Archive for taxes

President Obama Was Being a Dick

Posted in Uncategorized with tags , on June 30, 2011 by conservativewerewolf

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.

Advertisements

Human Singer Adele Howls Over Taxes

Posted in Uncategorized with tags , , , , , on June 27, 2011 by conservativewerewolf

In National Review Online:

At only 23 and worth a rumored £6 million, the chanteuse could be forgiven her harsh words. Careening from award to award — her latest album, 21, became the first in 2011 to sell 2 million copies last week and tops the charts in 15 countries — she hasn’t had time to learn the diva deal that the political Left affords stars: Make your music, but don’t have any politics but ours. And predictably, the Guardian’s Rob Fitzpatrick attacked her for her heresy and joined in the cacophony on Twitter by calling her “as greedy as the most moat-friendly port-stained Tory grandee.”

But Adele, born to a single teenage mum in working-class London, neither looks nor acts the part of Scrooge and spends her days hanging out with her mates and drinking cider in the afternoon. She won’t give up smoking, though it could end her singing career. And she’s far more generous than the cradle-to-grave welfare state she’s supposed to love. She dotes upon her mother and has endowed trust funds for her cousins who are “young mums.” Indeed, Adele aspires not to sing forever, but to motherhood: “I feel like I’m here to be a mum. I wanna look after someone and be looked after, give my all to someone in marriage and have a big family, have a proper purpose.”

By off-handedly criticizing the implicit purpose of Leviathan — higher and higher taxes with little to show for it — Adele is a danger to the public-sector spendthrifts. If you lose the glitterati, the jig is up. No less than Oprah, the doyenne of celebrity, confessed to Piers Morgan in January that she finds filing taxes painful. Her accountants bring her the forms — and her tequila. Not surprisingly, Oprah, who backed Obama in 2008, has declined to endorse him for 2012.

She takes care of her family and plans ahead for her pups.  Rock on, Adele.