{"id":37046,"date":"2010-12-10T01:01:01","date_gmt":"2011-05-19T00:15:22","guid":{"rendered":""},"modified":"2011-05-19T00:15:22","modified_gmt":"2011-05-19T00:15:22","slug":"i_hope_obama_s_tax_deal_fails","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/12\/10\/i_hope_obama_s_tax_deal_fails\/","title":{"rendered":"I Hope Obama\u2019s Tax Deal Fails"},"content":{"rendered":"
\n

RUSH: My friends, if we have yet to persuade you that the tax deal, as it\u2019s being called, should not happen — Snerdley, are you convinced now? He\u2019s begrudgingly admitting I\u2019m right, just blow it up. Earlier this week everybody was all hot to trot. ‘Wow, the Democrats are destroying themselves. Wow, the Democrats hate Obama. Wow, we\u2019re gonna get our tax rate –‘ whoa. Folks, we don\u2019t want any part of this, especially now.<\/p>\n

JOHNNY DONOVAN: And now, from sunny south Florida, it\u2019s Open Line Friday!<\/p>\n

RUSH: And the telephone number is 800-282-2882. The e-mail address, ElRushbo@eibnet.com. Open Line Friday. We dispense with most of the rules on Friday. Big one says you have to talk about something I care about or you don\u2019t get on the air. Today, you don\u2019t have to talk about something I care about. You can ask any question you want, you — I don\u2019t care. If you want to stick it to the stick-to-the-issues crowd and ask me about football, feel free, have at it. Again the telephone number, 800-282-2882, and the e-mail address, ElRushbo@eibnet.com. <\/p>\n

If you don\u2019t know anything else about the tax deal, just listen to this. ‘Senators on opposite sides of the battle over ethanol subsidies said Thursday an extension of key ethanol tax credits appears to be a part of the emerging Capitol Hill deal on the Bush-era tax cuts. Senator Ben Nelson (D-Neb.), who supports the corn-based fuel, told reporters that an extension of the credit for blending ethanol into gasoline is included. ‘I believe it will be in there…based on some discussions.” Chuck Grassley says, yep, it\u2019s gonna be in there. Tom Harkin says, yep, it\u2019s gonna be in there. This is Washington as we\u2019ve always known it. This is nothing more than pork. Both senators, both sides of the aisle throwing in a subsidy here, this is more pork spending. This is not representative of anybody having heard the results of the election or not getting the point of the election, and what\u2019s being lost in all this, this word ‘stimulus.\u2019 I have been warning people all week, there\u2019s no stimulus in this bill that is going to work. Obama\u2019s using the term ‘stimulus,\u2019 and he\u2019s doing it strategically. Others are using the term ‘stimulus\u2019 to describe the tax rates staying the same. <\/p>\n

As we\u2019ve pointed out all week, there\u2019s nothing stimulative about tax rates staying the same. That stimulus has already occurred within the immediate years after taxes were cut back in 2001 and 2003. There\u2019s no new stimulus that\u2019s gonna come from extending. There\u2019s no stimulus associated with a one-year, 2% tax rate cut in the payroll tax. There\u2019s no stimulus in the estate tax being raised from zero to 35%. So where is the stimulus? Why does Obama keep talking about stimulus? Well, take a look at all the spending in this bill. This ethanol is just the tip of the iceberg. They\u2019re loading all kinds of spending into this bill, and that\u2019s why Obama\u2019s calling it stimulus. Effectively what he\u2019s getting here is a second stimulus bill. The Republicans are going along with this notion of keeping tax rates the same. Taxes ought to be cut. As such, they are going up. At the end of the day, if you take everything into account here, taxes are going up. What with the tax credit continuing for people that don\u2019t even pay taxes, the death tax going from zero to 35%, this tax deal is becoming a Christmas tree and they\u2019re putting all these pork deals on as ornaments and presents underneath it. <\/p>\n

One of the reasons that we\u2019re being told we gotta do this, ‘Well, we got this deadline coming up, Rush, you know, the end of the year Congress leaves.\u2019 The IRS commissioner has said, ‘No, no, you gotta do this now, don\u2019t wait \u2019til January. You\u2019re gonna screw up our computer codes. We\u2019re gonna have to rewrite everything if you do this in January-February.\u2019 Let me tell you, I part ways with people that say if we don\u2019t do this now the sky will fall. With what\u2019s happening it\u2019s time to back off. This is not at all what this election meant. The Democrats are still running the show. I cannot explain to you why they\u2019re having the reaction they are, the F-bomb being dropped all over the place. Last night, you watched the Senate or House — well, I\u2019m sure you didn\u2019t — but Snerdley did and he said he had to turn it off. He has never heard the kind of anger, hatred, and vitriol aimed at the rich as he heard aimed at them last night. People like Bernie Sanders were practically foaming at the mouth talking about how the rich are stealing the wealth that they have from the poor. They are stealing your kids\u2019 wealth and your grandkids\u2019 wealth. The rich are doing all of this. The rich are waging war against the poor, and it\u2019s all about tax rates being extended. <\/p>\n

Of course I think it\u2019s a setup for something else down the pike. I do think that they\u2019re working on a death tax. Does the name Steve Schwarzman mean anything to you? Stephen Schwarzman is a Republican. He has been involved in Republican fundraising, but he founded the Blackstone Group. The Blackstone Group is a humongous investment vehicle. Pete Peterson, a former Commerce secretary with Nixon is part of this group, and they\u2019re huge. He\u2019s a Republican. Steve Schwarzman is leaving the country. He\u2019s announced he\u2019s moving to Paris. He says half the country is doing it right, but we\u2019re not. It\u2019s a direct comment on Obama. The move is not permanent but he\u2019s getting out of the country the next three to six months to conduct business. He doesn\u2019t like being a target. Carried interest is how the Blackstone Group makes its money and that\u2019s an area for tax increases Obama is targeting, carried interest, the hedge funds. So he\u2019s getting out of the country. He has the means, the ability. He\u2019s not renouncing citizenship, but he\u2019s just getting out. He wants to go someplace else to conduct business. <\/p>\n

I heard that, and I heard last night, I had to look it up for myself. I was a little shocked by it because I didn\u2019t associate Schwarzman as an activist Republican. He\u2019s a fundraiser, but I thought RINO, I thought typical New York moderate Republican, but I never met him. I don\u2019t know. I don\u2019t know him personally. But he\u2019s leaving the country. And this vitriol against the rich, that is mounting. (interruption) I didn\u2019t hear it, Snerdley, I don\u2019t think they really want a war, but they are waging war. He said the rich are waging war against the poor and the vehicle for them saying that is these tax rates staying the same. They were so, I guess, convinced that tax rates on the rich were gonna go up that they\u2019re having a spoiled rotten little kid reaction. But it must indicate that something else is on the way, such as a wealth tax, a tax specifically written to attack already earned income, already taxed income, in other words, portfolio tax or net worth tax, whatever you want to call it. I wouldn\u2019t be surprised. Those are the people that have the money, it\u2019s like we talked about yesterday. Where are they gonna go get money? They can\u2019t go get money from the pension fund, they\u2019re underfunded. They have to go to where the money is, they have to go to the real money and that\u2019s people who have earned it and people who have it. <\/p>\n

Now, one thing these people can\u2019t figure out, you know, this notion of keep taxing the wealthy, where does wealth get created? I think Obama and these people sometimes are really so naive, they think that no matter what they do the golden goose is always gonna be there, a corporation\u2019s always gonna be a bottomless pit of money, that the rich are always gonna have a bottomless pit of money that they can tax year in and year out and that they\u2019re never gonna kill the golden goose, when they\u2019re in the process of doing so. Now, Bernie Sanders, the only admitted socialist in the House of Representatives, and a lot of other Democrats are just beside themselves, when in fact this deal is giving them a lot of what they want or claim to want. There\u2019s a lot of pork in it, more added each day, ethanol just the latest. There are no tax cuts. Look, there is a tax cut, the 2% payroll tax cut for one year, but that\u2019s it. There aren\u2019t any tax cuts. The only way you can look at it as a tax cut is if you were convinced that the rates were gonna go up, and now they\u2019re not gonna go up, you had it in your mind the rich are gonna pay 39.6, now they\u2019re gonna get the same rate of 36, ah, it\u2019s a tax cut, it\u2019s the way Washington budgeting works. <\/p>\n

But we\u2019re on this deadline now that we\u2019ve gotta do this two-year extension of current tax rates. And, by the way, Obama says he\u2019s gonna raise the upper rate come hell or high water at the end of these two years. This is just an election year move to come back during his reelection, get his leftist base back on board by once again going after tax increases for the rich during a presidential campaign. He\u2019s poised to do just that during the course of his run for reelection. Now, you can\u2019t say that keeping the tax rates the same gives any useful predictability or economic help to anybody because nothing\u2019s changing. The first of the week people go, ‘All right. My taxes aren\u2019t gonna go up, all right, all right.\u2019 Why should we settle for that? We won the election. In the process of settling for that, why start adding a bunch of pork? You\u2019ll note the Democrats did not change their leadership and neither did we — neither did we. And the committee chairmanships, they\u2019re all being picked by Boehner, and they all understandably are his loyalists and so forth. Fred Upton is gonna run the House Energy Committee, and they say he\u2019s had his come-to-Jesus meeting here on lightbulbs. <\/p>\n

But the thing that bothers me about that is here\u2019s a guy who has to be taught at his age the notion of constitutional and market freedom, free market concepts? ‘Oh, yeah, I get it now,\u2019 says the new chairman of the committee. The economic benefit here, if we do this deal, is going to be minimal, but if Republicans announced loudly and clearly that their intention is to ensure a longer term lock-in on the rates, or even cut them, then it would help settle some of the anxiety. But right now there is no Republican position. Everything we\u2019re hearing is what the Democrats think and what they want. Where is the Republican vision? Have you heard them say it? Have you heard Mitch McConnell articulate the Republican vision here? Have you heard Boehner? Have you? I\u2019m asking. Did McConnell talk about tax cuts? Of course not. That\u2019s what I mean, where is the Republican vision here? I mean they won the election. Here we\u2019re on a deadline, we gotta get this done before Congress ends this year. We gotta get this done, and the deadline\u2019s coming, and Democrats are adding, Obama\u2019s adding all these pork projects, more ethanol subsidies. <\/p>\n

That\u2019s not what the election was about. They could go a long way helping themselves making it clear they\u2019re not gonna buy a two-year deal with a certain tax increase in 2013 for hundreds of billions of dollars including new ethanol subsidies. What kind of deal is this? ‘Okay, yeah, we\u2019ll take it,\u2019 say the Republicans, ‘We\u2019ll take two years of the same tax rates and then we\u2019ll take increasing tax rates in 2013 and the ethanol subsidies, yeah, what else do you want?\u2019 It\u2019s hard to break old habits, folks, especially in Washington. Even the Republican leaders have been part of this system for decades. False deadlines, foolish deals, they become the rule. And it need not be. I now hope this deal fails. I say it directly and officially. If the deal fails, the Democrats are in control, so it is they who will be raising taxes. Let the tax rates go up on January 1st. Let \u2019em go up. Wait for our cavalry to show up and deal with this the right way. They had two years to deal with this. They\u2019ve had the two years of Obama\u2019s presidency to deal with this and they haven\u2019t, on purpose. They want the tax rates to go up. We\u2019re selling for nothing. Really, it isn\u2019t any great shakes that we agreed to two years of the tax rates not changing. <\/p>\n

How about permanently the tax rates not changing? Then we\u2019ll talk to you. Two years? And we got 13 more months of unemployment benefits. The only you can describe that 13 months is look at all the spending that is. That\u2019s new spending, three years now of unemployment compensation benefits in exchange for a 35% death tax, a 2% cut in the payroll tax, and two years of tax rates on income not changing. They had two years to deal with this. The new Congress coming in will fix it, if the GOP leadership will allow it. If the economy continues in its recession, as I said yesterday, what is this double-dip stuff? To have a second recession you have to get out of the first one. We\u2019re still in the first one. If this recession continues, it\u2019s because of Obama\u2019s anti-capitalist policies, and the Democrat Congress\u2019 inability to deal with the budget and tax rates. Put it off on them. Why should we bail them out? This is their mess. <\/p>\n

Now, we sign on to the mess continuing and at the end of the day we get credit for the mess. Where is the Republican vision on this? Where is the Republican vision on taxes? Is this it, status quo and tax rates, more spending? Where\u2019s their proposal for a FairTax, a flat tax, where\u2019s their proposal for tax cuts? Obama\u2019s got a plan out there they floated all of a sudden, lower tax rates immensely and get rid of all deductions. Who is it that has control of taxes right now? Who is it that has the perception that they are the ones with all the ideas on taxes? It\u2019s the Democrats. This is not what this election was about. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: I just watched a guy on Fox, he\u2019s talking to Michele Bachmann, and he said, ‘Keeping these tax rates the same — that\u2019s a tax cut, right?\u2019 And she was kind of befuddled, she\u2019s trying to make a different point, and he jumps in there: ‘It\u2019s a tax cut, right? It\u2019s gotta be paid for, right?\u2019 No! Gee whiz! Nothing changing! ‘We gotta get this done.\u2019 Notice the timeline on it: ‘We\u2019ve got to get this done before the Republicans come in and have control of the House in January.\u2019 That\u2019s what everybody\u2019s saying here: ‘We gotta get this done before the cavalry arrives.\u2019 <\/line> <\/line>And I\u2019m not so sure. I might be a heretic for saying this, but I\u2019m not so sure the current House leadership is all for that, because coming in in January with a deal not done and going for something better, tax cuts and so forth — that may be more than they want to start chewing here early on in the new Congress. I\u2019m just guessing. But why, if you\u2019re in the House leadership, why in the world would you want to do this now, instead of waiting for when you control the joint? When you control it by a huge margin? Why would you want to do that? (New Castrati imitation) ‘But Mr. Limbaugh, Mr. Limbaugh, your side wants to do this because they see the Democrat Party destroying itself, and so do we out there in the New Castrati!\u2019 The Democrat Party is not destroying itself. The Democrat Party — we\u2019re learning what they stand for. <\/line> <\/line>I\u2019ve asked the question: Can anybody tell me, where\u2019s the Republican vision in all this? Can somebody tell me what the Republican core values are in all this? Have you heard anybody express to the voters, the Republican side, ‘Here\u2019s what we\u2019re trying to do with this deal, here\u2019s where our core values are represented in this deal\u2019? And we got the Drive-Bys asking Obama, ‘What are your core values? Where you gonna go to the mat?\u2019 The Democrats in the House are throwing F-bombs around. Some of these people — we got the audio sound bites that are hilarious to listen to. I mean, these guys are literally going insane because they think they\u2019re being sold out. And based on the way… I mean, they\u2019re getting their ethanol subsidies, they\u2019re getting new spending on unemployment, no taxes are being cut. It\u2019s hard to figure out why these guys are so livid, really.<\/line><\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: My friends, if we have yet to persuade you that the tax deal, as it\u2019s being called, should not happen — Snerdley, are you convinced now? He\u2019s begrudgingly admitting I\u2019m right, just blow it up. Earlier this week everybody was all hot to trot. ‘Wow, the Democrats are destroying themselves. 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