Remember when Barack Obama got his big tax increase on the rich last January? Well guess what; he wants more. This week Robin Hood Obama wants another $100 billion dollars by closing "corporate tax loopholes". And what does Obama want to do with that extra $100 billion? Yep, he wants to reward his voting block, those 30 million tit-suckers who already enjoy their welfare check, their food stamps, their free Section 8 $2500 dollars a month housing allowance, their generous earned income tax credit, their $2400 dollars per brat child tax credit, their free all day kindergarten, their free child care...and last but not least, their free cell phone.
And handing out that money won't do a damned thing for the economy...but it'll buy Democrats some more votes.
And it will cost more jobs. You see, it's not enough that ten million folks have given up looking for work and left the work force. It's not enough that Obama's executive order on minimum wage hike will cost a million or so jobs, it's not enough that the CBO warns that Obamacare will cost another two million jobs...no, Obama wants to send even more American corporations packing...and with it, your job.
Here's a few facts for you to chew on. The United States has the highest corporate tax of all industrialized nations at 35%. After companies have forked that over to Uncle Sam, they then shell out a huge chunk to the state. New York, New Jersey, California, Vermont and Rhode Island will grab as much of 7%, with the other states taking in slightly less. Let's not get into the city and county taxes because it's all so confusing but I think you get the picture. Suffice it to say that, before a dime is paid out to corporate shareholders, fully half will be paid out in corporate taxes. (And it's almost laughably sad that, after all those corporate taxes are paid, Uncle Sugar taxes you on any dividends that corporation sends to you as a shareholder of their stock)...so they get even more of the loot.
Now Obama has been very good at demonizing "the fat cats"...so much so that wide swaths of "know-nothings" are all too willing to trot out the "fab 14", the G.E.'s and Verizons of the corporate world who paid no taxes for a couple of years. In order for me to explain that I'd have to explain corporate report, investment tax credits, equipment tax credits, capital loss carryovers, etc..and I know you don't want me to get into all that.
What I am saying is that American companies find any number of reasons to leave the U.S.; high union labor rates, restrictive EPA regulations, OSHA regs that one needs an interpreter to fathom and a general environment not friendly to business, something Obama is champ at creating. And now he wants to tax them right out of the country.
So, corporations are leaving in droves...and with it, your jobs. And Obama's latest cash grab will only hurt the economy and cost those still willing to work, their job. The only winners under Obama are those that suck at the public tit and vote Democrat.
So, folks, get ready to wave goodbye to more American companies. Get ready to wave goodbye to more American jobs. As I wrote about yesterday, we lost 21.6 million of them since NAFTA was signed. Add the job losses Obama has created with minimum wage hikes and Obamacare...say goodbye forever to the ten million jobs lost in the last five years and cry just a little that you elected a man-child who knows nothing about the economy and everything about Karl Marx.
Sad. Damned Sad.
Post Script: Since this was written we've learned that Obama is not asking for $100 billion, he's asking for one trillion more!...he spreads it out over ten years. Also saw an CBO report that said Obama will have run the national debt to $25 trillion by the time he leaves office.