Geithner’s new plans and proposals serve as a great example of the left’s aversion to common sense
Yesterday, the new Treasury Secretary further shaped government policy based upon the farce of man-made global warming, attacking the American oil and natural gas industry and arguing that domestic producers should not receive federal subsidies in the form of tax breaks — because such businesses and operations contribute to “climate change.”
This, of course, comes on the heels of the public release of the Obama administration’s behemoth of a budget for fiscal year 2009 and amid talks about expected expenses for fiscal year 2010, where the White House hopes to increase the tax burden on American oil and gas producers through measures such as a new 13 percent tax on all production in the Gulf of Mexico and a $4 per acre tax on leased but undeveloped space.
Geithner, yesterday, made it all too apparent that the motivation for increasing the tax burden on the oil and natural gas industry is motivated as much by the farce of global warming as by the line at the bottom of the administration’s cooked books.
“We don’t believe it makes sense to significantly subsidize the production and use of sources of energy that are dramatically going to add to our climate change [problem],” Geithner told the Senate Finance Committee yesterday. “We don’t think that’s good economic policy and we think changing those incentives is good for the country.”
The Treasury Secretary’s comments on such counterproductive measures came one day after he unveiled, to the House Ways and Means Committee, a plan by which the Obama administration would “propose a series of legislative and enforcement measures to reduce such U.S. tax evasion and avoidance.” Ways and Means, of course, is responsible for much of the contents of the U.S. Tax Code and is chaired by New York Democrat Rep. Charlie Rangel, a tax cheat who failed to report more than $75,000 in rental income from property in the Dominican Republic. And Geithner, of course, the very same guy spearheading Barack Obama’s efforts to pursue tax cheats, himself failed to pay nearly $35,000 in back taxes.
Even aside from the hypocrisy of Geithner’s quest, essentially the Washington, D.C. equivalent of an abstinence seminar led by Nadia “Octomom” Suleiman, and even aside from the rising and frustrating cost of policies designed to appease global socialists who worship at the altar of former Vice President Al Gore each day, perhaps the most frustrating aspect of the ideas and proposals put forth by Barack Obama and Timothy Geithner is that such plans completely ignore the power of an America unencumbered.
Instead of going after those who shelter money, abuse our own tax laws and avoid taxes overseas, for example, why not make America an effective venue for housing wealth here, on our own shores, in our own system? Instead of punishing those who look elsewhere for asset protection and growth, let’s make America the attractive destination for assets free of such burdens.
Unfortunately, it’s the same type of argument as involved with the debate over energy independence, and we all know how that turns out — common sense does not exactly win the day.
Think about the arguments for a moment:
With regard to energy, if we were to make use of our own ample natural resources, if we were to drill offshore and drill ANWR and extract oil shale, we could not only create hundreds of thousands of jobs as we establish ourselves as truly energy independent and see the positive national security ramifications that such independence would bring, but we could also use that independence to bring in revenue which, in turn, could be used to research and fund alternative, renewable energy mechanisms. It makes perfect sense, to make use of our own natural resources to ensure national security and economic growth, but the political left and the environmental lobby will not allow it.
Likewise, with regard to Geithner’s hypocritical quest, if we were to make America a destination of those across the world who want to protect and grow their own assets, if we could once again make America a premier destination for business and industry through a reduced tax and regulatory burden, we could see an exponential increase in manufacturing, in employment, and in economic growth. It makes perfect sense, to bring the money to us rather than go after those who move it elsewhere, but the political left and class warriors will not allow it.
Of course, I’m a realist. I do not expect the Democrats currently running our nation’s capital to exhibit any sort of common sense. It just doesn’t fit into their modus operandi, their ideology, or their agenda. In the meantime, however, even if we are unreasonably denied common sense solutions in America, can our elected and appointed officials at least cut back on the overt hypocrisy?