Logical Disconnects II

Democrats are committed to budget cuts; we don’t know what they are.   The President’s budget did not actually cut anything; last time I checked he’s a Democrat.  Yet, Dems demand ever more details from Republicans with the apparent goal of beating them to death with whatever proposal they make.  The only specific Democratic answer to the deficit is taxing the “rich” and punishing oil companies over “tax breaks”.  Apparently, less production resulting in reduced supply, higher core costs, more reliance on foreign sources and the predictable pass through of additional costs to consumers resulting in a further reduction of discretionary income will somehow put us on the road to economic recovery.

Tax breaks for carbon based producers that could produce in the short term…..BAD.  Tax breaks for “green” energy sources that are 20 years away…..GOOD! 

Oops!  Environmental lobbies don’t want the transmission lines from the windmills in the Mid West built to deliver wind energy to the grid???  Why are we building windmills, decorative effect; artificial support for GE who paid $0.00 taxes?  Logical disconnect?

What are the “tax breaks”?  Are they the standard depreciation and amortization write offs based on capital spending that applies to all businesses?  According to Professor of economics and finance at the University of Michigan Mark Perry there are no unique tax breaks for the oil and gas industry.  In point of fact the average of federal taxes as a share of income for the S&P industrials is 26.5% of income; for the oil and gas industry 41.4%.  By the way the 41.4% does not include: royalties, excise taxes, state taxes, foreign taxes and other transfer taxes.

The same folks who passed a meaningless provision allowing small business to accelerate depreciation want it taken away from the folks that rely on massive capital spending that lawfully results in significant depreciation write offs.      

When gas prices spike; can a press conference announcing an investigation be far away?  This tactic goes back to President Clinton.  So far, no joy, for investigators; nothing turned up, no illegalities, no inappropriate behaviors. No matter, at least it sounds like someone is doing something despite the President’s statement that little could be done in the short term regarding gas prices.  Attorney General Holder apparently missed the memo.  Oh well, it sounds good on the network evening news.  Damn the facts; ready, shoot, aim.

Creating and saving job is important to everyone; correct?  Hang on Bucko, maybe not.  Under questioning by Rep. Cory Gardner EPA Assistant Administrator Mathy Stanislaus admitted that a major economic analysis of new coal ash regulations did not take into consideration the impact on jobs despite a Presidential Executive Order (#13563) directing that job creation be a part of that analysis and a point of sensitivity.

  • D.D.Mao

    Since Exxon-Mobil is the favorite whipping boy of the MSM and the left lets use them as an example.Over the past 5 years Exxon-Mobil incurred a total UNITED STATES TAX EXPENSE OF ALMOST $59 BILLION WHICH IS $18 BILLION MORE THAN THEY EARNED FROM THEIR U.S.OPERATIONS DURING THAT SAME TIME.EXXON-MOBIL’S U.S. TAX EXPENSES FOR 2010 ALONE WAS $9.8 BILLION WHILE THE U.S. EARNINGS WERE $7.5 BILLION. Yet Senate Majority Leader Harry Reid wants to have a vote on his “Close Big Oil Tax Loophole Act”(S.940)which would hurt the American consumer,put energy jobs at risk,reduce the industries contribution to Amerias economic recovery and benefit foreign competitors.These same “tax breaks” (known deceivingly as subsidies)are the same ones given under the Manufacture Act(section 199 tax code)and also benefits Starbucks and G.E. So Mr.Reid and the rest of Congress can enjoy their $4.00 latte and piss and moan about $4.00 gas prices while the countries economy sinks further.

    Each time they set up a “Select Congressional Committee” to investigate gouging and find nothing.THE ONLY GOUGING BEING DONE IS BY CONGRESS RAISING GAS TAXES.

  • Bill Hedges

    I’ve listen to liberal who say tax cut for rich cost government money. Then they point to the National debt. Being a nice guy, I point to the increased revenue, using CBO numbers. I general ask for proof that increasing taxes for rich, increaseS revenue. So far, no takers by liberals to prove added revenue. How can liberals have beliefs they can not substantiate ? Is it a gene mutation ?

    When running for Presidency, barry was asked about history of raising tax on rich and losing government revenue by doing so. AND I LOVE HIS LIBERAL ANSWER.

    HE WANTS TO RAISE TAXES EVEN IF IT LOSES REVENUE___FOR FAIRNESS___ GOT TO WATCH THIS VIDEO. Coming from his own lips:

    “ Obama: Raise Taxes, Capital Gains – “For Purposes of Fairness”

    http://www.youtube.com/watch?v=WpSDBu35K-8

    This guy was elected head of our Country !!!!!!! Good Lord HELP US. But then, barry got the Nobel Peace Prize for doing nothing.

    Look, budget was due by Oct. 2010. Democrat controlled government didn’t even try to do budget by then. When barry finally came up with one , CBO said would add nearly $$$ 10 trillion more in debt over the years. Of course barry’s BLUE RIBBON GROUP suggestions to lower debt is ignored by barry’s 2011 budget proposal. barry’s budget is laughed out of D.C.. By everyone as far as I know.

    Natural, Republicans are against middle class & for big, bad wolf. Yes, the rich & big business.
    Democrats want to know, WHY HASN’T THE REPUBLICAN CONTROLLED HOUSE NOT SOLVLED OUR PROBLEMS. They say, Republicans are all T A L K…

    We took control of House in January, 2011, least they forget…

  • D.D.Mao

    Bill:

    Hope all is well there in Missouri.Our thoughts and prayers are with you and your family.
    D.D.M.

  • Bill Hedges

    Happened very short distance from me. Spitting distance. 106 dead I heard on Glenn Beck. Going up. He is showing videos and spending some time on it. They say there can be more. Hear thunder now.

    We are in Tornado Ally. If tornado looks like it isn’t moving, RUN for the hills. Local area folks are in Joplin delivering help. Too much damage to help all quickly. They say town divided into half. Hit downtown bad. This is worst disaster I recall around this park of the Ozarks. Joplin is about 49,000 people.

    Thanks for the concern…