President Obama has been struggling to get the economy back because Bush did a worse job than he ever imagined and because the powerless House Republicans have been obstructionists.
Wisely, the Senate coyly pays the bills without ever voting on a budget in violation of a law no one cares about apparently – makes them look better to break the law than actually vote on a budget they don’t want to explain. Everything in life is a trade-off.
When the Democrats had both houses of Congress, the Republicans from hell (if one is to believe the psychic Maxine Waters) were obstructionists, especially when they said, you have the votes, vote for it, you don’t need us.
Attacks on such fine U.S. traditions as trampling the Constitution and taking extraordinary Executive control via EO’s, agency overreach, and regulations have been criticized by the senior-citizen hating, women murdering Republicans.
Most impressive is the new open border policy which allows people from wherever to come on over and suck up our welfare – Michael Moore says we have plenty of money. Open borders also make for easy egress for drug cartels and terrorists putting our border guards in less danger (unless one tries to actually capture one and face jail time for unfair treatment of a mobster or terrorist).
Obama has fortunately had solutions. He divided the nation according to categories: black, white, black-white, Hispanic, rich-poor, doctor-not a doctor, religious-secularist, fat-not fat, police who behave badly-non-police, evil Republicans-normal people, health insurance carriers – government health insurance, Tea Party-Everyone Else, environmentalists, non-environmentalists, private enterprise-government-run business (pick winners and losers), union-non-union, “clean” energy such as electric cars made from dirty coal,-bad coal, oil, gas, OWS – Wall Street, and so on.
Now that we are divided along these lines, we make for easy pickin’s next election as he picks off the ones he does not like and demonizes them.
He has now come up with the best idea of all – tax the rich! He is going to chase them around the world where they make money and tax them no matter where they are – brilliant and such an unusual idea! I am guessing, he will immediately spend it since lowering the debt/deficit seems to have no election benefits.
The USA has the highest corporate tax rate in the world at 35% and he plans to cut it to 28%. Only he will also remove most of the deductions, making the whole reduction somewhat less attractive. It won’t be a big lure to get U.S. businesses back to the USA. In fact, the accompanying global tax I described in the previous paragraph, will make it far more difficult for our businesses to compete with foreign competitors who pay lower corporate tax rates.
Millionaires who make $250,000 (millionaires who make $250,000???) will be taxed higher and that minimum tax is back big time.
Our companies overseas are not paying taxes to the USA since they are not here and are paying foreign taxes. The President wants them to get hit with a double whammy and is continuing his anti-private business successes by slapping a 28% global tax on them in addition to their foreign taxes.
My guess is many will take all business out of the USA altogether and incorporate in friendlier countries if possible or we can simply buy more foreign goods, eliminating our manufacturing sector – it’s brilliant! The benefit of this tax is that it will impress his base and make for good sound bites.
Tax breaks on businesses of his choosing will be eliminated (you can count oil, gas, and coal among them.
Banks will be taxed, taxed, taxed.
Fortunately, he is still after the evil corporate jets – I know they are foremost in my mind. Read: AJC and Reuters