More Obama Nonsense
- President Barack Obama pressed his case on Saturday for achieving deficit reduction, in part by ending tax breaks and singling out hedge fund managers, oil companies and billionaires to take the hit.
Obama is locked in a dispute with Republicans over how to bring down the deficit as part of a deal to raise the debt ceiling and prevent Washington from default.
Democrats insist that some tax increases be included in a deficit-cutting package.
[Obama] himself, as we just heard, said you can’t reduce the deficit to the levels we need without raising revenues. Then he talks about the [tax break for] corporate jets, which he mentioned not once but six times.
I did the math on this. If you collect the corporate jet tax every year for the next 5,000 years, you will cover one year of the debt that Obama has run up. One year.
To put it another way, if you started collecting that tax at the time of John the Baptist and you collected it every year — first in shekels and now in dollars — you wouldn’t be halfway to covering one year of the amount of debt that Obama has run up.
As for the other one, he mentions again and again, the oil depreciation tax break — if you collect that one for 700 years, you won’t cover a year of Obama deficits.
And then here’s my favorite. I worked it out in the car on the way here. If you collect the corporate jets and the oil tax together — get all the bad guys and the fat cats at once — and you collect it for 100 years, it covers the amount of debt Obama added… in February!
And he pretends that he’s the serious adult at the table.
Labels: national politics
posted by SCC at 12:01 AM
46 Comments:
Interesting Quote from their comments...:
This is something like the fifth post on this subject at the Corner. Apparently Republican politicians are running with it as well. It is absolutely true that corporate jet taxes are peanuts.
But I don't understand the reaction. The tax code is a national disgrace. It is riddled with tax breaks to the myriad of interests who bribed Congress to insert them into the code.
As a symbol of such problems, Obama used corporate jets. In this he is absolutely correct. Republicans have reacted by pulling out their calculators and sneering. In this they are absolutely correct.
So, what are the politics of this? The average Joe doesn't pay much attention to the substance of stories. Headlines are about all he can handle. So what headline does he see this week? "Obama Favors Ending Subsidies for Corporate Jets; Republicans Disagree."
Bob Hope, a real American:
http://youtu.be/PSKH6Gw1TC8
The guy I wouldn't trust to run a lemonade stand is now running the Country.
Someone needs to explain to the nitwit-in-chief that spending can be reduced drastically just by adhering to the Constitution and disbanding full departments that have no authority in being - Energy, Education, Health, Housing, Labor, Agriculture, etc. The federal government has no business being involved in any of these areas.
What? You mean Obama is not the "annointed one!?" lol
When he was a kid, wasn't he on the cover of 'MAD MAGAZINE" as Alfred E. Neuman ??????
Obama, and the National Democrat Party, keep bragging that they are the pro-Union party. That they are for the working man. Really. Then why is Rahm & Gov. Quinn Union Busting. Rahm snatched the Teachers Union 4% pay raises for this year and said screw you. Now Gov. Quinn has snatched away pay raises for 30,000 state workers. Don't these two Democrat ratz understand the meaning of a "contract"? Now Rham is threatening other unions if they don't cave in and do it his way or else. Police and Fire contracts are up soon so another battle will be brewing. Time to put both these Mutts in their place.
to be continued,,,
fat cat oil company tax credits-2 Billion a year......BUT
Ethanoil the alternative ... (sp?) credits 6 billion
A YEAR !
gota love it........
And speaking of President Sparklefarts, The National Education Association (NEA) just endorsed him (ALREADY) for the 2012election!
Wouldn't it be intelligent to see who ALL of the candidates are before you bestow your endorsement?
You can't continue to beat up the middle class with taxes!
FLAT TAX!
And speaking of President Sparklefarts, The National Education Association (NEA) just endorsed him (ALREADY) for the 2012election!
Wouldn't it be intelligent to see who ALL of the candidates are before you bestow your endorsement?
7/05/2011 01:54:00 AM
___________________________________
Speaking of intelligence, these people are teachers! This is why everyone is so fu*king stupid now.
it's time to come to terms with neither party representing the interests of the average working person.
the democrats extend social safety nets with little accountability. they claim to represent unions and the middle class.
the republicans do the same for corporations and fat cats while distracting schmucks with social straw men.
both parties bow to wall street -- their financiers, and the unchecked free market.
the corporate jet tax is a good start and a PR boon, but as the pundits point out, insignificant financially.
the tax system needs reform. medicare needs reform. unions need to adjust to the market labor correction.
voting is pointless.
Obama is doing to the country what those from Illinois who got him to Washington have done to Chicago and Illinois.
That being said, the elite ( Bush II) Republicans have a lot of responsibility for spending like drunken sailors as well and allowing banksters to destroy our economy and manufacturing base. They creating the environment where an Obama getting elected could happen.
McCain was a lame candidate, as well.
The future of this country is in the hands of the kids now.
Hopefully a Rubio or Ryan or McCotter or perhaps Bachmann or Palin can get these marxist Chicago Democrats out of power.
Obama is the worst possible person at a time we really need the right person.
Saturday I received another unsolicated mailing from an AARP vendor with a post card that could be returned to the AARP vendor postage free.
I understand that by returning this post card the AARP vendor will be charged $3.00 by the United States Post Office.
The United States Post Office needs revenue and therefore I wrote on the post card "OBAMACARE!" and dropped it in a mailbox.
I hope that the AARP vendor advises AARP that it appears that someone is upset with their liberal leanings and that AARP decides not to become an arm of the Democratic party.
I also forwarded this thought to everyone on my e-mail list and asked them to forward it to everyone on their list.
CAUTION: The following message, may be deemed too sensitive for the politically naive;
Just as Quinn and Rham were a slam dunk for their positions,so will Obama be for his in 2012.
There is no stopping the Democratic March To Turn This Country Into a Socialism. They are giving away everything that you have worked for.
Go see what your house is worth.
They have designed the system to receive millions of votes from people that feed off the system.
"We are in serious trouble, and it is too late to be afraid"
The truth is neither the Dem's and especially the Repub's are doing anything for the middle class.
We are not rich. Yes, that includes SCC and most if not all PO's. That's why I vote for the lesser of two evils whomever that maybe, as an Independant.
The endorsement of Obama by the NEA will mean millions of dollars for the Obama 2012 Campaign. And it is a refelction of why public education is failing. Obama appointed Duncan as head of education, knowing full well that Arnie favors Charter Schools! Why would the NEA pull the trigger the early in the game? It is remarkable how foolish Democrats have become.
Obama wants to end the depreciation deduction for oil companies (hence a tax increase) as he claims oil companies make huge profits.
Here is the profit that the government makes on a gallon of gas in chicago, mind you they have no money invested in exploration, refineries, pipelines or any costs related to production
at 4.00 a gallon at the pump
18.4 cents federal tax
19 cents state road tax
1.1 cents state environmental tax
6 cents cook county tax
5 cents chicago tax
36 10% sales tax
85.5 cents total tax
some of these taxes are collected at the wholesale level, all are passed on to the consumer as all taxes against a business or corporation are eventually paid by the end consumer and yet obama believes oil companies are greedy
Flat tax of 20% across the board. Problem solved. No deductions, no write offs, no loop-holes, no bullshit.
Barack Hussein Obama appointed a Daley to his Cabinet. This country is now going to run on Chicagonomics.
Taxation without representation.
The Nat'l Education Assoc, just gave O'B their endorsement just after RahmShanks says NO to Chicago teachers 4% raise.
Barack Hussein Obama has yet to stop campaigning and complaining Repubs are not playing fair.
mmmm-mmm-mmmm.
US government spending has consistently stayed between 30-40% of the annual GDP for the last 50 years or so, a figure that is still lower than the percentage of just about every other first world industrial company in the world.
Tax revenue has however fallen from 90% during Eisenhower era, to 70% under Kennedy, to 50% under Reagan to %30 under Bush. Spending isn't the problem - though entitlement programs need to be reevaluated and restructured. Revenue is the problem.
Also notice he does not say how many more middle class folks his ides will put out of work.
Each corporaste jet keeps about 30 - 45 middle class, tax paying people employed.
Look what the Dems did to the US boat building industry a few years ago, many of those folks never found jobs again, and WalMart can only hire so many greeters.
where are the communist protestors from wisconsin when the republican gov wanted to reduce union workers
pay and benefits and layoff 625 city workers unless unions give him what he wants
it's a plot to disrupt gov't run by republicans
"President Sparklefarts"
That's just awesome.
Barry has to increase spending, otherwise he'll have to cut jobs from the federal government, which makes him sad. Then we get another year or so of Frowny Face Obama.
Gov. Quinn is acting like a superball at the moment. One minute he's all about civil unions, the next minute he's signing the FOID confidentiality bill into law and then he sponsors a bill to keep the remaining non-union state workers union-free. I tell you, you get the guy to change his mind on concealed carry and maybe downstaters will give him some grudging respect...
Anonymous said...
Someone needs to explain to the nitwit-in-chief that spending can be reduced drastically just by adhering to the Constitution and disbanding full departments that have no authority in being - Energy, Education, Health, Housing, Labor, Agriculture, etc. The federal government has no business being involved in any of these areas.
7/05/2011 01:22:00 AM
Before you comment on those departments do some research so you'll know what their responsibilities are. Read Upton Sinclair's book,"The Jungle," and you'll see why we have the Dept. of Agriculture.
Time to spank Teachers for their stupidity of giving the endorsment to Sparklefartss(BTW- I like that moniker), and how stupid are they??
A speech by 1 of the stupidest elected officials a.k.a. Biden, and the NEA gives an endorsement. AND dont forget the 50,000,000 dollars delivered to the BHO campaign last election.
http://latimesblogs.latimes.com/washington/2011/07/obama-white-house-salaries-soar.html
But yet obama gives away 38+ MILLION to his friends he hired nice!!
China's portion of what we owe, if we were to pay a million dollars a day on that debt, would take 367 years just to cover the interest alone. Nice job Dummycrats. Generations of Americans-if we survive this lunacy-will be indebted to your projects. Thanks big brother
Off the path a little hear.... Our Vice President was talking to union members and telling them not to come running (blame the democrats) to him if the republicans win the presidency back. But we have Obama's former Chief of Staff as Mayor who refused to give teachers there contractual raise ( I know the teachers can negate the contract if not given the raise). We have a Governor who Obama supported who decided not to give State employees their contractual raises and they have to sue, costing the State more money in the courts. Yet the V.P. goes out and makes the previous statement not to blame the democRATS.
Yes, the tax code needs to be simplified with all the complicated breaks stripped out that favor some industries over others, and just lower the overall rates.
But did you know the tax break on corporate jets was reauthorized in Obama's own 2009 stimulus package? I'm not making this up.
--Law Abiding Citizen
Tough times call for tough measures. I understand the need to suspend raises, but not at the same time you are giving your own staffers raises.
Wumpy
if Taxes are raised even more on the Rich, who already pay the highest taxes in the Country, they will just pass down their Tax dollars lost to the Middle-Lower Class, via higher prices. They might also, take their businesses off-shore, leave the USA, and take even MORE Jobs with them. The Obama-Depression and same old socialist Taxation mentality will NOT fix the USA, it will just drive it further down the road to being just another Banana-Republic, which it is rapidly becoming.
OBAMA DEPRESSION, COMING TO YOUR NEIGHBORHOOD SOON...
I know a way to reduce the deficit. Stop spending!! Also put a cap on how long you can collect welfare and receive a link card. implement Drug Testing on recipients of ANY public assistance... It would solve any problems we are having and make the dead-beats to move out of state. It is working in other states, why not here.
It makes sense, thats why it will never happen...
Barack is an idiot.
NOBAMA!
And speaking of President Sparklefarts, The National Education Association (NEA) just endorsed him (ALREADY) for the 2012election!
Wouldn't it be intelligent to see who ALL of the candidates are before you bestow your endorsement?
7/05/2011 01:54:00 AM
My brother is a liberal teacher. He was at Grant park with all the other idiots celebrating the election of a communist that they all voted for.
Now he got a pink slip in the mail. A pink slip for a teacher in ObaMAO's home town? How's that hope and change, suckers?
Before you comment on those departments do some research so you'll know what their responsibilities are. Read Upton Sinclair's book,"The Jungle," and you'll see why we have the Dept. of Agriculture.
7/05/2011 10:19:00 AM
It's not the late 1800's any more, my friend. The departments the poster spoke of have become bloated tax dollar wasting organizations that have seen their time come and go.
Can you honestly tell me that the Department of Education has done any good, particularly here in Chicago? Please. It's a waste and a burden on tax payers. My Catholic school education was more beneficial and not a burden to the tax payers.
you want to eat, you work.
hunger negates lazy.
Capital gains tax= 17% ish....base tax rate for average American=30% ish....majority of compensation for executives today comes through stock options, etc.. Why has the number of billionares increased by something like fourfold over last 30 years? You really want to have an honest conversation about revenue? Cover all sides, not just record setting spending.
U.S.A.A.D.H.D. usa-attention defecit hyperactivity disorder will play a key role in the 2012 election. In other words, the american political arena resembles our president's favorite game of basketball. The last two minutes of the game are the most crucial and is usually the only part of the game someone remembers. The capture fell outside of the two minute mark, just as all of his bad policies have. The two minute mark starts the day after Christmas and goes to election day, and that is when the short attention span of your average American will decide whether to vote for this guy again. If the economy dips more sharply and he can't spin his way out of it, or if he screws up a foreign policy decision he might lose. White guilt won't help him as much this time around and the youth vote won't be as strong. Dumbocrats like Quinn are making a win in Illinois feasible for the Republican Party. But they need to find the right candidate or its going to be a mindest of "better the devil you know than the devil you don't." If he wins again, even minimimally, he will show his true colors and REALLY go socialist. He will have nothing to lose, can't get a third term.
Obama is the worst president this country has ever had--and that includes Jimmy Carter.
"I did the math on this. If you collect the corporate jet tax every year for the next 5,000 years, you will cover one year of the debt that Obama has run up. One year."
How about doing the math on this>
What if you deport one million,
That is 1,000,000
Anchor Baby Making
Link Card Holding
Prison Populating
Unlicensed/Uninsured
Soaking Up Obamacare
and Our Tax Money for Life
Illegal Aliens.
Now that would put a real dent in the deficit.
If it doesn’t, do it again, and again.
"Someone needs to explain to the nitwit-in-chief that spending can be reduced drastically just by adhering to the Constitution and disbanding full departments that have no authority in being - Energy, Education, Health, Housing, Labor, Agriculture, etc. The federal government has no business being involved in any of these areas."
A-fucking-men!!! This socialist seeks to destroy America. The U.S. Constitution has been obscured and eviscerated through years of Liberal tinkering and Court overstepping.
"Before you comment on those departments do some research so you'll know what their responsibilities are. Read Upton Sinclair's book,"The Jungle," and you'll see why we have the Dept. of Agriculture.
7/05/2011 10:19:00 AM"
Just like Labor Unions, those Depts. may have had a real purpose when they were formed. No more. There are too many consumer groups to allow the conditions of "The Jungle" to return.
Dump 'em All.
To paraphrase Ronald Reagan;
Recession is when your neighbor loses his job.
Depression is when you lose your job.
Recovery is when Barack Hussain Obama loses his job.
mmmm-mmmm-mmmm
I dislike Obama. I think is leadership is flat out shit.
The role of government is to ensure the rights of the citizen population be respected, NOT to spend the money of it's citizen base launching into massive and uncorrectable debt.
The interest to the Fed our gov must pay is what tears it. Stupid and excessive spending by Obama (or whoever) is not going to help to change any. Even though one might hope for it.
Did not LBJ try and fail with his tax and spend craziness? Can no leader not learn a simple lesson from history?
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