Tuesday, September 28, 2021
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Rewind: Obama’s Grooving To The Seventies

I listened to Barack today and really my stomach still hasn’t recovered and what did I hear? the same old Democrat talking point, the evil rich, ignoring all of their evil rich friends, you know like Jeffrey Immelt of General Electric, whose company rips jobs out of America and puts them in China. What did Barack have to say? well I heard private planes an awful lot and yet, it was Barack who signed a tax break into law under the so called “stimulus” bill, that was going to fix roads, bridges and all manner of our “crumbling infrastructure” We Know Democrats Are Stupid, But Barack The Rest Of Us Americans Are Not

The chief economic culprit of President Obama’s Wednesday press conference was undoubtedly “corporate jets.” He mentioned them on at least six occasions, each time offering their owners as an example of a group that should be paying more in taxes.

“I think it’s only fair to ask an oil company or a corporate jet owner that has done so well,” the president stated at one point, “to give up that tax break that no other business enjoys.”

But the corporate jet tax break to which Obama was referring – called “accelerated depreciation,” and a popular Democratic foil of late – was created by his own stimulus package.

Proponents of the tax break lauded it as a means to spur economic activity by encouraging purchases of large manufactured goods (planes). So the president’s statement today – and his call to repeal that tax break generally – is either a tacit admission that the stimulus included projects that did not, in fact, stimulate the economy, or an attempt to “soak the rich” without regard for the policy’s effects on the economy.

For many Americans, those effects could be dramatic. Cessna and Gulfstream have facilities in a combined 15 cities nationwide (and another four abroad). A significant decline in consumption of private jets would undoubtedly have adverse effects on at least some of those local economies. Given the sizable bump in consumption that the initial tax break yielded, its repeal would likely have that economic domino effect.

I heard that those evil rich people who are buying those planes need to pay more so the federal government can keep giving scholarships to college students and it occurred to me, they had better not get a degree in aviation because when Barack is done, that industry will be over in China too. This guy has to be the most ignorant President this Country has ever had to suffer through, and trust me, the majority of us are suffering. He pits one American against another, when the history of our great nation is for us to come through the darkness together. It is really a damn shame what the left has done and continues to do to the values that make America great. It is with great anticipation that I look forward to putting the kibosh on Socialism in the 2012 elections. I say that pretty damn sure of myself because WE are not all Socialists now and 2010 was a preview to how serious We The People of the United States of America take that.

JadedByPolitics
Whoever has his enemy at his mercy & does not destroy him is his own enemy

3 COMMENTS

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3 COMMENTS

  1. You know this bonus depreciation or accelerated or whatever you call it . . . it’s only a temporary tweak of taxes. For the next few months you get 100% write off for equipment. Yeah, that means a big tax write off for the year. But the next year, when you normally would have been taking scheduled depreciation, you have no write off at all.

    It a gimmick and changes only the timing of the tax paid. It creates a deferred tax liablility that will be paid in the years ahead. Been there, done that, got killed in the out years.

    Obama doesn’t have a clue what he is talking about. If they would just leave the freakin tax code alone and give us some certainty, we might see some growth.

    • Tex, I agree with you take on the situation, that if they would just leave things alone, we might see some growth. But the Dems aren’t going to do that. They really need an uptick in the economy going into next year, and they are desperately trying to find a way to make this happen.

      As it turns out, the harder the try, the more uncertainty exists, the more cautious people become. Which is likely to make things worse, not better.

      • It is worse and getting so by the week. You can’t MAKE it happen but you can LET it happen. Knowing the difference is beyond this bunch of over-educated egg-heads.

        Screw them. . . I bet the first 15 people walking into my local Walmart have more common sense that the whole of the Obama Cabal.

  1. You know this bonus depreciation or accelerated or whatever you call it . . . it’s only a temporary tweak of taxes. For the next few months you get 100% write off for equipment. Yeah, that means a big tax write off for the year. But the next year, when you normally would have been taking scheduled depreciation, you have no write off at all.

    It a gimmick and changes only the timing of the tax paid. It creates a deferred tax liablility that will be paid in the years ahead. Been there, done that, got killed in the out years.

    Obama doesn’t have a clue what he is talking about. If they would just leave the freakin tax code alone and give us some certainty, we might see some growth.

    • Tex, I agree with you take on the situation, that if they would just leave things alone, we might see some growth. But the Dems aren’t going to do that. They really need an uptick in the economy going into next year, and they are desperately trying to find a way to make this happen.

      As it turns out, the harder the try, the more uncertainty exists, the more cautious people become. Which is likely to make things worse, not better.

      • It is worse and getting so by the week. You can’t MAKE it happen but you can LET it happen. Knowing the difference is beyond this bunch of over-educated egg-heads.

        Screw them. . . I bet the first 15 people walking into my local Walmart have more common sense that the whole of the Obama Cabal.

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