Bush tax cuts, corporate jets, deficit, dog and pony show, hedge fund managers, president, press conference
Further proof that the deficit reduction talk in DC is just a dog and pony show:
“In a Wednesday news conference, the president especially pounded a depreciation provision for corporate jets, mentioning it six times.
“I think it’s only fair to ask an oil company or a corporate jet owner that has done so well to give up that tax break that no other business enjoys,” Obama said. “I don’t think that’s real radical. I think the majority of Americans agree with that.”
But as it turns out, ending the jet tax break would only save around $3 billion over a decade, while rolling back tax expenditures for oil-and-gas would bring in roughly $21 billion and a proposal aimed at hedge fund managers would collect some $15 billion over that same time span.
According to estimates from last year, ending the Bush tax cuts for income over $250,000 for couples would have brought an extra $700 billion into the Treasury.”
If they were serous about reducing the deficit they would, as Willie Sutton once said, go where the money is. But where the money is is also where the large campaign contributions is, so that ends that.