President Obama Was Being a Dick

Not that one should say so on TV – it’s terribly crude!  But in his speech on Wednesday, Obama was being a dick:

In a bit of class jujitsu, the president six times mentioned eliminating a tax loophole for corporate jets, frequently pitting it against student loans or food safety. It’s a potent image, but in the context of a $4 trillion goal, it is essentially meaningless.  The item is so small the White House could not even provide an estimate of the revenue that would be raised, but other estimates suggest it would amount to $3 billion over 10 years.

Meanwhile, student financial assistance, just for 2011, is about $42 billion. So the corporate jet loophole — which involves the fact that such assets can be depreciated over five years, rather than the seven for commercial jets — just is not going to raise a lot of money. It certainly wouldn’t save many student loans.

Going after hedge fund managers might raise about $15 billion over 10 years, but in a different life The Fact Checker covered Wall Street and is pretty certain those financial wizards would figure out a way to avoid this tax shift. John Carney of CNBC actually outlined how that would work.

Eliminating oil and gas preferences would raise $44 billion over 10 years, according to administration figures (table S-8), so that begins to look like real money. But the real dollars are in what the president calls “tax breaks for millionaires and billionaires” — eliminating the ability of people making more than $250,000 to itemize their deductions. That proposal would raise $290 billion over 10 years.

Now hold on, Conservative Werewolf – President Obama wasn’t being a dick!  He was just being stupid!

Orly:

Wait a minute, the president said he would target “millionaires and billionaires” and yet the fine print of his proposal would affect couples making more than $250,000 (and individuals making more than $200,000)? That’s right.

So many more missing facts over at Wapo.

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