The humor of unintended consequences: Obama’s “corporate jet” tax whine

Posted by: ST on June 29, 2011 at 7:00 pm

Another one you can file under the “Dept. of You Can’t Make This Stuff Up”:

The chief economic culprit of President Obama’s Wednesday press conference was undoubtedly “corporate jets.” He mentioned them on at least six occasions, each time offering their owners as an example of a group that should be paying more in taxes.

“I think it’s only fair to ask an oil company or a corporate jet owner that has done so well,” the president stated at one point, “to give up that tax break that no other business enjoys.”

But the corporate jet tax break to which Obama was referring – called “accelerated depreciation,” and a popular Democratic foil of late – was created by his own stimulus package.

Proponents of the tax break lauded it as a means to spur economic activity by encouraging purchases of large manufactured goods (planes). So the president’s statement today – and his call to repeal that tax break generally – is either a tacit admission that the stimulus included projects that did not, in fact, stimulate the economy, or an attempt to “soak the rich” without regard for the policy’s effects on the economy.

I’d say it’s more of a “soak the rich” thing:

President Obama has a new term for the people he wants to tax more: jet owners.

In his news conference today, the president said: “I think it’s only fair to ask an oil company or a corporate jet owner that’s doing so well to give up that tax break….I don’t think that’s real radical.”

Asking private-jet owners to give up tax breaks may not be that radical. And it probably would be supported by the vast majority of the nonjet-owning voters.

The problem is that most of the people that would be subject to the higher taxes the president wants aren’t likely to be private-jet owners. Someone earning $250,000 a year–among those scheduled for a tax increase in 2012–is unlikely to afford a jet–or even a few charter trips on a jet.

Read the whole thing for a “Jetonomics” breakdown.

Methinks the “corporate jet owners” line has become the 2011 class warfare version of “fat cat CEOs” – after all, Obama can’t be too hard on the very types of folks he’s been trying to woo 2012 campaign cash from these last several months, can he? This noticeable shift in rhetoric is a far cry from how he was talking about Wall Street just last year.

“Change” you can believe in, and all that. /:)

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15 Responses to “The humor of unintended consequences: Obama’s “corporate jet” tax whine”

Comments

  1. Old Goat says:

    I heard the “scolding” that Duh One did, where he was talking about his daughters doing their homework and getting it done ahead of time.

    Does this Dim One just once stop and think for one second before doing things like that? Who exactly should be directing that at? Maybe his own frickin’ party for NOT PASSING A BUDGET WHEN THEY HAD A MAJORITY?

    He is under the impression that because he was anointed King in his own mind, through no accomplishments of his own, that all he needs to do is say something that his will be done. He acts as though it is just his desires being pronounced that will be enough leadership from him to have them all falling at his feet. Never mind his budget proposal didn’t get one single token vote yes.

    He thinks he is Midas, and while in reality land, his touch does have a sort of Midas touch, his touch doesn’t result in gold but turns everything he touches to crap.

    Far too long till the election, and with his approval numbers and his key actions all trending in the negative numbers, he will become more dangerous than ever to this country. I hope the RINOs and the Conservative Republicans stand firm, and keep him in check. We all know the Constitution doesn’t have any limitations for him.

  2. Caritas7s says:

    Every time President Obama opens his mouth, exuding confidence and bravado, he says something stupid, condescending or obnoxiously manipulative.

    I admire intellect and a keen wit. Obama is street smart, I’ll give him that, but an intellectual? Not at all. It’s obvious to me his reputed brilliance is only a product of a brilliant marketing team.

  3. parentofed says:

    An oil company or corporate jet owner,huh? Okay, tell your buddy Oprah to give up her Gulf Stream baby. Can we listen when you tell her, please?

  4. Drew the Infidel says:

    I, too, heard all that drivel about his daughters and their homework assignments, noting he got their ages wrong. They are 12 and 10, not 13 and 10, as he stated. Also, the majority of bizjets used by corporations are either leased or hired. The “fat cats” know it is better business strategy, unlike our “class warrior-in-chief.” And unlike Air Force One, the CEO’s pay for the use of their planes.

  5. PE says:

    Could be he figures that the least he could do to help the economy is to destroy the private jet manufacturing, leasing and related industries. How much tax revenue would be LOST if he succeeded?

  6. CZ says:

    Selective class warfare is what this is. Imagine if he spewed the following…

    “I think it’s only fair to ask a motion picture company or an NBA player that has done so well,” the president stated at one point, “to give up that tax break that no other business enjoys.”

  7. Joseph Brown says:

    I think the biggest lie Jugears the clown told was when he was chastising Congress by saying he has been”here.” I just wonder how many airframe hours this guy has put on Marine- 1 and AF- 1.This dork has spent more time running around the country trying to get re-elected than he has spent in DC TRYING to run the country.
    I left out;”trying to run the country into the ground!”

  8. mrt says:

    Hmmm.
    Doesn’t Boeing make corporate jets?

  9. Jim McDonald says:

    I believe this tax break was put into law by the then Democrat controlled Congress, and signed off on by obama himself.

  10. maddogg says:

    Zero must be extremely well hung. He spends all of his time stepping on his own member.

  11. TexasDoc says:

    Of course, not one media mention about the hypocrisy of Michelle’s constant junkets or the comment Obama made about “his” jet.

    The minuscule amount of money that the Obamas may be required to reimburse for their junkets would not even begin to cover the true cost of the retinue that follows.

  12. Tex says:

    Personally, I consider Air Force One a gigantic corporate jet that I have to pay for. I’d appreciate it if Obama would stop jumping on that thing about 5 times every week to fly everywhere, most of it needlessly. The cost from that is killing me. The Air Force pegged the cost of using Air Force One at $182,000 per hour back in 2010. Curtailing use of Obama’s own private corporate jet would help with that budget deficit.

  13. Tango says:

    ….the only thing missing from Barry’s speech was a “suggestion” that users of biz-jets buy a Chevy Volt instead.

  14. captaingrumpy says:

    What is left for me to say ???? I think you all have covered it nicely.Thankyou.

  15. Great White Rat says:

    Beyond the class warfare stupidity, it makes no economic sense. Think about it.

    The debt Obama has run up is about 14 trillion dollars.

    The most optimistic estimate of what they’ll take in by cracking down on those eeeeevil corporate jet users is 3 billion dollars over a span of 10 years.

    If you spread that debt also over 10 years, that means they would have collected enough money to to pay off less than 19 HOURS of the debt. 19 hours out of ten years.

    That would be like me declaring that I’m going on a diet by cutting back my French Fry intake by one fry annually.