Archive for March 3rd, 2012

March 3, 2012

Our President – the Economic Midget – is Out to Kill the American Dream

by Dick McDonald

President Obama is treasonously directing his cabinet and czars to impose regulations which will raise the price of gas in order to advance his green agenda.  His EPA Director Chu admitted as much yesterday. In Obama’s twisted Algorian mind he promotes higher gas prices to discourage the purchase of gas-driven cars in order to encourage people to buy cars run on alternative energy sources. Chu thinks an $8 per gallon gasoline price would really help advance their cause.

These increased prices will also be a “tax” on the poor and middle-class. A “tax” they can’t afford – especially now.

Normally I don’t get exercised when Obama and the Democrats push their agenda aimed at helping the poor and lower middle-class taxpayers.  I don’t even get upset with the checks they send out to people who don’t make enough taxable income.

HOWEVER I DO GET UPSET WHEN THIS ECONOMIC MIDGET AND HIS MARXIAN MORONS DO EVERYTHING THEY CAN TO DESTROY THE HOPES OF THE POOR AND MIDDLE-CLASS OF EVER ACHIEVING THE AMERICAN DREAM OF FINANCIAL INDEPENDENCE.

In his newly unveiled corporate tax reform he plans to pay for a reduced tax rate in major part by eliminating tax benefits conferred over the last 99 years to the oil industry. The CCH summary is as follows:

Oil and Gas Tax Preferences. The Framework proposes to eliminate tax preferences for fossil fuels. Current tax preferences in this category, as listed in the President’s FY 2013 Budget, include the enhanced oil recovery credit for eligible costs attributable to a qualified oil recovery project; tax credit for oil and gas produced from marginal wells; expensing of intangible drilling costs; deduction for costs paid or incurred for any tertiary injectant used as part of a tertiary recovery method; exception to passive loss limitations provided to working interests in oil and natural gas properties; the use of percentage depletion with respect to oil and gas wells; and two-year amortization of independent producers’ geological and geophysical expenditures (which would be increased to seven years).

President Obama’s FY 2013 budget also calls for repeal of coal tax preferences, including expensing of exploration and development costs; percentage depletion for hard mineral fossil fuels; and capital gains treatment for royalties.

If adopted, Obama’s plan would bring oil exploration to a halt. Big oil doesn’t risk capital drilling wildcats – wealthy individuals do. And why would they take a 100,000 to 1 risk at finding a commercial discovery when they couldn’t deduct the intangible drilling costs and get the 15% percentage depletion deduction?  To keep mullets (wealthy guys willing to be the fish that take that risk) Congress has incentivized them with these tax benefits.

Guess What? – Nobody will be taking those risks under Obama’s imbecilic plan.  No drilling – no new oil. These individuals don’t pay corporate tax so they could care less about a reduced rate.

AND WHAT ABOUT THE POOR AND THE LOWER MIDDLE-CLASS?

The oil companies will raise their prices and America’s poor and middle-class will get poorer paying higher gas prices all due to Obama crazy ideas on how to rearrange the deck chairs on the Titanic.

The man and his czars are just plain stupid and are hurting average Americans – pushing the American Dream out of sight. I believe Obama is a socialist living high on the hog in the White House promoting equality for everyone but himself.

If you are just another “sheeple” being “taxed” out of your brains by this economic imbecile and plan to do nothing about replacing him in November you only have yourself to blame when oil goes to $10 a gallon..

Oil can be dropped to below $2.00/gallon – we can steal back our own market share – we just have drill, drill, drill. And when we have a President willing to drill the threat of losing their market share will immediately cause the OPEC countries to drop their prices.  It is the first rule of the economic jungle.

 

 

 

 

 

 

 

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