Obama’s Corporate Tax Increase

RUSH: Jan in Jackson, Michigan, welcome to the EIB Network. Hello.

CALLER: Hi. Hi, Rush.

RUSH: Hi.

CALLER: I was wondering, yesterday I heard on the news about this Obama administration going after some of these offshore accounts.

RUSH: Yes, ma’am.

CALLER: I’m wondering if you could shed some light on that. He’s going after businesses and individuals. Could you expand on that?

RUSH: Very simple. It’s very, very simple. You don’t even need to understand the details. You need to understand how Obama looks at businesses and individuals in this country. They exist to fund the government and any opportunity that anybody takes, even within the law, to limit their tax liability, he’s going to find ’em and he’s gonna change it. He refers to offshore tax havens and loopholes. These are not havens and loopholes. They are laws. There’s a reason that some companies do business overseas. Labor is cheaper, their market is over there, or what have you. Here’s what you have to understand, all this is, Jan, and it’s delivered, by the way, in the kind of language that’s designed to please the little guy. These people, these companies are cheating America. They’re avoiding their taxes. The United States has the second highest corporate tax rate in the civilized, westernized, industrialized world. It is standard operating procedure that when there are tax laws that you can take advantage of that you take advantage of them.

All this is is a massive tax increase and the supposed beneficiaries of all this, employees, the little guy employees, they are the ones that are going to get hurt. Liberalism’s prescriptions always hurt the people intended to be helped. What Obama should be doing and what he should have announced in January is a cut in the corporate tax rate and a suspension of the capital gains rate. This would have incentivized all kinds of investment and purchase of stock, equities, assets, in American businesses. It would have given them more capital to expand and higher. But that’s not his objective. His objective is to control as much of it as possible. He wants to return the nation’s wealth to its rightful owners and American corporations have way too much of America’s wealth and they’ve come by it by cheating people and fleecing people and Obama’s going to get even with them. This is going to cause employment in other countries, allied countries to be lost. The Brits are already concerned about jobs lost because of this. This is just a tax increase, pure and simple, Jan, nothing more.