President Obama and His War on the Upper Class Jet Owners and Oil Companies
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President Obama has waged a war on the upper class citizens of the United States of America. Throughout his presidency, he has loquaciously delineated his plan for ultimate class warfare: more taxes for the rich, and higher ones too.
Obama has portrayed the rich and upper class men and women of America in a light that's blatantly false and inaccurate. In a June 2011 presser, the President commented, "I think it's only fair to ask an oil company or a corporate jet owner that's doing so well to give up that tax break" later adding that he doesn't "think that's real radical." First of all, the hypocrisy of his term "fair" is practically hilarious: how can an economic system where the rich are heavily taxed and the poor aren't be, in Obama's own words, "fair?" Also, note how the President labeled them as corporate jet owners and oil companies, 2 terms that have been etched into the minds of Americans due to the President's frequent usage. He's portrayed the upper class to be rich, stuck up Americans who aren't interested in the general welfare of the nation. That's a false portrayal, Mr. Obama. Many millionaires and billionaires are also incredibly generous philanthropists. Take for instance Oprah and her work in Africa; T. Boone Pickens and his contributions to education; and the lists goes on and on.
It's also necessary to point out the President's plan for the upper class and, as I mentioned in the title, his "WAR" on these Americans. Today in a press conference, Obama proudly uttered the phrase we've all heard before, "Millionaires and Billionaires can afford to pay a little bit more." Yes, his own words. And now in my owns: basically what he wants is the responsible to pay more and make up for the irresponsible. As ridiculous and just about Socialist as it may sound, it's appalling that a President would treat the citizens he governs over in such a manner.
So how can we keep Obama from further carrying out his plan to tax the heck out of the job creators and economic stimulators? Oust him in 2012.
JohnB0127
My website: www.NorthTexasLuxury.com
Twitter: @JIBurg4
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Obama's policy is not to tax and/or raise taxes on the rich. He is simply trying to eliminate tax breaks, or loopholes if you will, that higher income brackets have enjoyed for a number of years. You use the term fair in your hub. Though it is true the governments revenue from taxes comes primarily from the middle and upper class, the percentage of taxes per income is grossly unfair. While middle and lower class pay a tax rate of between 22 and 35%, upper class citizens and corporate giants pay a rate of 1 to 12%. Is that fair? I think not. Maybe a fair tax system of a flat 20% on all income for everyone would be more appropriate. But I assure you, if a new system with absolutly no chance for tax breaks and loopholes were implimented, Your upper class, and corporate giants would fight it tooth and nail.
Danny, you also forgot to mention the amount of their money that is hidden outside of this country. They don't even pay taxes on all their income the way the rest of us are forced to do.
First of all, consumer demand creates jobs, not Presidential policy. Why doesn't anyone discussing this EVER get an economics textbook out? There isn't one on the planet that states anything other than CONSUMER DEMAND. No matter what the tax rate, either personal or corporate, if consumer demand generates a need for more of a product or service, then the producer of said product or service will hire the number of people in order to fulfill the demand, while maximizing their profits (usually, the latter part applies- sometimes, they just hire too many). That number will eat into the profits of the corporation. Right now, we are sitting on 10 record quarters of record corporate profits. Demand has diminished in most cases, therefore, they cut costs in jobs already, the economy snapped back with regards to status quo and even growth rate, so their costs are minimal, employees pushed to the max usually, and living like fat cats...like always. The average CEO makes 400 times what the average worker makes, compared to 14-1 in 1970.
If your corporate taxes were lowered and you had more capital freed up, but demand hadn't grown...then you don't hire people. Why? You don't need them, because you aren't producing more of the product or service. Why aren't you producing more of the product or service? Because consumer demand hasn't risen and therefore nobody is buying more of your product or service. This Republican rhetoric being thrown about acting like we live in the Field of Dreams: If you build it, they will come. Well, they won't come.
Now, Republicans are again, like always, being misleading and lying to you. Taking away the unfunded Bush tax breaks for the top 2% deals with personal income tax. Opening more personal income tax to the top 2%, who do not spend this money as every measure ever attempted has shown, does not create jobs. You don't hire more people because your CEO gets to keep more of his paycheck. He can't spend that money in the company...that is illegal. You have to have separate accounts and accounting practices you know...can't use the corporation as your piggy bank.
By the way - Obama wasn't characterizing the top 2% as priate jet owners. There is an actual subsidy to private jet owners that Dems want to end...to not pay people to own private jets, to not pay welfare to the richest Americans with tax dollars essentially. It isn't a characterization by any measure. It is a reference to an actual practice, and actual subsidy, and actual welfare check to the richest Americans...for owning a private jet.
If you want to discuss the corporate tax rate. I double dog dare you.
LOL Texas, I ain't heard anyone get double dog dared in quite awhile.
It amazes me that evry economist I hear talking about the debt and the Republican plan for fixing it states, it won't work and it never has. They all state that it will take spending cuts and tax increases. I didn't study economics and have enough sense to pay attention to those who did. It dumbfounds me the number of people who have no idea what they are talking about, believe every lie they are told by people who don't know what they are talking about.
Tex, Stump is right I have not heard a double dog dare since the Scott Fargas affair!!! LOL
Despite our differences on some economic issues, I agree we need to close these loopholes. But just for clarification, the CBO did a report, cutting the Jet tax break will save 38 Million dollars over 10 years. Its not much but to me every dollar saved is a step in the right direction. Think of how many teachers that would pay for.
I know the rhetoric is that tax cuts does not improve the economy. I did some research answering another thread and I was shocked about the results.
When Bush took office the unemployment was already on the rise and was 4.2% It rose at a steady pace. When Buch passed the tax cuts in 2003 the unemployment rate was 6.3%. It slowly declined starting the very next month(6.2%) and went down to 4.6% November 2007.After that, the rate went up to 6.6% when Obama took office. So the unemployment went down after the tax cuts. How did the Dow feel about things under Bush?
When President Bush took office, the economy was already on its way down. The dot Com bust and false reporting by corporations took its toll. AS the Dow dropped from 11215.10 under his predecessor to a bottom of 9878.78 on Feb 2001. A turnaround in the next 3 months brought the Dow back to 10912.90 on May 2001. It remained steady going up and down daily until September 11, 2001. In the aftermath of 911, the Dow plummeted to 8847.56. But with a push from President Bush to instill confidence in the public, his actions worked. The Dow rose to 10403.94 on April 2002. A turn around in 7 months after one of the worst tragedies in American history The Dow once more took a downward turn as unemployment was on the rise. After 911 there was a big spike in unemployment. Dow dropped to 7591.93. on Aug 2002. The Dow fluctuated over the next few months and closed 7891.08 on Feb 2003. In 2003 the Bush Tax Cuts take effect and have a positive effect on the economy. The 2003 invasion of Iraq (March 19–May 1, 2003), was the start of the conflict known as the Iraq War or Operation Iraqi Freedom. The Dow began to rebound and closed 10583.92 on Feb 2004. A turn around in one year. The market was steady for the next year. Hurricane Katrina would arrive on land in the southeastern part of Louisiana on August 29, 2005 and would eventually reach Category 5 status. The devastation was enormous. The dow took a very small dip and began a long slow growth to 13930.01 on October of 2008. This was the highest close date ever in the History of the Dow. The market was steady for a short time. October 2008, Black Monday. The Dow took a huge 2,000 point dive and continued down to 7062.93. Obama was in office for 2 months when the Dow closed at that level.
So when we look past the rhetoric and examine the actual numbers, the economy was better than people give Bush credit for. So I believe it is safe to say tax cuts work Despite several real low dips in the Dow and a rising unemployment rate, he turned the numbers from negative to positive in way less time than 2 ½ years. Yes that was a jab at Obamas failed policies.
This is liberal hypocricy in the first order. If anybody is in bed with big business its the liberals. They have more money behind them than there opposition. tHEir BIG GOVERMENT PROGRAMS and regulations serve primarily to reward their political allies on wall street and other business sectors.
Conservatives are pro-market which is not the same as being pro-big business. Liberals are more guilty of rigging the game in business than the conservatives. Conservatives by an large want a level playing field for all businesses.
MKT
No question the economy was in a down cycle as Obama took office, no one can dispute that. But if you read my previous post, under Bush the economy was up and down. There were numerous reasons as to why. But each time he brought the economy back and the logesy recovery took 12 month. Under Bush. the Dow reached it highest peak in history. But under Obama everthing he has done has failed and after more than 2 1/2 years the economy is getting even worse. He can claim a "Rhobust" economy asw often as he wants, but it is not true. Why do you think his economic team is bailing on him? Because he dictates to the and he refuses to listen to their advice. Geither has already publically said Obama not listening to his advice is why he will be leaving.
So penalize every rich person in America for what some have done - abuse the system? Raising the taxes on the rich is a ridiculous solution to the problem.
Obama's wants to raise taxes on the rich to close loopholes? Yeah right. He has never said that was the reason. Never. It must be by pure speculation that you think that way.
These 'fat cats' Obama demonizes are the same ones who give to his campaigns. Wink, wink, they all understand - he is really at war with the middle class. We are the ones who really end up paying, and losing. Communism has no middle class, just the elites and the workers.
Stump Parrish Level 2 Commenter 10 months ago
The real problem here is that corporations have begun to refuse to cover these taxes for the individuals. Now The old system of tax gross-up is no longer popular with shareholders.
You use the term job creators and I have to ask this, if these tax cuts are so good at creating jobs, why have the last 11 years been the worst 11 years in this country for job losses since the depression? Where are all the jobs these tax cuts are supposed to create? Dont even begin to blame Obama as the facts indicate that this downward turn started as soon as Dubya hit the whitehouse. The term job creating tax cuts is in the minds of most of those on the right. The facts indicate the opposite and the truth means nothing. The GOP is simply willing to destroy this country to get back in control of the whitehouse. They count on the fact that most on the right prefer propganda to the truth.