Obama Showers Corporate Fat Cats with Taxpayer Green

by Henry Payne

President Obama went to class war on Wednesday, calling budget talks as a clash between children and tax breaks for the wealthy. “Ask Republican constituents if they’re willing to compromise their kids’ safety so some corporate jet owner continues to get a tax break,” said the demagogue-in-chief.

But Chevy Volt-owner and Democratic Senator Carl Levin won’t be giving up his sweet tax break.

Indeed, Obama and Washington Democrats have handed out an unprecedented basket of tax breaks and taxpayer subsidies to politically connected fat cats since 2009 in the name of greening the planet. The $7,500 welfare that Levin — who makes $165 grand a year – got for buying a luxury, $41,000 Chevy Colt this spring is just the tip of the iceberg.

“Deficit hawk” Obama won’t be ending the gravy train of federal dollars for jet-setting millionaires like Elon Musk, either. Companies like Musk’s Tesla, GM, and South Korea’s LGChem have helped themselves to over $100 billion of what Obama has doled out to green firms to make the products he prefers.

Musk’s jet tax break is pocket change compared with the sacks of taxpayer cash Obama has shoved his way. Obama’s Energy Deptartment handed the Silicon Valley mogul $456 million in low-cost federal loans last year.

And while Washington frowned on Big Three execs’ traveling to DC on corporate jets to grovel for loans, Musk flew to DC twelve times aboard his corporate jet (travel cost: $175,000 a year) to lobby for his loot. 

The federal loan was made to finance production of Tesla’s $60,000 electric Model S sedan.

So much for deficit reduction. And the good news for wealthy buyers like Senator Levin? He can claim another $7,500 tax break when he trades up his Volt for a Model S.

It’s for the children.