Mr. Obama: Promises #2 and 3, Broken
SAXBY WINS IN A LANDSLIDE! No super-majority for the dems. in the Senate. Thanks to all who donated to goptrust.com!
Promise #2 - Broken: Raise Taxes on the “Rich”
There is a God. Looks like all us “rich folk” get a reprieve for now. I know, all you poor people lookin’ for a handout counted on Obama spreadin’ the wealth, but here’s a newsflash:
WASHINGTON – An economic crisis, rising joblessness and a credit squeeze can make a president-elect refine his words. Today’s word is “repeal.” During his presidential campaign, Barack Obama promised to repeal President George W. Bush’s tax cuts for the wealthy [GRR.] ahead of their scheduled expiration in 2011.
It was part of how Obama would pay for an overall net tax cut aimed at low- and middle-income taxpayers, and an effort to bring what he called “fairness” to the tax system.
No one is talking tax hikes now.
Over the weekend, Obama said he has charged his new economic team with devising a plan that would create or preserve 2.5 million jobs over two years. He said the plan would include broad spending plans as well as the middle- and low-income tax cuts he described during the campaign.
Aides later said the plan would not include any of the tax increases Obama, as a candidate, had said he would impose on taxpayers who make more than $250,000.
Asked Monday when those hikes might go into effect, Obama said, “Whether that’s done through repeal, or whether that’s done because the Bush tax cuts are not renewed, is something that my economic team will be providing me a recommendation on.” [But, I thought You had all the answers.]
If repealed early, Obama’s tax increase on the rich would have generated significant revenue, but not enough to compensate for the cost of his tax cuts. An analysis by the Tax Policy Center, based on January 2008 income projections, estimated that the increases would result in about $43 billion in revenue in 2009 and $45 billion in 2010. Those numbers would be smaller now, as the economy has lowered expected incomes.
Obama’s economic advisers say he will not propose any tax increases in the economic plan he unveils in January. It is to be focused entirely on job creation and economic recovery.
Okay, actually, here’s his “big idea.” Focus on Green alternatives for fuel, [Well, since he’ll stop offshore drilling, won’t touch ANWR, wants to bankrupt the coal industry, and reduce funding for nuclear power, he’d better think of something or a lot of people are gonna be awfully cold.] Also, get that infrastructure goin’. [States have already proven that doesn’t work. Guess Mr. Obama wants to learn from his mistakes.]
Promise #3 - Broken: Raise Taxes on Oil Companies
Obama shelves oil company tax after price fall: aide
By Jeff Mason and Tom DoggettCHICAGO/WASHINGTON (Reuters) - President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel, an aide said on Tuesday. [Gee, I must’ve missed the part of his speech where he said … “If.”]
“President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel,” an aide on Obama’s transition team said. “They are currently below that now and expected to stay below that.”Oil prices have fallen from a record $147 a barrel in July to under $50 this week.
Obama, who signaled early in his campaign for the White House that he would take an active approach to oil markets as president, had planned to use the revenue from a windfall profits tax to fund a tax rebate for low- and middle-income families struggling with high energy prices.But the aide said Obama’s presidential campaign had already taken the price drop into account six weeks ago. When Obama laid out his economic plan for the middle class in mid-October, revenue from a windfall profit tax was not included because of the price change, he said. [Oh, I see.]
Oil companies steadfastly opposed a tax, saying it would stifle exploration and innovation.The switch drew applause from industry.“The judgment to withdraw the concept of a windfall profits tax is an important recognition that developing America’s oil and natural gas would be seriously damaged by such a tax policy,” said Lee Fuller, vice president of government relations for the Independent Petroleum Association of America, which represents independent oil and gas producers.
“A windfall profits tax is bad policy at any price,” said Thomas Pyle, president of the Institute for Energy Research, calling the move “a heartening development — both for consumers and an economy struggling to claw its way out of recession.
“Many energy experts warned that imposing a windfall profits tax would discourage energy companies from drilling for oil in the
Obama has made revamping U.S. energy policy a key priority of his upcoming presidency, promising to increase production of renewable energy sources and start a carbon trading system to reduce greenhouse gas emissions. [This will be the horror of horrors if he manages it. But that’s a blog in itself.]
He said recently that the fall in gasoline prices was not an excuse to put off tackling
Oil Tycoon T. Boone Pickens, who met with Obama during the campaign to discuss energy policy, [That’s odd. I thought Mr. Obama said the economy worked from the bottom up, not the top down. Shouldn’t Mr. Obama get his advice from one of those homeless guys in
“The windfall profits tax won’t have anything to do with killing any oil projects,” Pickens told reporters in
Next week I’ll focus on Bailouts, and why and how I’m prayin’ for Mr. Obama.
Until then, loyal patriots…
Kelly
December 4th, 2008 at 15:03
Thanks for this, Kelly.
December 4th, 2008 at 21:59
I love hearing your witty comebacks! You have a great style and way of making your opinion known!
Thanks for keeping on top of these things and sharing your take with us! I love your blog!
December 5th, 2008 at 06:18
I love this stuff. I will be looking to hear you on a conservative radio or tv soon. I get my bed time smiles from this read.
Phil
December 9th, 2008 at 08:18
Lynn Rush said,
“Thanks for this, Kelly.”
KELLY SAID,
“You’re welcome. Thanks for bein’ a faithful reader.”
December 9th, 2008 at 08:20
AVILY SAID,
“I love hearing your witty comebacks! You have a great style and way of making your opinion known!”
KELLY SAID,
“Yeah, it’s called a Big Mouth….”
December 9th, 2008 at 08:22
PGADAMS SAID:
“I will be looking to hear you on a conservative radio or tv soon.”
KELLY SAID:
“Believe it or not, I was just pitched by a segment producer to be cast on “The Osbournes.” Juuust missed it. I’m too controversial…”
K.