He’s all for it if it increases taxes by $1.5 trillion — and he expects corporate America to go along.
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Today there is $1.2 trillion earned by American companies sitting overseas that is not brought back because it would be taxed at a rate up to 35 percent. We could immediately move to repeat the success of the Bush law in 2004 that allowed American firms to repatriate their earnings and pay only 5.25 percent. Then more than $300 billion returned. Today it could be three times as much.
And lastly, Warren Buffett has inadvertently suggested this reform: a new “tax me more” line on every tax return where any American who wishes to pay higher taxes can simply write an additional check. At least six states provide such opportunities for rich liberals to live up to their public preening. Few do.
OBAMA HAS PROMISED to veto any tax reform that is not a major tax hike. He knows this means that no real legislation will be enacted. Obama’s interest in tax reform is political, certainly not economic. He will play both the politics of envy and Chicago-style fundraising.
The downside of debating tax reform for the next 12 months is not that something bad will pass…Republicans will not pass a tax increase. Rather, it’s that Democrats will raise millions from corporate America by playing on their fears of losing tax deductions and will fool gullible K-Streeters with false promises of lower rates and repatriation of foreign earnings.
The only thing standing in the way of passing dramatic, real, job-creating tax reform in 2013 is the possibility that Democrats successfully use corporate America’s hopes for and fears of tax reform to fund Democratic campaigns in 2012.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?