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.
“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.
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.