Thursday, January 28, 2010

Obama Embraces Limbaugh policy - eliminate capital gains on small business, tax credits.

I didn't watch the speech, I couldn't stomach more that 2 minutes of Obama speaking, I had to resist the urge to puncture my ear drums with two sharp pencils.

But I read this, this is actually good news if the Democrats follow through! 

The capital gains idea will help, but actually, small business doesn't really have capital gains for the most part because they reinvest most of that.  Also, the tax break for hiring is too short term, it is a one time idea that may give a slight bump to employment, but down the road what small business really needs is a permanent tax cut.

With any luck, Republicans will retake the house this fall, and by 2011 they will take this idea where it needs to go. But hey, this is a good start.


BREAKING: Obama Embraces Limbaugh Policy Ideas

Obama the Great is giving his State of the Union Address and in it he just said that his plan to stimulate the economy and create jobs will involve giving tax credits to small businesses and ELIMINATING the capital gains tax on small businesses. He also talked of corporate tax breaks.

This is nearly the exact thing Rush Limbaugh TOLD Obama needed to be done. On January 26th of last year, six days after the coronation, Limbaugh proposed the Obama-Limbaugh Bipartisan Stimulus Plan of 2009. In it he said that his part of the plan would include tax cuts:

These tax cuts will consist primarily of capital gains tax cuts and corporate tax rate cuts.

Limbaugh said that the way to stimulate the economy and create jobs was to cut the capital gains tax and the corporate tax. This was poo pooed by the left who claim that tax cuts do not achieve the stated goals and that only spending will work. Obama opted for the spending and unemployment is now at 10% and his Stimulus has been a bust.

Tonight Obama embraced the wisdom of Rush Limbaugh. He did not go for it in total because he only wants to cut small business capital gains on investments and Limbaugh called for a capital gains tax cut on individual capital gains as well. But this is a start.

By making this proposal, Barack Obama has admitted that the liberal ideology is wrong. He has admitted that liberal tax and spend policies do not work. He has admitted that liberalism and its ways is a complete hoax.

And he has admitted that Limbaugh was right.

He has embraced the conservative principle of tax cuts to stimulate. He has taken the advice of the man he tried to demonize only a few short months ago.

Rush Limbaugh was right and Obama was wrong. Obama as much as admitted that.

Make no mistake. Obama is trying to appeal to an electorate (particularly Independents) that is fed up with the way he is running things. He is trying to stop the bleeding from the wounds of the Brown victory in Massachusetts. He is taking this approach to try and win in November.

But he has thrown his party and its ideology under the bus. When things get better the country will see that liberalism is a failed exercise in futility.

And they will see that Limbaugh was right all along.


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