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Will the Looming Fiscal Cliff Push the Rich’s Riches Even Higher?

Year-end dividends to shareholders could be quick windfall.

While you might have read about the possibility of the United States going over the fiscal cliff, the impending crisis may benefit some of the richest people in the country, according to a story on Quartz’s website.

The article posits the theory that the potential of the U.S. government possibly raising taxes on dividends is causing corporate America to release some of its almost $1.8 trillion in cash and liquid assets in the form of dividends to shareholders.

The Wall Street Journal is cited in the piece, bolstering the idea, and a quote from a Financial Times article is reprinted, stating that “a record 103 companies have announced they will pay special dividends before the end of the year.”

The Financial Times quote goes on to say the last time this happened was “during the fourth quarter of 2010 [,] the last time that the so-called Bush tax cuts were about to expire.”

One shareholder – Las Vegas Sands CEO Sheldon Adelson – is singled out as potentially being the recipient of $1.2 billion in dividends on his 52 percent ownership interest in the casino company.

Is the threat of a fiscal cliff really a fiscal lift for the rich? How is Howard County region, known for its wealth, preparing for potentially higher taxes?

Joe November 30, 2012 at 05:39 PM
The "fiscal cliff" was created by Congress and Obama. They had months and months to do something but they took a few weeks off here and a few there to campaign to keep THEIR jobs while caring little about yours. They had plenty of time and they did NOTHING! They created it and now we will pay for it. The service on the debt alone in 2010 was $185 Billion. In 3 years with Obama's $1 Trillion+ deficits it will be $554 Billion. Obama's proposal to cut NO SPENDING and to increase taxes on working Americans by $85 Billion will do nothing to stop the crack addict spending of the progressive liberals in congress or the White House. That will run the government for a few weeks at most. We do not have a revenue problem, we have an addiction to spending problem.
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