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.
Does not paying taxes count as a tax break? Nevermind, I'll just run that by Senator McCaskill.
Wonder how long this corporate jet line is gonna last, it's really dumb, in a non-partisan conclusion. So corporate and big 'whatever' are going to be put in all phrases. Do they really think this stuff sounds good? Or do they get some survey approval from the insular New York herd?
Reply to this commentLinkReport Abuse$70 billion/year from letting the Bush tax cuts expire for the $250K/year households, $4 billion/year from repealing the oil industry's tax "subsidies," and now $300 million/year from changing depreciation schedules for corporate jets, and voila!, our $1,500 billion/year deficit is erased, with no need for any spending cuts whatsoever! I love Liberal Math!
Reply to this commentLinkReport AbuseThe only thing better than Liberal Math is Liberal Civics.
January 2009 - January 2011: Dems control House, Senate and WH, but somehow can't raise taxes on "millionaires and billionaires" or eliminate the hated Oil Depletion Allowance?
I guess being a Guest Lecturer on Constitutional Law doesn't prepare one for the confusing political process of DC.
Better if Barry had watched School House Rock's "I'm Just a Bill".
Reply to this commentLinkReport AbuseThose are not subsidies, they are 'investments' to ensure that we 'Win the Future'!
The Great Destroyer of the America is only destroying her because the Founding Fathers were sexist, racist capitalist pigs and America is a country of ill-gotten gains. All will be well when America is re-made into an Alinksy wonderland.
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