If there ever was a criminal piece of potential legislation, this has to be it! Our Vote-Buyer-In-Chief is trying to run one by us that is so blatant that it also best illustrates his overwhelming and very, very dangerous arrogance.
Commenting on a “trapdoor tax policy that benefits the few, the proud, and the privileged”, here’s Heritage on Obama's Crony Capitalist Trap Door:
Before you give the President a gold star for good governance, take a step back, turn up the lights, look around the room, and you'll see that President Obama has replaced some of those tax loopholes with a giant trap door that's just the right size for all of his political cronies to slip through…
Under the President's "framework," he singles out specific industries he doesn't like -- oil and gas, insurance, and small aircraft manufacturers, for example -- and proposes to close what he asserts are their loopholes, thereby raising their taxes. But with his other hand, he opens a trap door and waves his friends through, cutting their tax rates to 25 percent "and to an even lower rate for income from advanced manufacturing activities."
The President's best friends get access to second trap door leading to even lower rates. Who slides on through? Those who qualify for tax incentives designed to "encourage investment in clean energy." The net effect of all this tax reform subterfuge will be a free pass for the "right" industries, a downfall for the "wrong" ones, and a windfall for lobbyists who can get their clients through the trap doors.
Of course, in the process, Obama’s teleprompters are telling him to attack his and the left’s favorite bugaboo, the oil industry. As always, watch what he does not what he says!
from Chuck Assay at creators.com
I’ll let Heritage close this for me before I start hyperventilating!
Tax reform shouldn't work this way. America shouldn't work this way. The U.S. corporate tax rate is too high, and real reform can bring it down. Congress and the President should pursue revenue-neutral corporate tax reform centered on, reducing the corporate tax rate, and reducing the tax rate on small, non-corporate businesses as well, and work to make U.S. companies more competitive around the world. That's a far fairer, far smarter plan than a trapdoor tax policy that benefits the few, the proud, and the privileged.