them with their financial pants down. Meanwhile the Progressive wingnuts of the party are keeping the “tax all the things” momentum going.
“The Biden administration and Democratic lawmakers have floated tax changes that would target wealth and investment gains, but some Democrats have raised concerns about these ideas. Progressives think that they could get additional momentum in light of the ProPublica article.”
“Tax investment gains”, huh. Hmmmmm……Dianne Feinstein might want to take a below asking-price offer on that Tahoe home.
Meanwhile, the rest of us working class slogs will watch the rich in Congress fight over our tax dollars while they figure out how to avoid paying “their fair share” of taxes.
Featured Image: Donkey Hotey, Dianne Feinstein – Caricature, Creative Commons 2.0 generic, cropped.
American Human says: I am shocked, shocked I tell you, that esteemed members of our Congress would enact legislation that they would then try and exempt themselves from.
Dietrich says: Meanwhile, Congress sinks it’s claws deeper and deeper into MY bank account.
JAW3 says: And then there was that CCP spy driver all those twenty years.
Joe R. says: Don’t forget that the ccp needed continuation of such efforts and got Swallwell (D) to do it.
Jan T says: I’m no fan of ultra-wealthy leftie Feinstein, but this article is just rife with economic illiteracy. Sorry, but none of this makes any financial or logical sense at all:
“The sale of her beachfront property will certainly add to her net worth estimated to be about $58.5 million.”
It most certainly will do no such thing. Sure it’s an incredibly expensive home, but she’s just changing one asset — a house — into another — cash. Zero net change in her net worth. Is that so hard to understand? (PS: Your estimate of her net worth is surely way low, since you immediately quote a source to say it was $88 million as of 2018.)
Second, I’m surprised you fell hook line and sinker for the ProPublica “fair share” diatribe in its intentionally deceptive article. That article compared the INCOME TAXES paid by a few rich people with their ASSETS. Here’s the sentence you quote:
“The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.”
That’s astonishing financial illiteracy — or, more likely, intentional deception — by ProPublica, and also by anyone who falls for it. If the value of your home or your shares of stock rises $100,000 over few years, do you want to pay $15,000 or $30,000 tax on that purely theoretical gain? (“It ain’t real till you sell it”, as the adage goes.) Well, that’s the ridiculous idea ProPublica is pushing.
Such intentional deception and financial illiteracy is common among AOC and her ilk on the Left, but I never expected to see it on an alleged conservative site. The John Stossel video is a nice contrast, as makes complete financial and political sense.
Joe R. says: Feinstein wants to be convicted for aiding and abetting her chines spy ‘driver’ for 20+ years while she sat as a ranking member of an intelligence committee. Then she was caught on the phone with an iranian minister Javad Zarif when iran blew up four oil tankers in the gulf.
Doctor Mist says: Jesus. This is a person who has spent her life in “community service” and she is rich beyond the dreams of avarice. Is it even *possible* that she amassed that wealth without graft?
[…] idea that ‘it’s just a few accounts’ is a trainload of manure. Evidently, since Diane Feinstein’s idea of taxing the mega rich didn’t work, this is the new […]
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