Monday, February 13, 2012
- Whitehouse Supports A Global Minimum Tax
This is some Whitehouse Economic adviser opening up the discussion of a global minimum tax. Thankfully it's never going to happen. But if you ever doubted what the left was about this should eliminate any question.
It's all about control.
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 (inlcuding 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.
In addition, the budget includes mandatory targeted initiatives such as the development of a national network of manufacturing-innovation institutes. It also creates a infrastructure bank for a total initial ten-year cost of $9.8 billion.
In a world where everyone is supposed to "Pay their fair share and play by the same rules", there seems to be an awfully lot of special cases to the rules. Maybe the rules that Obama want's us all to play by are "Donate to Democrat campaign causes and you get a carve out, otherwise ... screw you".
That certainly sounds like the rules Obama is talking about to me.