Posted on 09/14/2010 5:51:39 AM PDT by kindred
The latest job killing initiative by Barack Obama: focus new taxes on the oil and gas industry.
Just last week, President Obama explicitly targeted the industry for two massive tax hikes. First, he'd ban oil and gas companies from using the "Section 199" tax credit, a measure for domestic manufacturers enacted in 2004 to boost US employment. (The Senate is set to vote this week on its version of the ban.) Second, he wants to end "dual capacity" protection for US energy firms.
Without this shield against double taxation on foreign revenues, American companies would be competing on an uneven global playing field. Again, Obama aims directly and specifically at the US oil and gas industry.
Yet, by the federal government's own economic model, these tax hikes would lead to huge, immediate job losses. I ran the numbers through the Commerce Department's RIMS II model; it shows, under the proposed changes to Section 199 and dual capacity, Americans would almost immediately lose more than 150,000 stable, private-sector jobs.
By repealing the tax credit US-based companies claim on the taxes they pay abroad, Obama's "stimulus" plan would effectively double-tax American businesses -- driving investment to foreign competitors that don't face the same tax burden.
Again, Obama is enriching foreign oil companies at the expense of domestic ones. He has done this previously when he extended billions in loans to the Brazilian oil company Petrobras with extensive offshore oil programs through the U.S. Export-Import Bank, while trying to kills off offshore oil exploration in the Gulf by our companies.
Obama did it again this past week when the Ex-Im bank extended another billion in loans to support Mexican oil development in the Gulf. Obama seems to relish the opportunity to redistribute power and wealth to foreign countries and companies at our expense.
Why?
As Dinesh D'Souza writes, not only is Barack Obama the most anti-business President in American history but he seems to relish the opportunity to enrich and empower foreign companies at the expense of American ones. D'Souza speculates this is a legacy of Obama's immersion in foreign cultures as a child and the anti-colonial views of his father. American companies were seen as greedy and rapacious. His father railed against neo-colonialism where foreign companies replaced foreign government officials as the ruling power in the third world. His Indonesian stepfather worked for an American oil company in Indonesia and earned far less and lived a lesser lifestyle than American executives posted there. Also, Obama feels Americans use too much energy and that the lesser-developed nations should be entitled to use more, at our expense. What better way than to extend our tax dollars to foreign oil companies?
This strategy also is a way to further to enrich promoters of green schemes that benefit Democratic donors. The stories are accumulating of politically connected Democrats plugged into green schemes that depend on government powers that be, since the economics don't exist-being showered with government money-that they recycle into Democratic campaigns.
America, Obama is just not into us.
When is someone in Washington going to stand up to this man and say STOP? He’s not acting within the bounds of the Constitution. Instead, he arbitrarily decides what can and cannot be done, just like a king would. O’Reilly is right - he’s making Congress irrelevant. WHERE ARE THEY?
I don't give a $h!t anymore anout whether I p!$$ ayone off or not ... I'm more p!$$ed off with this @$$hole's treatment of our nation.
I just lost a very good paying truck driving job in the natural gas industry.
Sorry - that wasn’t O’Reilly - I’m sure it wasn’t...he’s defended obama pretty much from the get-go.
Obama and the hypocrisy of the voters who elected him will be studied by sociologists for centuries.
Voting for him is like the unions voting to lose their own jobs, to be honest I can’t believe there are that many stupid people in our nation who still support him even with the free hand outs he is giving.
Eventually even most lazy fat men sitting at the free all you can eat buffet realize they are killing themselves doing it daily and will walk away.
Every day it’s something else with this a$$ clown....we HAVE To get the majority in Nov to stop the bleeding!
Obama needs to be impeached, tried for treason and brought to justice.
Obama is a lost man. A man trying to live up to what he believed was his father's dream...probably because he never developed his own feeling of self worth. Hence, in his emotionally dysfunctional mind he grasps at the only thing he believes will get him recognition from the family he had (though they are now all dead) and adoration from those around him that he needs for his daily "fix" of narcissistic supply.
This is why Obama is so bad at addressing and resolving problems. He is constantly searching for and trying to do what would have pleased the ghosts of his past. Next thing you know, he will be claiming they are speaking to him and telling him what to do.
You got that right.
You’ve summed it up pretty well.
He’s not one of us.
He is deliberatly trying to destroy this nation.
That's what he does. That's all he does...and he absolutely will not stop!
The list, ping
Let me know if you would like to be on or off the ping list
well his party is helping him....he will probably do all the damage he can before leaving office.
well his party is helping him....he will probably do all the damage he can before leaving office.
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