Hey, idiot! Yeah... you, Obimbo, with the big ears! In case you haven't noticed, the guys that have the jets, have the money. And the guys that have the money, have the businesses that generate the jobs. And the jobs are what make America GO, Obimbo! I know that’s a difficult concept for you to grasp... but, THINK ABOUT IT, you idiot!
You, (Obamanure) could save us (America) a LOT of money by eliminating -- or, at least, cutting down -- your frivolous jetting around the country on your vacations (how many have there been, so far?!) and your campaigning that’s done on MY DIME... idiot. Campaigning, by the way, is the ONLY thing you’ve EVER done effectively.
President Barack Obama’s proposal to end a tax break for corporate jet owners, a repeated refrain in his news conference ... , would achieve less than one-tenth of 1 percent of his target for reducing the federal deficit.
Such a change would put $3 billion into the Treasury over a decade, said two congressional aides familiar with the proposal.
Obama mentioned the corporate jet break six times, criticizing Republicans’ unwillingness to include tax increases in legislation to raise the federal debt ceiling. Republicans are pressing for spending cuts in the measure, which must be passed before Aug. 2, when the Treasury Department projects that the U.S. will no longer be able to meet its debt obligations.
The $3 billion proposal would generate 0.075 percent of the $4 trillion in deficit reduction that Obama is seeking through a combination of spending cuts and tax increases.
Utah Senator Orrin Hatch, the top Republican on the Senate Finance Committee, disparaged Democratic efforts to scale back tax breaks for corporate jets, yachts and charitable contributions by wealthy people.
“We get $3 billion out of private planes?” Hatch told reporters. “Over 10 years? Give me a break.”
Ending such tax breaks won’t “do anything about the real spending programs that really are driving us into bankruptcy,” he said.
“We aren’t defending anybody,” he said. “We are saying that it’s cheap politics to selectively pick out people that the Democrats don’t like and then try to punish them by taking away various tax expenditures that may be good in certain cases.”
“We’re obviously very upset that our industry is being singled out for what we view as political purposes,” said Pete Bunce, president of the Washington-based General Aviation Manufacturers Association. The group’s members include subsidiaries of General Electric Co. (GE), Boeing Co. (BA), and Textron Inc. (TXT)
Bunce noted that Obama was at an Alcoa Inc. (AA) plant in Bettendorf, Iowa, on June 28, emphasizing the importance of the company’s products to airplane manufacturers.
Now, Bunce said, “he’s going after a segment of the aviation industry that uses Alcoa’s products. We’re just scratching our heads.
“It seems to me that the tax policy here is all over the map,” said Gary Horowitz, an attorney at Wiley Rein LLP in McLean, Virginia.
Horowitz and other lawyers who advise companies on airline purchases said the proposed change would affect business decisions about when to buy aircraft. The change could cause companies to delay purchases or buy smaller planes than they would have purchased otherwise.
The difference in depreciation schedules is a longstanding feature of the tax code.
“I’ve been doing this for a long time, and that’s been in the code as long as I can remember,” said Harry Ekblom, a partner at Sullivan & Worcester LLP in Boston.
Shawn Vick, executive vice president of Wichita, Kansas- based Hawker Beechcraft Acquisition Co., said Obama’s proposal “just seems out of step with the stated goals” of promoting job growth and strengthening the economy.
You want to get really serious about cutting the budget and saving money, Obimbo? How about getting rid of about 7/8ths of your “czars” -- for starters.
Instead of flitting all over the world in YOUR jets, Oblahblah, how about taking the bus?
And, in YOUR own words, you “gotta sit in back.”