Posted on 08/06/2014 6:58:10 AM PDT by SeekAndFind
When he’s in trouble, President Obama changes the subject to the economy. And in speech after speech, he utters some version of this line: “We know from our history, our economy does not grow from the top down, it grows from the middle up.”
This is a puzzling statement. I don’t know what it means, much less whether it’s true. I asked a number of economists and they were no help. “I have no idea what it means,” Douglas Holtz-Eakin, the former director of the Congressional Budget Office, says. “I am unaware of any literature supporting the proposition,” Kevin Hassett, the American Enterprise Institute economist, says.” My conclusion: It’s gibberish.
But it’s not the only thing that makes the president’s speeches on the economy so egregious. He gave nine of them in July. They were full of untruths, contradictions, demagoguery, exaggerations, and odd policy solutions.
His current obsession is American companies that don’t bring their overseas profits home to avoid paying taxes. There’s a reason they don’t. Not only are U.S. corporate rates the highest in the developed world, but no other major nation imposes taxes on foreign profits. Instead, taxes are paid to the country in which they are earned. And that’s it—except for American firms, whose current government would increase their taxes and make them less competitive with their corporate rivals.
Obama is especially angry at “unpatriotic” companies that merge with foreign businesses, move their headquarters overseas, and pay taxes there and not in the United States. “They’re basically renouncing their citizenship and declaring they’re based somewhere else, just to avoid paying their fair share,” he said in his weekly address last Saturday. They’re exploiting “an unpatriotic tax loophole.” But they pay taxes on profits made in the United States, and the so-called loophole is legal.
(Excerpt) Read more at weeklystandard.com ...
We all know (that is the collective “we” of those who were smart enough to avoid journalism and political science schools) that the Obamadork is not only not clever, he is actually quite stupid.
Without the aid of special programs for foreigners, quotas, a subnormal IQ press, and the liberal penchant to make others pay for their guilt, the dork would be pushing burgers in some liberal hellhole - such as Chicago.
It's Obamawocky. It's mindless nonsense designed to tickle the ears of the intelligently under-privileged.
Their fair share...
Well, taxes should be equitably distributed.
But progressive taxation of productive industries that have to compete with foreign corporations who face no such requirement?
What the corporations are doing is “can’t beat ‘em, join ‘em”.
U.S. trade policy and tax policy FAVORS foreign corporations AND governments.
So why not go foreign if you can? What’s the benefit of a U.S. corporate HQ if it just means the vultures can peck you to death?
The tax barriers should be at the border. Like they were up until the “Progressives” came in the the “fair share” crap 100 years ago.
And speaking of progressive taxation...does GM sell the same car to you for a different price based on your income?
Didn’t think so. Then why should government charge you a different amount? Do you get more?
If some people have a lot more then others, and it seems the game is unfair, then change the game. That will prevent monopolies and concentration of wealth.
The rich don’t “pay their fair share” line still works with tens of millions of Americans. I think everyone in this audience has family and friends who buy into that lefty rhetoric. The Dems keep saying it over and over again because it works.
Yep—”Poor” people here in Florida are absolutely flocking to incorporate their start-ups.
Job growth is amazing—I have so many offers, I don’t know which one to take.
Remember this is the same Obama who faked being a foreigner to lower his college tuition and promote his “autobiography”.
all this focus upon those who feel compelled to flee US taxes...how about some outrage about the real greed here: big government taxing these companies until they feel compelled to flee?
that’s the real problem! look behind the curtain folks
This is exactly what happened in Hitler's Germany in the 30's. In order to survive and even prosper the big German companies got in bed with the Fuehrer and thus unwittingly condemned themselves to total physical and financial destruction.
God help us if this guy gets a democrat-controlled Congress after this year’s election. Then we won’t have to just listen to his economic ignorance.
He is always telling us more than he knows. Why should this time be different?
IS THERE NO JUSTICE LEFT IN THIS THE MOST JUST NATION IN HUMAN HISTORY?
Must we continue to abide the arrogance of petty tyrants who seek our enslavement to their corruption?
When do we claim the mantle of Americans as free and proud people?
When do we rid ourselves of the vermin that infest our seats of power?
Wake up America!
~Ronald Reagan
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