The casino mogul is not a fan, to put it mildly. Towards the end of a Wynn Resorts conference call (which at most companies is like watching paint dry), Chairman Steve had, er, just a few things to say:
What you do have on Wall Street is a reflection, a real reflection in my opinion, of the anxiety, the insecurity and the fear that is endemic in the United States of America about the way government has gotten into the business of managing its life and the ability of the government to manage the economy intelligently by increasing the emphasis in government spending rationally, to the point that we want everybody's financial security. I am watching my employees' standard of living drop because of deficits. I think that the American public is beginning to make a connection between deficits and their own loss of living standard.
There comes a moment when the population realizes that it has to stop, and sometimes it takes a form of taxing the rich people, which is a reflection more of the lack of understanding of how the economy works. Rich people are now being defined by the administration as people who make $1 million. Well, most of the businesses in America, other than giant corporations, are paying taxes under Chapter S, partnerships or individual proprietorships. So somebody shows that they've made $3 million or $2 million this year and they paid personal taxes on that money. They subtract the cost of living and then what's left after, and that does not show that probably 25% or 30% of their profits are tied up in accounts receivable or inventory, stuff that they can't spend or get their hands on, but to support their business and their employment.
And we have an administration that is fanning the fires that this is somehow undeserved, profligate millionaires, and it is worse than hypocrisy. It is totally dishonest. It represents by young people who don't know the difference simple misunderstanding and the lack of understanding of how the economy works or what's going on in America, but if it's politician that does it or union leader, then it represents something much more pernicious. It represents a deliberate misleading of the public. And I think that Americans are waking up to this. And it's taking the form of anger and dissatisfaction with the government. And I think that's probably just right because until there is a change, until this all stops, it's only going to get worse. No matter what anybody says in some fancy speech, even if it's a President, it is going to get worse. People say we're angry at the government for not compromising both sides. Well, we don't really have a situation that lends itself to what reasonable people would call compromise. We've got a situation that requires a change. That is to say one side is right here and the other side is wrong. You cannot sustain these deficits. You cannot undercut the people that form the jobs and create the employment in this country.
All this is from a single answer - and I cut out more than half the response! What Wynn fails to point out is that there are many tax benefits of filing under Chapter S. And maybe it's my background in reporting and all, but I always get a twitch when somebody insists that one side has it all right and another has it all wrong. Seldom is life that simple.