This afternoon, president Obama is going to propose what he is calling a "concession" regarding corporate taxes. We will have to wait to see the details, but the ones the White House is putting out there now include basically a reduction in the corporate rate from 35% to 28% together with the elimination of all sorts of deductions and exemptions that currently reduce the corporate taxes of American companies. These changes are expected to increase the total amount of taxes paid by American companies. Obama wants to use the extra income to spend more on unnamed job programs like more construction of infrastructure and hiring of teachers.
Leave it to Obama to increase taxes on business for more spending and to call it a tax cut. The net effect of the plan is to take money from the private sector and give it to the government where it will be spent on the Democrats' constituent groups. Overall, draining funds from the private sector kills jobs; it does not create them. Obama's calling this a tax cut and a concession is completely dishonest. It is the economic equivalent of calling the murder of 13 soldiers by Major Hassan who says he did the killings as part of jihad in the name of Allah as "workplace violence" instead of terrorism. Obama's plan is bigger government, slower growth, more unemployment, lower incomes for Americans and a pointless mess. It is just another lie from Washington.
Leave it to Obama to increase taxes on business for more spending and to call it a tax cut. The net effect of the plan is to take money from the private sector and give it to the government where it will be spent on the Democrats' constituent groups. Overall, draining funds from the private sector kills jobs; it does not create them. Obama's calling this a tax cut and a concession is completely dishonest. It is the economic equivalent of calling the murder of 13 soldiers by Major Hassan who says he did the killings as part of jihad in the name of Allah as "workplace violence" instead of terrorism. Obama's plan is bigger government, slower growth, more unemployment, lower incomes for Americans and a pointless mess. It is just another lie from Washington.
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