Obamateurism of the Day

posted at 8:05 am on February 14, 2012 by Ed Morrissey

Remember when “loopholes” were bad?  Oh, don’t strain yourself too much.  It was just three weeks ago, in the State of the Union address, that Barack Obama blamed “loopholes” for America’s deficit problem:

When it comes to the deficit, we’ve already agreed to more than $2 trillion in cuts and savings.  But we need to do more, and that means making choices.  Right now, we’re poised to spend nearly $1 trillion more on what was supposed to be a temporary tax break for the wealthiest 2 percent of Americans.  Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households.  Right now, Warren Buffett pays a lower tax rate than his secretary.

In the fact sheet for the 2011 SOTU, the White House blames “loopholes” three times:

President Obama is calling to reform our corporate tax system, eliminating loopholes and lowering the corporate rate without adding to the deficit. … Over decades, the corporate tax code has been filled by deductions and loopholes that benefit narrow interests and erode our tax base and requires us to have one of the highest corporate tax rates in the world.  … That is why the President is calling for a fundamental reform of the corporate tax system to close loopholes and use the savings to pass the first reduction in the corporate tax rate in 25 years, without adding a dime to the deficit.

That was then, but this is now, reports Veronique de Rugy at The Corner:

Remember in the president’s State of the Union address how the line “no more bailouts, no more cop outs” was followed by proposals to do more bailouts? Well, President Obama continues this practice. His budget message derides “special-interest loopholes,” but then proceeds to provide more special-interest loopholes.

For instance, in addition to the tax credits that already exist in the budget, the president proposes 7 tax credits or cuts for families and individuals (such as an exclusion for student-loan forgiveness after 25 years of income-based or income-contingent repayment), 5 protectionist tax incentives (for expanding manufacturing and insourcing jobs, such as a new “manufacturing  communities” tax credit), and 6 tax-relief provisions or investments to create jobs and jump-start growth (including 3 new ones, such as a 10 percent tax credit for new jobs and wages, and a tax credit for energy-efficient commercial buildings).

And then there are the tax credits for medium- and heavy-duty commercial vehicles that use alternative fuels, the energy incentives, the new-market tax credit, the designated growth zones, the tax-exempt bonds for Indian tribal governments, and much more.

Silly Veronique.  Obviously, some loopholes are more equal than others.

Got an Obamateurism of the Day? If you see a foul-up by Barack Obama, e-mail it to me at obamaisms@edmorrissey.com with the quote and the link to the Obamateurism. I’ll post the best Obamateurisms on a daily basis, depending on how many I receive. Include a link to your blog, and I’ll give some link love as well. And unlike Slate, I promise to end the feature when Barack Obama leaves office.

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I suggest we close the “loophole” that allows a President and Congress to draw paychecks while we are in a deficit, ESPECIALLY if no budget has been passed.

Oh, and during this time, any money they make from investments or books, or speeches is taxed at a 110% tax rate. That’s right, 110%. Meaning their ACCUMULATED wealth is taxed too. And campaign contributions? Yep, take 100% of that too.

wildcat72 on February 14, 2012 at 8:08 AM

I’m sure our jug-eared leader was only referring to the racist and elitist loopholes, not the ones that result in “social justice” which (of course) is socialism by another name.

Happy Nomad on February 14, 2012 at 8:10 AM

You wingnuts are at it again. We need to subsidize things we want, like alternative energy use and and new job creation, and discourage things we don’t want, like gasoline or cigarette consumption, through taxation. That’s why we subsidize poverty and tax high incomes, right?

It’s all so simple, even an Identity Studies major could understand it.

trubble on February 14, 2012 at 8:12 AM

Silly Ed. They aren’t loopholes if Obama proposes them.

esr1951 on February 14, 2012 at 8:19 AM

I’m trying to understand what the professional tards are getting at, so help me here.

If I save what I consider a minimum needed for retirement, $1,000,000 (in today’s 0% interest environment, that’s just $33k per year for 30 years) I will be subjected to a special high tax rate?

That is why Democrat trash will tell the gullible that a millionaire’s tax is needed, right? Because that’s considered too much to have saved for retirement?

MNHawk on February 14, 2012 at 8:23 AM

Do as I say…..

cmsinaz on February 14, 2012 at 8:25 AM

A-hole meets loophole…

hillsoftx on February 14, 2012 at 8:29 AM

Obama understands that anyone with the intelligence to see through his contradictory rhetoric and actions isn’t really a potential supporter, so he plays to those who are too dull or willfully blind to the incongruities.

Adjoran on February 14, 2012 at 8:29 AM

Does anyone think for a minute that Jughead actually wrote or read that budget?

/Yeah, didn’t think so either.

Key West Reader on February 14, 2012 at 8:29 AM

On this I agree with Glenn Beck. This is deliberate. Obama’s attempt to transform America into a country dominated by government rather than individual liberty is based in large part on government bribes and extortions that are written into the tax code and regulatory environment: if you do what we say you are rewarded, if not you are punished. But not as an individual! No, but as a truckdriver, or a union member, or as a parent, or a woman.
This is not amateurism. This is a very professional takedown of the economic and cultural freedoms that make America the greatest country in the world.
Randy

williars on February 14, 2012 at 8:30 AM

@Happy Nomad on February 14, 2012 at 8:10 AM

Exactly correct. +50,000.

GrassMudHorsey on February 14, 2012 at 8:30 AM

Obama has found a “loophole” in the Bible were the purchaser of a forbidden item is accountable rather than the consumer.

aknews on February 14, 2012 at 8:32 AM

In order to win a re-election, Obama needs the youth vote to come out in mass, just like in ’08. He will propose forgiving all student loans and more amnesty for the Latino community some time around October. And, of course, the rich will pay for it all in his classic class warfare modus.

Rovin on February 14, 2012 at 8:32 AM

I suggest we close the “loophole” that allows a President and Congress to draw paychecks while we are in a deficit, ESPECIALLY if no budget has been passed.
(snip)

wildcat72 on February 14, 2012 at 8:08 AM

Sounds like a plan to me!
Oh, and restrict campaigning for re-election sans a budget.
Keep the animals in the D.C. Zoo, er, Congress.

~(Ä)~

Karl Magnus on February 14, 2012 at 8:35 AM

In order to win a re-election, Obama needs the youth vote to come out in mass, just like in ’08. He will propose forgiving all student loans and more amnesty for the Latino community some time around October. And, of course, the rich will pay for it all in his classic class warfare modus.

Rovin on February 14, 2012 at 8:32 AM

Let’s hope Breitbart takes him down before then. I wonder if he finally got hold of the Khalidi tapes in addition to the college footage?

Key West Reader on February 14, 2012 at 8:36 AM

We have a president? When did this happen?
I thought we had a jug-eared fool…or jester, if ye will….
That’ll teach me, I guess….

DrScottMD on February 14, 2012 at 8:57 AM

Check out today’s WSJ editorial about the budget.

Woooooooweeeeeeeeeee, I hope it goes viral, that editorial!

herm2416 on February 14, 2012 at 9:03 AM

We have a president? When did this happen?
I thought we had a jug-eared fool…or jester, if ye will….
That’ll teach me, I guess….

DrScottMD on February 14, 2012 at 8:57 AM

President Jar Jar Binks

He’s that stupid and annoying. And he has the ears.

wildcat72 on February 14, 2012 at 9:12 AM

Silly Veronique. Obviously, some loopholes are more equal than others.

well done Ed. :)
what would the dems do without some crony industries to serve(and collect donations…)

nathor on February 14, 2012 at 9:13 AM

A-hole meets loophole…

hillsoftx on February 14, 2012 at 8:29 AM

It’s mandatory for me that you spell everything out…use caps!
On the most important description pertaining to our JugEared Jacka$$… it is expected that you use /strong for the first three capitalized letters! (:>)

KOOLAID2 on February 14, 2012 at 9:13 AM

That’s why we subsidize poverty and tax high incomes, right?

trubble on February 14, 2012 at 8:12 AM

Subtle and simple but brilliant.

Fallon on February 14, 2012 at 9:23 AM

I thought Reid would like it.

tinkerthinker on February 14, 2012 at 9:31 AM

Check out today’s WSJ editorial about the budget.

Woooooooweeeeeeeeeee, I hope it goes viral, that editorial!

herm2416 on February 14, 2012 at 9:03 AM

Another deficit of $1.327 trillion in 2012, also an increase from 2011, and making four years in a row above $1.29 trillion. The last time that happened? Never.

Fallon on February 14, 2012 at 9:32 AM

I just listened to the BBC World Service radio.

They approve of Baroque. They said 50 million Americans live in abject poverty and that Baroque is going to fix this by taxing the ‘super-rich’.

When you have a socialist organization as mendacious and unaccountable as the BBC approving of Baroque’s budget, you know there is big trouble ahead.

CorporatePiggy on February 14, 2012 at 9:40 AM

The “budget” presented by King Barack the Growth Slayer, along with the rising deficit, are downright obscene.
What is “obscenity”?

Former Justice Potter Stewart of the Supreme Court of the United States, in attempting to classify what material constituted exactly “what is obscene,” infamously wrote, “I shall not today attempt further to define the kinds of material I understand to be embraced…[b]ut I know it when I see it…”
http://en.wikipedia.org/wiki/Obscenity

~(Ä)~

Karl Magnus on February 14, 2012 at 10:13 AM

What is “obscenity”?
Karl Magnus on February 14, 2012 at 10:13 AM

What is obscenity? What is hypocricy? What is spin? What is an outright lie? (ANSWERS: everything that comes out of Obama’s mouth!)

Christian Conservative on February 14, 2012 at 10:28 AM

Amateurism? Not even close. Criminally deceitful? Absolutely.

It’s time for every citizen of this nation to read Atlas Shrugged. While I am anything but a Rand acolyte, the story is playing out in today’s blog headlines like prophecy. It sure seems as if the Left has read it, and decided to follow the script as if it were their own outline for success. Those who scorned her work for being hyperbolic and unrealistic should check their premises. This, what’s being taken from us, is real.

Some folks need to go on strike before it will stop. Sadly, the folks who should be the Hank Reardons (Gates, Jobs, etc.) are more than happy to work with the Wesley Mouch types.

Freelancer on February 14, 2012 at 10:34 AM

We have a president? When did this happen?
I thought we had a jug-eared fool…or jester, if ye will….
That’ll teach me, I guess….

DrScottMD on February 14, 2012 at 8:57 AM

You were first right, We.Do.Not.Have.A.President…
or.A.Congress.or.Anyone.Who.Will.Represent.Us.

askwhatif on February 14, 2012 at 10:39 AM

When it comes to the deficit, we’ve already agreed to more than $2 trillion in cuts and savings

When did they agree to cut more than $2 trillion? This was the SOTU address so he wouldn’t have lied to us, would he?

Ditkaca on February 14, 2012 at 10:52 AM

More like a Jokehole.

Bmore on February 14, 2012 at 10:54 AM

slightly O/T, but still on the overall ‘wealth distribution’ thingy:

Wealth does not solve our ills. It is what we do with wealth that improves our lives and souls.

Not to mention the Whitney Houston incident, but oh what a talent. But yet given all that opportunity, all that wealth did not give her what she needed, she still sought a life away from reality.

How do people without money deal with the same life-problems?

The liberal mantra will always be to throw money at a problem and hope it goes away.
Same with the new O-ahole budget. Throw money at things, and runaway to their fantasy land, only on Air-Force-One this time.

Thank you, O-ahole, because before you came along, I had only been paying half-attention to politics. You have exposed a new class of people that are really looking into this now.

askwhatif on February 14, 2012 at 11:11 AM

I am here to tell you Obama is correct. This loophole is only for Jeff and the other is for Warren. Anyone else who uses that loophole will be taxed 110%. Now I must return to find another war to fight.

democratsarefools on February 14, 2012 at 11:21 AM

odumbo is liberal, socialist, racist, communist…. the progressive left worships the ground he walks on. Says volumes for them….

ultracon on February 14, 2012 at 12:22 PM

Hey, if the Feds finally took away all of the lobbied-for loopholes, every congressman and senator would then have to go out and actually campaign on their records!!! Take away the loopholes, and not only would you eliminate about 70,000 pages of the tax code, but that would also balance the budget (once, of course, Congress whacks Dodd-Frank and ObastardCare).

Colatteral Damage on February 14, 2012 at 3:45 PM

A-hole meets loophole…

hillsoftx on February 14, 2012 at 8:29 AM

This comment gets my endorsement and full support.

Tim_CA on February 14, 2012 at 4:46 PM

We have a president? When did this happen?
I thought we had a jug-eared fool…or jester, if ye will….
That’ll teach me, I guess….

DrScottMD on February 14, 2012 at 8:57 AM
President Jar Jar Binks

He’s that stupid and annoying. And he has the ears.

wildcat72 on February 14, 2012 at 9:12 AM

At least Jar Jar was made a “bombad general” for UNITING the inhabitants of Naboo.

Nutstuyu on February 14, 2012 at 5:55 PM