Ace of Spades HQ

April 15, 2012

Economic Illiterate Claims Taxing Job Creators Will Lead to Economic Growth
— Gabriel Malor

The President used his weekly address to continue to push for the Buffett Rule, and he gave a brand new spin for it. Remember, first it was for deficit reduction. The CBO put that little lie to rest. Then it was for "fairness," but swing independents weren't buying it. Now, the justification for raising taxes is to promote economic growth.

"As many Americans rush to file their taxes this weekend, itÂ’s worth pointing out that weÂ’ve got a tax system that doesnÂ’t always uphold the principle of everyone doing their part," Obama said in the address posted online Saturday.
"This is not just about fairness, this is also about growth,Â” he added. Â“ItÂ’s about being able to make the investments we need to strengthen our economy and create jobs. And itÂ’s about whether we as a country are willing to pay for those investments.

Anyone who believes that the federal government is going to boost growth by taking money from successful people and giving it to Solyndra-like boondoggles is an utter fool. Democrats just eat this horsepoop up by the shovelful and it doesn't make any sense, whatsoever.

The whole foundation of the Buffett Rule is that the capital gains tax rate is less than the income tax rate that a mythical secretary pays. In other words, Obama intends to tax investors only to turn around and use the money to invest in his own pet projects. It's a classic Democratic wealth redistribution scheme and nothing to do with promoting economic growth.

The Senate is expected to vote on the Buffett Rule legislation on Monday.

Posted by: Gabriel Malor at 08:52 AM | Comments (91)
Post contains 287 words, total size 2 kb.

1 The man is a menace. And a SCoaMF.

Posted by: AnonymousDrivel at April 15, 2012 08:54 AM (eHIJJ)

2 Barack Obama is a Stuttering Clusterfuck of an Economic Illiterate?

Posted by: garrett at April 15, 2012 08:56 AM (fSusx)

3 Reparations through Wealth Redistribution

Posted by: The Obama Doctrine on Economics at April 15, 2012 08:58 AM (fSusx)

4 I tried to watch turboTax Timmy on Meat the Press (god I hate that guy) but his lies about a "recovery" were so overt that I just could not take it anymore. The main message I got was, "Bush's fault" and, "The reason we have a such a large deficit is because no other president in history has been brave enough to make the hard political decision to take all of your money away from you."

Posted by: Daybrother at April 15, 2012 08:58 AM (WCuHB)

5 OT but related: I watched Atlas Shrugged on Netflix yesterday and it thought it was very good. What made it stand out so was that you simply could not imagine anything like that EVER coming out of HWood.

It made me feel a little guilty for not seeing it in a theater, but I almost never go there anymore. It isn't worth the money and aggravation.

I hope that they make the second half.

Posted by: pep at April 15, 2012 08:58 AM (6TB1Z)

6 Liars lie. What is truly bad here is this is such an incredibly bad lie. What's I find even more infuriating is the MFM is letting him get away with this really stupid lie.

Posted by: Vic at April 15, 2012 08:59 AM (YdQQY)

7 Just like how regulations is a job creator.

And unemployment checks are economic stimulus.

Posted by: soothie at April 15, 2012 09:00 AM (rSBCZ)

8 The Senate is expected to vote on the Buffett Rule legislation on Monday.
-----------------------

I thought they had voted on this once before and it got shot down????

Posted by: Vic at April 15, 2012 09:01 AM (YdQQY)

9 I watched Atlas Shrugged on Netflix yesterday and it thought it was very good. What made it stand out so was that you simply could not imagine anything like that EVER coming out of HWood.
-----------------------------

It wasn't made or financed by the normal Hollywood crowd which is why we have to wait for the second half.

Posted by: Vic at April 15, 2012 09:02 AM (YdQQY)

...right now I'm reading 'Banana Republics for Dummies'.

I can't believe how much of this stuff I already know.

Posted by: Barack Obama at April 15, 2012 09:02 AM (fSusx)

11 The problem is the "many Americans ... pay taxes" part. It should read "all Americans ... pay taxes". Fix that sentence and reality, and we fix the problem a little.

Posted by: And Irresolute at April 15, 2012 09:02 AM (RC3M9)

12 8 Just like how regulations is a job creator.

And unemployment checks are economic stimulus.

And "free" healthcare will allow artists to stay home and not work to create because they won't have to worry about having a job to get health benefits...

Posted by: the pink cracker formerly known as the hobbit Donna at April 15, 2012 09:02 AM (ZHge+)

13 Gee... What's gonna happen to the muni market if this retarded piece of Huey Long BS is passed? Investor "A" has a ton of money invested, therefore his muni interest is not deductible whereas sainted middle class investor has tax free income there?

Sounds fair to me, and I'm sure whale investors in muni's will stick around for this part. SCOAMF indeed.

Posted by: Luke Duke at April 15, 2012 09:03 AM (bGmly)

14 oops. wrong thread.

Posted by: Barack Obama at April 15, 2012 09:03 AM (fSusx)

15 Pep,

It didn't come out of Hollywood. The guy financing it is not a "Hollywood" guy. He did it because he has the coin and loves the book. He has given the green light for part 2 and it should be in theaters this fall.

Posted by: MrCaniac at April 15, 2012 09:03 AM (1grxW)

16
Part of it is the GOP's fault for allowing Obama to getting away with saying "investments."

Posted by: soothie at April 15, 2012 09:03 AM (rSBCZ)

17 Governments are smart! Not like everybody says.

Posted by: Stuttering Clusterfuck of an Economic Retard at April 15, 2012 09:04 AM (ZhnHf)

18 It wasn't made or financed by the normal Hollywood crowd which is why we have to wait for the second half.

IIRC, the producer was not at all sure that he would make the second half. The first didn't make enough money.

Posted by: pep at April 15, 2012 09:04 AM (6TB1Z)

19 ~~Economic~~ Illiterate Claims Taxing Job Creators Will Lead to Economic Growth

It's not just economics.

Posted by: ThePrimordialOrderedPair at April 15, 2012 09:04 AM (X3lox)

20 He has given the green light for part 2 and it should be in theaters this fall.

Great!

Posted by: pep at April 15, 2012 09:05 AM (6TB1Z)

21 IIRC, the producer was not at all sure that he would make the second half. The first didn't make enough money.

Posted by: pep at April 15, 2012 01:04 PM (6TB1Z)

------------------

He was looking to "break even" on the first one and use that to finance the second. I think he broke even. Remember, this isn't the normal Hollywood crowd so they didn't use the Hollywood accounting system.

Posted by: Vic at April 15, 2012 09:06 AM (YdQQY)

22 I'sa still up in your bankz, forcin' thems to make bad lonz!

Posted by: LOLObama at April 15, 2012 09:06 AM (fSusx)

23 Has anyone noticed that the President is full of shit?

Posted by: Libra at April 15, 2012 09:08 AM (kd8U8)

24 Whenever he and the other commies talk like this, including "spending reductions in the tax code," I can't help but thinking that 1984 is their play book as well as our nightmare.

Posted by: Truman North from the iPad at April 15, 2012 09:08 AM (I2LwF)

25 13 & 8 And I still haven't received my skittles crapping unicorn yet. The hobbit Donna - I love that handle.

Posted by: teej at April 15, 2012 09:09 AM (d+1xu)

26 Redistributing wealth from the middle class to rich socialists. How very european.

Posted by: Hydrocarbon Liberation Front at April 15, 2012 09:10 AM (NVu2l)

27
Most of you heard about the $305K bush re-location, ya? Glenn Beck talked about it Friday.

That's what we're "investing" in.

Posted by: soothie at April 15, 2012 09:11 AM (rSBCZ)

28 This capital gains tax, colored as an income tax, would be a disaster. And I do not believe Obama cares. Not in the least. He wishes it upon the country.

Posted by: pat at April 15, 2012 09:12 AM (UFxap)

29
Â“He has been an unmitigated disaster to the country,Â” Says the War Cock.

Posted by: sTevo at April 15, 2012 09:12 AM (VMcEw)

30 Again, you seem to miss the fact that I am here to destroy, not create. Am I beating you insufficiently hard?

Posted by: #OccupyResoluteDesk at April 15, 2012 09:14 AM (+nCNS)

31 Maybe we should let the prostitute;s who serve in the senate take care of our Secret Service, and follow them like the hookers do in Korean Army.

Posted by: Old Blue Eyes at April 15, 2012 09:14 AM (BhxjG)

32
I won the free contraception fight and in my second term I vow to provide free boob jobs to every girl who manages to graduate from high school.

Posted by: Baracaus Obamacus at April 15, 2012 09:14 AM (gppu7)

33 Can we stop treating these people like they have legitimate economic opinions and start laughing at them now?

Posted by: Drew in MO at April 15, 2012 09:14 AM (KeFbr)

34 Our city council is just like the SCOAMF. About 10 years ago they decided that our city needed to have a competitor to my business come into town, so they gave the big national competitor all kinds of coin to come to town. In order to give this company the coin, the coin had to come from somewhere, and that somewhere was me. They raised taxes on my product to 33% from 5%. Needless to say, we told the city we couldn't remain in business with those taxes, their response was "FU, we can get another to take your place". Fine, a couple of years we closed shop, another year later the big competitor closed shop, and the new competitor that was brought in to take our place went out of business. Now the city doesn't have anyone in our line of business, and no one wants to give it a try.

These asswipes don't understand that taxes kill businesses, and they always talk about the 40's and 50's when our tax rate was much higher and the economy boomed. There is a reason for that. That reason was because we were the only manufacturer in the world that didn't have their factories destroyed by WW2.

Posted by: MrCaniac at April 15, 2012 09:15 AM (1grxW)

35 Â“He has been an unmitigated disaster to the country,Â” Says the War Cock. On the contrary, sTevo: I'm doing precisely what I set out to do. Mwahahahaha.

Posted by: #OccupyResoluteDesk at April 15, 2012 09:15 AM (+nCNS)

36
It's always a great economic strategy to take resources away from the successful, who are currently creating value and jobs, and give them to long shots who might someday, just maybe, create value and jobs.

Posted by: geoff at April 15, 2012 09:16 AM (9d1lc)

37 Speaking of redistribution...we currently redistribute our homes to the foreign investors at pennies on the dollar,,,U can thank "Barney F for that"

Posted by: Old Blue Eyes at April 15, 2012 09:16 AM (BhxjG)

38 5 OT but related: I watched Atlas Shrugged on Netflix yesterday and it thought it was very good. What made it stand out so was that you simply could not imagine anything like that EVER coming out of HWood. ------------ I watched this last week on Netflix. This was a very difficult movie to get funded and support. I'm not sure I would say Hollywood was behind it all. And, it only opened in limited theaters. I thought it was good. So simplified from the depth and breadth of the book, but that was the way to get the main points hammered out. IMDB has a Part 2 entry in its database - but it says "Either-Or 2012" for release date... I hope it comes out this year, too. Probably short on funding.

Posted by: Sunday morning oddities at April 15, 2012 09:17 AM (HOOye)

39 17
Part of it is the GOP's fault for allowing Obama to getting away with saying "investments."

Posted by: soothie at April 15, 2012 01:03 PM (rSBCZ)

Not the GOP's fault. It is part of the MSM's Stylebook.

Related story, about 10 years ago a local newscaster was talking about some federal grant to build some project and at the end of the story he added this little bon mot, "and no tax dollars were used in the project". That's right, a federal grant is not tax dollars to the MSM. All federal money is just "Obama Stash".

Posted by: MrCaniac at April 15, 2012 09:19 AM (1grxW)

40 These asswipes don't understand that taxes kill businesses, and they always talk about the 40's and 50's when our tax rate was much higher and the economy boomed
---------------------

The economy was not "booming" in the 40s and 50s. The 40s was all government military spending. The 50s had a small surge from pent up demand after WWII but it wasn't booming.

The economy really did not boom until JFK cut the confiscatory FDR tax rates.

Posted by: Vic at April 15, 2012 09:20 AM (YdQQY)

because its in my nature...

Posted by: Barrak 'the Scorpion' Obama at April 15, 2012 09:20 AM (lZBBB)

42
Reagan: Trickle Down Economics

Obama: Bottom-Up Economics

Obama's policies would work in a world where welfare recipients met a payroll and signed paychecks.

Posted by: soothie at April 15, 2012 09:20 AM (rSBCZ)

43 Numbskull.

Posted by: huerfano at April 15, 2012 09:20 AM (bAGA/)

44 If this abysmally incompetent, hectoring nincompoop gets re-elected by spouting this crap, then we are all doomed because it will mean that idiocy has reached a critical mass from which there is no recovery.

Posted by: natasha at April 15, 2012 09:20 AM (pyYXJ)

45
But here in this universe, the affluent are the ones who meet payroll and have their signatures on paychecks.

Posted by: soothie at April 15, 2012 09:21 AM (rSBCZ)

46 I stand by my original Tea Party sign: Obama is an economic terrorist

Posted by: Justamom at April 15, 2012 09:21 AM (Sptt8)

47 ace has posted a gaming thread for you gamers.

Posted by: Vic at April 15, 2012 09:22 AM (YdQQY)

48 Way O/T: I just heard this, pre the Miami/NY game. I thought it rocked. Female singing Zepp, works for me. excerpt: "Robert Plant has so little interest in performing Led Zeppelin songs again, he told a reporter that being repeatedly asked when the classic rock legends are going to reunite is a "pain in the pisser." So now the task of singing "Black Dog" has fallen upon... Pussycat Doll Nicole Scherzinger. In a new promo commercial for the NBA Playoffs on ESPN ..." Video at link: http://tinyurl.com/7osu55n Listen. It's fun.

Posted by: In my minds eye, Pluto is still a planet. at April 15, 2012 09:22 AM (HOOye)

49 Leftists are evil.

Posted by: Lee Reynolds at April 15, 2012 09:23 AM (rJMw2)

50
The economy was not "booming" in the 40s and 50s. The 40s was all government military spending. The 50s had a small surge from pent up demand after WWII but it wasn't booming.

The economy really did not boom until JFK cut the confiscatory FDR tax rates.

Posted by: Vic at April 15, 2012 01:20 PM (YdQQY)

You are right, and the point I was making was that the libs say that the economy and manufacturing was booming. I get hamfisted trying to channels liberal thinking because I always have to contradict myself to do it.

Posted by: MrCaniac at April 15, 2012 09:25 AM (1grxW)

51 We need Stuxnet to infiltrate the TOTUS. From now until November. Subliminal and not so subliminal messages to the masses.

Posted by: On topic at April 15, 2012 09:26 AM (HOOye)

52 not was booming, were booming

Posted by: MrCaniac at April 15, 2012 09:26 AM (1grxW)

53 The administration practices the following.. Bottom up..Translates .Bend over spread your cheecks Top down ..Translates Suck on this on your knees. Inside out.Translates ..We gutting you US so like it... Just an observationfrom afar

Posted by: Old Blue Eyes at April 15, 2012 09:27 AM (BhxjG)

54 I'm writing a book about my WH experience. Oddly HBO has no interest in making it into a movie.

Posted by: Jay Carney at April 15, 2012 09:27 AM (c3mby)

55 Â“ItÂ’s about being able to make the investments we need to strengthen our economy and create jobs. And itÂ’s about whether we as a country are willing to pay for those investments.

wow, well the only 'long term' jobs Obama seems to create are for govt workers paid for by the rest of us, how many new govt workers now? The rest are graft for votes. New jobs created? what a farce , employers running elsewher or shutting down business's because they have NO idea what is coming next. Thanks Obama!
I hope the population sees this for what it is , an opportunistic legal heist , coerced by the hand of our exhalted leaders..and whom commands the irs.. , but overt attempts to steal others stuff seems to be in vogue at this point. and a large part of the population smiles and bounces around in glee hoping for their free stuff.
i hope He Fails!

Posted by: willow at April 15, 2012 09:28 AM (TomZ9)

56 34 Can we stop treating these people like they have legitimate economic opinions and start laughing at them now? Posted by: Drew in MO at April 15, 2012 01:14 PM (KeFbr) ------------- That is why we are here. As in here. Oh, and sometimes over at Weasel Zippers, and Iowahawk, etc ;-) And, yes, even Mark Levin: he can be funny as all get out - at times. I love Rush's comment the other day: "If I had a daughter, she would look like Ann Romney." Brilliant.

Posted by: On topic at April 15, 2012 09:33 AM (HOOye)

57
If I had a President he would not be Obama.

Posted by: irongrampa@aol.com at April 15, 2012 09:36 AM (SAMxH)

The last computer game I played was Counterstrike. Get off my lawn.

Posted by: Hydrocarbon Liberation Front at April 15, 2012 09:37 AM (NVu2l)

59 Oops.

Posted by: Hydrocarbon Liberation Front at April 15, 2012 09:37 AM (NVu2l)

60 i want to know if He can sell this to America again?

will those that have been unemployed for months buy it? have they put two and two together when their friends lose their job followed by their homes? and when a job is finally obtained they make less than they did 20 years prior?
funny how they have shown themselves for what they all are, people with ideas that don't create anything but misery.Now will america again buy the lie?
dreams and spun sugared lies, don't work!

Posted by: willow at April 15, 2012 09:38 AM (TomZ9)

61 A Flood of Taxes Raises All Floating Turds

Posted by: Barack Obama's Economic Aphorisms at April 15, 2012 09:41 AM (fSusx)

62 56 I'm writing a book about my WH experience. Oddly HBO has no interest in making it into a movie. Posted by: Jay Carney at April 15, 2012 01:27 PM (c3mby) ------------- I dunno. Spartacus comes close (sans the hot muscular war fighting machines). It's got the sexual transgressions (as hideous as they can come up, so far), foul language, manipulation, deceit, and foul play. It's got the serfs or pawns versus the royalty/elite. The violence (SEIU; Black Panthers). And, it's definitely got the STD's.

Posted by: On topic at April 15, 2012 09:43 AM (HOOye)

63 Fred Barnes on the Buffet Drool. http://tinyurl.com/6vvnuu3

Posted by: Wonkish Rogue at April 15, 2012 09:48 AM (JRU+g)

64 Let me tell you, after a long day of looting and pillaging, there is no greater city than Gomorrah... except maybe Sodom.

Posted by: Barry the Scorpion King OFailure at April 15, 2012 09:50 AM (JRU+g)

65 Hey Timmy - Tuesday is tax day! Get 'Eric done, dude.

Posted by: Alabama Mike at April 15, 2012 09:53 AM (Id+yE)

I strongly disagree with your assertion that it won't lead to growth.

BHO's idea is to shovel a lot of SHIT. Being that this is April and spring and flowers are starting to sprout..... SHIT is needed as fertilizer to aid in the GROWTH!!!

Come on now: Anybody can see that.

Posted by: john b at April 15, 2012 09:54 AM (oP28X)

67 "Economic Illiterate"? I prefer the term "Sinister Economic Imbecile"

Posted by: Jimbo at April 15, 2012 09:56 AM (O3R/2)

68 Feature not bug for 0bama.

Posted by: jukin at April 15, 2012 10:09 AM (5oKRH)

69 Capital gains in the US are taxed at a lower rate (15%) than income taxes because the cap gains are double-taxed: Profits are taxed first as corporate income and then taxed again as capital gains.

The US has one of the highest corporate tax rates in the world (35%). Add in the US corp tax rate and throw in state and local taxes and the actual effective tax rate is well over 50%.

If the 15% cap gains rate is 'unfair' then drop the US corp tax rate to compensate. It would make the US way more competitive abroad and end the practice of companies keeping profits offshore.

Posted by: Huusker at April 15, 2012 10:09 AM (+GTBC)

70 Nobody ever started a business to pay higher taxes.

Posted by: jukin at April 15, 2012 10:16 AM (5oKRH)

71 I doubt the Buffett Rule will get 8 votes. Its meaningless and bitter envy based crap.

Posted by: Christopher Taylor at April 15, 2012 10:16 AM (r4wIV)

72 "And itÂ’s about whether we as a country are willing to pay for those MY investments."

No, no we are not.

Posted by: JustMe at April 15, 2012 10:16 AM (Rs9j+)

73 Nice site Mr. O'Spades.
My nephew just showed me your site this weekend.

I highly reccomend "Blind Mans Bluff" (by Sontag, Drew & Drew) about the formerly untold exploits of the US Navy submariners for the US Intelligence Community.

I would also be in serious neglect not to mention "The Ship That Would Not Die" by ADM Julian Becton about the USS Laffey (DD-724) the first ship that I served on.

God Bless

Posted by: Proud Navy Vet (Ret) at April 15, 2012 10:16 AM (sJKFk)

74 The wealthy, very wealthy, and ultra wealthy will simpy move their vats of gold coins from their basements to somewhere overseas. Capital flows to areas of lesser resistance and waste (excessive taxes).

Posted by: Count de Monet at April 15, 2012 10:17 AM (4q5tP)

75 Obama has his true beliefs & objectives ... then there is the Axelrod poll driven talking points he has to say to try and justify + obfuscate what he says. When those things merge in mid-speech the absurdity of it all becomes evident for all to see.

Posted by: Steven W. at April 15, 2012 10:18 AM (oEGG0)

76 Let's call it the "Kill The Goose That Laid The Gollden Egg" Rule.

Posted by: CMU VET at April 15, 2012 10:23 AM (p7ZkL)

77 There comes a time when I have made enough money.

Posted by: "pain in thr pisser" plant at April 15, 2012 10:25 AM (H3IR2)

78 Has anyone noticed that the President is full of shit?

Yes, we have, since about 2007.

And why doesn't the strikethrough work?

Posted by: JustMe at April 15, 2012 10:28 AM (Rs9j+)

79 ~~strikethrough~~ works.

Posted by: Jimbo at April 15, 2012 10:36 AM (O3R/2)

80 Use square brackets .

Posted by: Jimbo at April 15, 2012 10:37 AM (O3R/2)

Rock and Roll? Blackdog?

so yesterday.

Posted by: "pain in the pisser" plant at April 15, 2012 10:42 AM (H3IR2)

82 So let me get this straight: you take the money from people that are successful and then give it to people that have nearly a 100% failure rate on everything that they do in recent history, the Government? Yeah, that sounds like a plan!

Posted by: Rob in Katy at April 15, 2012 11:52 AM (PiTBB)

83 This Robin Hood shit has to stop

Posted by: izoneguy at April 15, 2012 12:28 PM (hbRed)

84 As many Americans rush to file their taxes this weekend, itÂ’s worth pointing out that weÂ’ve got a tax system that doesnÂ’t always uphold the principle of everyone doing their part," Obama said in the address posted online Saturday.

Damn straight. Why are people getting big fat tax return checks when they either pay nothing or very little in income tax? Fuck that, only give them back what they've paid into the system and while your at it get rid of earned income credit. You didn't pay it, you don't get it back. OMG - OBAMA MUST GO!!!!!

Posted by: Theresa, MSgt (Ret) at April 15, 2012 12:42 PM (D1vrL)

As long as we're talking the Buffett Rule crapola (pay off this year's Bamster deficit in 514 years at $3 billion a year collected by the Buffett Rule)---let's talk about the difference between the tax rates paid by The Bamster--and his secretary.

Apparently The Bamster's secretary was paid $90 K in either 2009 or 2010--the latest year where they have a salary figure for her. She paid taxes at a higher percentage rate that year than did The Won.

Apparently this Buffett Rule Bandini is for everybody except The Won and Warren Buffett.

Posted by: Comanche Voter at April 15, 2012 12:44 PM (6USwK)

86 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at April 15, 2012 01:33 PM (7W3wI)

87 The BALLS on these Guys!

Posted by: toby928 at April 15, 2012 02:00 PM (GTbGH)

88 The joke of the day is what obama had to say. "Just reelect me and I'll solve the immigration in my first year, of my second year or something..

Posted by: Buffalobob at April 15, 2012 03:09 PM (qiFDD)

89 Its funny watching his lips move without saying anything. I mean really, I think we have an animatronic pResident because not a thing out of his mouth is intelligible. Or maybe we are living in BIZARRO world,,WOOOOOO.

Posted by: Rich K at April 15, 2012 03:27 PM (X4l3T)

90 It matters not how much they take in taxes or from whom....they will still spend $1.4/trillion (50%) more than they take in. Fuck 'em.

Posted by: torabora at April 15, 2012 03:40 PM (PevdC)

91 ~~word~~

Posted by: Michelle Obama at April 18, 2012 08:33 AM (tfw18)

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