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The Obama Timeline: Part II

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Harconen
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« Reply #15 on: July 31, 2009, 02:59:01 pm »



Prominent business leaders across the nation line up to fight Obama’s proposed increase on corporate taxes, most particularly his plan to eliminate the deferral on U.S. taxes of profits made by American companies operating overseas. Obama has the advantage in the fight, because it is far easier for him to talk about “closing loopholes” than for corporate heads to explain why that will destroy jobs. Bruce Josten, of the U.S. Chamber of Commerce, explains that Obama “…doesn’t have to explain anything; we have to explain.” If Obama eliminates the tax deferrals, some American businesses will simply relocate overseas completely. Under current rules, an American business operating a manufacturing plant in Ireland, for example, pays the corporate taxes imposed by the Irish government but defers U.S. corporate taxes until the profits are returned to the United States. By eliminating the deferral, Obama will force such a business to immediately pay both the Irish corporate tax and the U.S. corporate tax. That essentially puts the operation out of business, because it cannot compete with an Irish company that is not double-taxed. If the company relocates the plant in the United States, it cannot make a profit selling its American-made product in Europe because the U.S. corporate tax is substantially higher than the tax in all other European nations. (Only Japan has a higher corporate tax rate than the United States.) Obama expects to collect higher taxes when the company relocates in the United States; he will end up receiving less in tax revenues, as the companies simply relocate their entire operations overseas. [2799]

 

Experts warn that Europe may soon follow the lead of the United States and start printing more money (Euros) to cover its massive debts and to deflate the currency to make exports more attractive. The cost of such a move will be inflation in Europe, which is also what Americans will soon see. [2800]

 

The White House estimates that the deficit for the federal budget will be more than $1.8 trillion; the government must borrow at least 46 cents for every dollar it spends. (The numbers will likely worsen, as more people lose their jobs and tax revenues decline.) The Bush administration needed seven years to rack up that much debt; Obama has done it in less than four months. For this year alone, the national debt will rise by an average of $16,000 for every household in the United States. [2802]

 

Obama’s pick for the Census Director is University of Michigan professor Robert Groves. Groves was once the Census Bureau’s associate director. He believes in “statistical sampling,” which means “estimating” counts of Americans if the government doesn’t believe it “found” everyone during the actual enumeration. The U.S. Constitution requires an actual counting of the population every 10 years, not estimates, but the Obama administration hopes to make “statistical adjustments” for possible undercounting. Those estimates will likely be used to inflate populations in certain areas of the country in order to redraw legislative borders for the benefit of Democrats. Congressman Darrell Issa (R-CA) labels the selection of Groves “incredibly troubling” because it “contradicts the administration’s assurances that the census process would not be used to advance an ulterior political agenda.” [2821, 3428]

 

Making matters worse is the decision of the Obama administration to have members of ACORN help perform the census count. ACORN is infamous for fraudulent voter registrations to help elect Democrats. Anita Moncrief, a former ACORN worker who “blew the whistle” on its illegal an unethical practices, states that ACORN “…has always been a Democrat operation. They’ve never made any secrets about their support their political action committees are usually set up to support these Democratic candidates.” Moncrief charges that while ACORN was running voter registration drives, it was also distributing propaganda urging people not to vote for Republicans. ACORN’s tax-exempt status (under IRS section 501(c)(3)) requires that it remain non-partisan. “They are registering you to vote and then telling you who to vote for and then they pick you up and take you to the polls to do it,” says Moncrief, who also states that ACORN “…did a lot of stuff with cash operations in order to keep things from showing up on records.” [2821, 3428, 3658]

 

On May 13, H.R. 1388 is passed by Congress. The legislation provides for $20.3 million to relocate refugees from Gaza to the United States; tax dollars will thus be spent to bring into the country people who hate America and Americans. [2803]

 

Lisa Jackson, head of the Environmental Protection Agency (EPA), admits “…there are costs to the economy of addressing global warming,” by regulating carbon dioxide emissions, but nevertheless insists that the Obama administration believes “…the best way to address that is through a gradual move to a market-based program such as a cap-and-trade program.” In other words, Obama and Jackson realize that taxing carbon dioxide emissions will place an incredible burden on the economy, but they are going to do it anyway. The administration had been put on the defensive and was forced to respond to a warning by the Office of Management and Budget that stated, “Making the decision to regulate CO2 under the (Clean Air Act) for the first time is likely to have serious economic consequences for regulated entities throughout the U.S. economy, including small businesses and small communities.” [2804]

 
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