There will be no accounting for his most recent botched magic show, in which Solyndra and other clean-energy donees made off with goodies from his stash based on his bogus promise of creating permanent jobs and growing the economy. No, he will just pat himself on the back for his good intentions, expect us to forget that he created virtually no permanent jobs and that the ones that were created often cost millions of jobs apiece. Then he'll do it all over again, demanding we bow down and praise him for his monarchical largesse.
Obama also has something in his trick bag for multinational corporations located in the United States -- something they probably wouldn't like too much: He'd tax their foreign earnings more heavily, which could very well induce them to high-tail it out of the United States or just sell out to a foreign buyer, thus defeating the alleged purpose of raising more revenue.
Sen. Orrin Hatch said the president's plan is "a set of bullet points designed more for the campaign trail than an actual blueprint for fixing our tax code." That's being charitable. For though Obama is billing his plan as a corporate income tax reduction, it just so happens that he plans on it raising $250 billion of revenue over the next decade.
Lest you still believe Obama has become a tax cutter overnight, let me also remind you of his other little scheme to increase the tax rate on corporate dividends to 39.6 percent. When coupled with the phased-out deductions, the effective rate could reach 41 percent. And that's not counting a 3.8 percent investment surcharge from Obamacare, bringing the rate up to 44.8 percent -- nearly three times the current 15 percent rate.
As usual, Obama claims this tax hike would apply only to the wealthy, but as The Wall Street Journal's editors tell us, corporations have historically responded to these tax rates by increasing dividends when they're lowered and reducing them when they're increased. So in the name of punishing the rich, he would be trickling down the misery to those same people he claims are benefiting from his latest $40-a-month payroll tax extension. As I said, he gives with one hand and takes with the other -- all in the name of compassion and good intentions.
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