The Obama Administration loves tax cuts….in China

posted at 7:33 pm on April 6, 2012 by John Hawkins

If what’s good for the goose is good for the gander, then why doesn’t the Obama Administration think what’s good for the Chinese Dragon is also good for the American Eagle?

While making positive comments about the most recent five-year-plan developed by the Communist government of the People’s Republic of China, Undersecretary of State Robert Hormats specifically applauded China’s decision to lower taxes because it would spur economic growth.

….“China lowered taxes very recently, which will help increase demand, but it’s also good to boost consumption in China,” said Hormats. “So I think what’s interesting is that—sure, there are issues with China that I’ve mentioned–but I think a lot of the reform procedures that are going on in China are consistent with the kind of things that we think will be good for China and for the global system.”

Meanwhile, in a speech in Vermont on Friday, President Barack Obama argued that it was “basic math” that taxes needed to be increased on wealthy Americans so the government could provide more to the poor.

“But if you’re making more than $1 million a year, you can do a little more,” Obama said. “This is not class envy. This is not class warfare. This is basic math–that’s what this is.

“Look, if somebody like me gets a tax break that they don’t need and that the country can’t afford, then one of two things are going to happen–either it adds to our deficit, or we’re taking something away from somebody else,” said Obama.

“Look, there’s no way of getting around that,” said Obama. “Either folks like me are doing more, or somebody who can’t afford it is getting less. And that’s not right.”

Wait, so according to the Obama Administration, cutting taxes in China “will help increase demand, but it’s also good to boost consumption,” while cutting taxes in America “either…adds to our deficit, or we’re taking something away from somebody else.” It’s almost as if Hormats is pointing out the obvious economic benefits of a tax cut while Obama is completely ignoring those same benefits.

But, to what end? Why would the President do such a thing? Has he had any recent head trauma? Could he be a double just PRETENDING to be the President? Wait, you don’t suppose that Barack Obama could be stoking class warfare and touting policies that are bad for America because he thinks it will help him politically, do you? Wait, what am I saying? This is a man who campaigned on hope, unity, and a new tone in Washington. Certainly he wouldn’t stoop to demonizing American citizens and pushing bad economic policy for the sake of mere politics. Sigh…I guess the explanation will just have to remain as one of those great mysteries, like whatever happened to Jimmy Hoffa.


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It’s backwards and down the drain with Obama.

The Nerve on April 6, 2012 at 7:36 PM

Sigh…I guess the explanation will just have to remain as one of those great mysteries, like whatever happened to Jimmy Hoffa.

50 cans of Alpo?

BobMbx on April 6, 2012 at 7:40 PM

HA stop the madness! Three pics L-R and below of his ugly smirking mug. I’m fixing to give back my free subscription.

arnold ziffel on April 6, 2012 at 7:41 PM

Obama does not want America to prosper. He wants to level the playing field and payback to foreign nations that we “took advantage” of

Grunt on April 6, 2012 at 7:42 PM

Look I am far from an Obama supporter or an apologist but he is not arguing for higher taxes on most people and in fact has worked to lower taxes on most people. His game of course is to go after the evil “rich” when he has to know the results will not be good.

CW on April 6, 2012 at 7:43 PM

“….“China lowered taxes very recently, which will help increase demand, but it’s also good to boost consumption in China,”

Too bad this isn’t an election year…

Seven Percent Solution on April 6, 2012 at 7:46 PM

Well Romney would love China too. He saved “staples” except all the things found in staples stores are made in China

liberal4life on April 6, 2012 at 7:48 PM

bizarro world…

cmsinaz on April 6, 2012 at 7:48 PM

It would be so much easier to be the president of China.

Philly on April 6, 2012 at 7:51 PM

Look I am far from an Obama supporter or an apologist but he is not arguing for higher taxes on most people and in fact has worked to lower taxes on most people. His game of course is to go after the evil “rich” when he has to know the results will not be good.

CW on April 6, 2012 at 7:43 PM

B.S. What the heck do you think Obamacare is?

chewmeister on April 6, 2012 at 7:55 PM

While making positive comments about the most recent five-year-plan developed by the Communist government of the People’s Republic of China, Undersecretary of State Robert Hormats specifically applauded China’s decision to lower taxes because it would spur economic growth.

….“China lowered taxes very recently, which will help increase demand, but it’s also good to boost consumption in China,” said Hormats. “So I think what’s interesting is that—sure, there are issues with China that I’ve mentioned–but I think a lot of the reform procedures that are going on in China are consistent with the kind of things that we think will be good for China and for the global system.”

Meanwhile, in a speech in Vermont on Friday, President Barack Obama argued that it was “basic math” that taxes needed to be increased on wealthy Americans so the government could provide more to the poor.

Methinks Undersecretary of State Robert Hormats may be looking for job come Monday. And even if he isn’t, it’s better than even money that he never gets allowed near a reporter or microphone again.

Bitter Clinger on April 6, 2012 at 7:56 PM

Well Romney would love China too. He saved “staples” except all the things found in staples stores are made in China

liberal4life on April 6, 2012 at 7:48 PM

And what does that have to do with the Obama administration applauding lower taxes in China while wanting to raise taxes here? Again, try to stay on point.

Bitter Clinger on April 6, 2012 at 8:00 PM

Last I checked CHinas tax rates were already pretty high, 25% on Business and 3-45% on the people.

The US is 15-35% on corporate and 15-35% on People.

So averaging, china was already higher. WHy is’nt the actual rates we are talking about in the article?

damian1967 on April 6, 2012 at 8:00 PM

Bitter Clinger on April 6, 2012 at 8:00 PM

Besides the rich, who is he raising taxes on? My taxes have gone down under Obama. I am not supprting him, but I do think that the tax code is messed up, and I also think people blame him for raising taxes that have not been raised either.

damian1967 on April 6, 2012 at 8:02 PM

Dumbest a-hole ever, with his voting bloc running neck and neck.

msupertas on April 6, 2012 at 8:02 PM

If you do not 0bama’s 23 level chess than you are a stupid knuckle dragger…..and probably racist. No, you are a racist.

jukin3 on April 6, 2012 at 8:02 PM

“But if you’re making more than $1 million a year, you can do a little more,” Obama said.

There’s only a little under 140,000 people in this country who make $1 million a year. Let’s tax each and every one of them an extra $1 million–we can all agree that that’s far beyond any rational definition of “a little more”, yes? Great. You’ve now reduced the FY2012 deficit from $1,327 billion to $1,187 billion. #winning

Fabozz on April 6, 2012 at 8:02 PM

HA stop the madness! Three pics L-R and below of his ugly smirking mug. I’m fixing to give back my free subscription.

arnold ziffel on April 6, 2012 at 7:41 PM

I think there’s a method to HA’s madness on this. If Obama’s mug dominates the pics on the front page everyday, it just might tick off the stubborn ABR’s into voting for Mitt in November — just to get The Won’s pic off HA.

Bitter Clinger on April 6, 2012 at 8:03 PM

Besides the rich, who is he raising taxes on? My taxes have gone down under Obama. I am not supprting him, but I do think that the tax code is messed up, and I also think people blame him for raising taxes that have not been raised either.

damian1967 on April 6, 2012 at 8:02 PM

So you think it’s hunky-dory to raise taxes on “the rich” (remember, $200,000 annual income is “rich” in Obama-World)? You know, the job creators in this country? Have you ever been hired by a poor person?

Bitter Clinger on April 6, 2012 at 8:05 PM

You see,John, the laws of economics work quite differently on the other side of the international dateline, don’t you know?
I’m sure the laws of physics do also, and there is also the fact that math works differently too.
Sorry buddy.
Remember, you trying to argue with a Nobel Prize winner pal!

Amendment X on April 6, 2012 at 8:06 PM

Besides the rich, who is he raising taxes on? My taxes have gone down under Obama. I am not supprting him, but I do think that the tax code is messed up, and I also think people blame him for raising taxes that have not been raised either.

damian1967 on April 6, 2012 at 8:02 PM

Do you go to tanning salons, buy cigarettes, and a host of other things where the cost has been passed on to you. Wait till ocare kicks in full force. There are many ways for your taxes to go up, not just what you see deducted.

msupertas on April 6, 2012 at 8:07 PM

So you think it’s hunky-dory to raise taxes on “the rich” (remember, $200,000 annual income is “rich” in Obama-World)? You know, the job creators in this country? Have you ever been hired by a poor person?

Bitter Clinger on April 6, 2012 at 8:05 PM

What makes you think he’s ever been hired at all?

SWalker on April 6, 2012 at 8:11 PM

damian1967 on April 6, 2012 at 8:00 PM

Uhhh – no.
US federal corporate income tax rate is 35%, then state taxes get added to that.
China’s corporate income tax rate 25%.
And you can’t average personal and corporate tax rates and determine any kind of valid average.

dentarthurdent on April 6, 2012 at 8:12 PM

And you can’t average personal and corporate tax rates and determine any kind of valid average.

dentarthurdent on April 6, 2012 at 8:12 PM

Maff is hard… :oops:

SWalker on April 6, 2012 at 8:14 PM

msupertas on April 6, 2012 at 8:07 PM

I pay 5.50 a pack for ciggs, they have not gone up in over 4 years here.

I don’t go to tanning salons, so I dont really care. If you have money to throw away on a tan, then tax it. It is a luxury not something that is required to survive.

Ill wait on the ocare thing, there are difference of oppinions on it, and till I see it (If we even do) I am not going to worry about it.

damian1967 on April 6, 2012 at 8:14 PM

My taxes have gone down under Obama. I am not supprting him, but I do think that the tax code is messed up, and I also think people blame him for raising taxes that have not been raised either.

damian1967 on April 6, 2012 at 8:02 PM

Taxes have not gone down under Obummer. Income tax rates stayed the same as under Bush because the Dems were afraid to cancel the Bush tax rates.

dentarthurdent on April 6, 2012 at 8:15 PM

dentarthurdent on April 6, 2012 at 8:12 PM

If the corporate tax rate is “35%” in the us, then why do so many corporation not pay ANY taxes? That would mean that it is not 35%.

So I am right.

in 2008 55 percent of United States companies paid no federal income taxes during at least one year in a seven-year period

damian1967 on April 6, 2012 at 8:18 PM

I’d say “What a Maroon!” (courtesy of Bugs Bunny)

But that would be an insult to Maroons everywhere!

ProfShadow on April 6, 2012 at 8:20 PM

dentarthurdent on April 6, 2012 at 8:15 PM

Actually, you are wrong. Obama cut more taxes in his first term other than extending Bush’s cuts.

And in total, Obama has cut more taxes than Bush. Those are facts, My taxes DID go down under Bush.

President Bush enacted his tax cuts in 2001 and 2003, and over their 10-year lifespan, they reduced tax revenues by around $2.4 trillion, with $474 billion of that coming in the first four years. The first-term impact of those tax cuts is equivalent to about $574 billion in today’s dollars, or about 1.1 percent of gross domestic product.

President Obama has also signed two major pieces of tax-cutting legislation into law. The first, the American Recovery and Reinvestment Act, included a variety of tax cuts that benefited nearly every single American household. ARRA contained the Making Work Pay tax credit that directly reduced a family’s income tax bill by up to $800, which, overall, reduced tax revenue by about $116 billion. It included expansions of the child, earned income, American Opportunity, and first-time homebuyer tax credits. ARRA patched up the alternative minimum tax, providing $70 billion in tax cuts, and cut a wide array of business taxes, together totaling another $60 billion.

Put it all together, and in one fell swoop, President Obama cut taxes by $654 billion in 2011 and 2012 alone. In other words, with this bill President Obama cut taxes by more, in raw dollar amounts, in just half of his term than George W. Bush did over his full first term.

damian1967 on April 6, 2012 at 8:23 PM

I think there’s a method to HA’s madness on this. If Obama’s mug dominates the pics on the front page everyday, it just might tick off the stubborn ABR’s into voting for Mitt in November — just to get The Won’s pic off HA.

Bitter Clinger on April 6, 2012 at 8:03 PM

lol, It worked with me, although I was on board about a month ago.

arnold ziffel on April 6, 2012 at 8:23 PM

damian1967 on April 6, 2012 at 8:18 PM

That doesn’t mean you’re right at all – it means you don’t understand tax rate versus gross income, net income, taxable income, business deductions, exclusion of foreign income, etc.

dentarthurdent on April 6, 2012 at 8:25 PM

dentarthurdent on April 6, 2012 at 8:25 PM

SInce I am an accountant, I think I understand it very well. Tax rates have gone down under Obama for the most part, on middle class and businesses, putting aside Bush’s cuts.

I see it and know it for fact.

damian1967 on April 6, 2012 at 8:30 PM

damian1967 on April 6, 2012 at 8:23 PM

So you claim

And in total, Obama has cut more taxes than Bush.

But you seem to have trouble with math – poor public school perhaps?
First you say:

President Bush enacted his tax cuts in 2001 and 2003, and over their 10-year lifespan, they reduced tax revenues by around $2.4 trillion, with $474 billion of that coming in the first four years.

Then you say:

Obama cut taxes by $654 billion in 2011 and 2012 alone

So in what math universe is $654 Billion MORE than $2.4 Trillion?

dentarthurdent on April 6, 2012 at 8:32 PM

SInce I am an accountant, I think I understand it very well. Tax rates have gone down under Obama for the most part, on middle class and businesses, putting aside Bush’s cuts.

I see it and know it for fact.

damian1967 on April 6, 2012 at 8:30 PM

With your poor math skills, you can’t be much of an accountant.
But if you really are, and really understand this stuff, then the crap you’re posting is intentional lies.

dentarthurdent on April 6, 2012 at 8:34 PM

Well Romney would love China too. He saved “staples” except all the things found in staples stores are made in China

liberal4life on April 6, 2012 at 7:48 PM

…so, when we turn you upside down…there is a ‘Made in China’ stamped on your bottom too!

KOOLAID2 on April 6, 2012 at 8:40 PM

dentarthurdent on April 6, 2012 at 8:34 PM

Do some reading, you need it

damian1967 on April 6, 2012 at 8:42 PM

Gotta encourage that social justice. Anything that strengthens any other country and weakens the US will ensure that we’re all ‘equal’ eventually. And that’s the important thing.

yhxqqsn on April 6, 2012 at 8:49 PM

I pay 5.50 a pack for ciggs, they have not gone up in over 4 years here.

I don’t go to tanning salons, so I dont really care. If you have money to throw away on a tan, then tax it. It is a luxury not something that is required to survive.

Ill wait on the ocare thing, there are difference of oppinions on it, and till I see it (If we even do) I am not going to worry about it.

damian1967 on April 6, 2012 at 8:14 PM

Hnnnn…. strange:
http://tinyurl.com/cckj9ms
April 2009 The won raised taxs on smokes.

McCain Hater on April 6, 2012 at 8:59 PM

Oh well. Back to the War Against Women.

pat on April 6, 2012 at 9:06 PM

Chinese communists now know how to make capitalism and free markets work better than left wing American socialist politicians.

How depressing is that?

farsighted on April 6, 2012 at 9:44 PM

Why would the President do such a thing?

I forget who said it over a year ago… but it’s something like Obama is just a Dyck

roflmao

donabernathy on April 6, 2012 at 10:10 PM

CW on April 6, 2012 at 7:43 PM

CW, you surprise me. Though at the moment the executive advocates tax hikes on the wealthy in public, there is no doubt that any such revenues would be inadquate to perpetuate current spending levels. Recognition of this actuality abounds (Iowahawk, Bill Whittle, etc.) In fact the adminstration has no more difficulty with tossing around the term ‘unsustainable’ regarding spending levels than it’s opposition. The treasury secretary has explicitly stated that they have no “definitive plan” for dealing with the fast approaching fiscal armageddon.

It is not beyond the realm of political possibility that the entirety of the Bush tax cuts will expire at the end of the year. No action by the congress or a veto by the president and they’re gone. A re-elected president will have no political necessity of accomodation, and any action taken would need to occur during the upcoming lame duck session. Said inaction will result in tax increases for all taxpayers, and actually reduce as a percentage of total revenue, payments by the well-to-do.

wolfsDad on April 6, 2012 at 10:31 PM

Do some reading, you need it

damian1967 on April 6, 2012 at 8:42 PM

Go back to school – you need to learn math and logic.

dentarthurdent on April 7, 2012 at 12:07 AM

It’s a pity such sarcasm is wasted because those who should will never read this.

new2wnc on April 7, 2012 at 9:21 AM