RUSH: Newt Gingrich last night said, “I want to shrink government to fit income, not raise income to try to catch up with government.” Newt was on his game last night. Just in terms of substance, nobody outdoes Newt. But Newt has, as you all know, the baggage of global warming commercials with Pelosi and health care commercials with Hillary and the unpredictability that that brings. Wolf Blitzer kept talking about Obama’s jobs plan, as you will hear in mere moments. It’s a tax plan, Wolf — a big-spending, buck-passing, nonstimulating, tried-and-failed payoff to unions. What Obama has proposed is not a jobs plan. And, by the way, it is not designed to pass. It is not designed to pass.
It is designed for the Republicans to oppose this thing. I mean, every tax increase Obama’s ever dreamt of, wet or dry, that he’s been trying for three years to get passed, is there
— tax increases that even the Democrats, when they ran the whole House and Senate, when he had supermajority, couldn’t get passed. It’s the same tax increases. He wants to punish the people that create and produce energy for us in this country. He wants to punish them with higher taxes.
RUSH: You might be interested in knowing, as of 12:35 this afternoon, 15 minutes ago, not one Democrat has stepped forward to file Obama’s bill in the House of Representatives. The bill, the American Jobs Act, is still not a bill. It has not been filed. Not one Democrat stepped forward to file it. It has not been introduced. So I don’t know what’s up with that. Actually, I do know what’s up with it. I’ll tell you exactly what’s up with it. There’s no intention for this thing to pass. Obama knows no way it’s gonna pass. He’s gonna have trouble getting a number of Democrat votes on this with all these tax increases.
This is to set up the fact, as we’ve said repeatedly, that the Republicans are obstructive, that the Republicans want a political victory over Obama at the expense of the country. That they are doing anything they can to defeat Obama and they don’t care what happens to the country. The truth of the matter is they’re trying to save the country, as we all are.
RUSH: Obama’s jobs bill, Barry’s bill, he shows up at the Rose Garden yesterday (impression), “They say I don’t have a bill? Well, here’s my bill!” He’s waving his little bill around, “Here’s my little bill!” No Democrat has filed it. As of a half hour ago, no Democrat had officially filed the bill in the House of Representatives where it’s gotta start. So the fierce urgency of waiting for three weeks after his vacation to announce this plan, there’s no bill the night he gives the speech; then he comes up with a bill yesterday but no Democrats walked it through the process. (interruption) Well, Debbie “Blabbermouth” Schultz, as head of DNC, should have walked up and introduced it.
This means, by the way, that it also can’t be scored by the Congressional Budget Office. So as long as it hasn’t been filed, then the Congressional Budget Office has nothing to look at and score it against all of its claims — and every dime of spending in this new Porkulus comes from tax increases. The media is full of stories about how Obama plans to “pay” for his latest round of stimulus spending, and some in the media seem to be a little bit surprised here that he’s calling for an increase in taxes on the rich. “The rich” are now defined as anybody making more than $200,000 a year. Now, if you qualify (and if you’re a small businessperson, you do), here are the tax increases, changes, what have you, that we know about.
We know ’cause there’s a PDF of a bill. In fact, I have a PDF copy of the thing there. It’s 155 pages. There are 235 mentions of the word “tax” in the 155-page bill. At any rate, what Obama wants to do is limit mortgage deductions as well as the deductions for charitable contributions and state tax deductions. He’s been trying to get these same exact tax increases passed for more than three years. He has included these tax increases in every one of his budgets. He even brought up these same tax increases during deficit-debt ceiling debates back in August. He trotted out these same tax increases back in 2009 as a way to pay for Obamacare.
Now, these tax increases of Obama’s have been shot down every time he has pushed them, even when the Democrats had their supermajorities in both the House and Senate.
But he is so obsessed with redistribution — he is so obsessed with punishing the, quote, unquote, “rich” — and doing away with loopholes like mortgage deductions, he can’t help himself. As Newt pointed out (Newt had a great line): Every one of Obama’s green energy proposals has a tax loophole. Solyndra was a tax loophole! Every one of Obama’s green energy ideas is a tax loophole. Now, when you’re talking about raising taxes on income of $200,000 or more, you are talking about most small businesses, and these are the people who do 70% of the hiring in this country.
Steve Moore at the Wall Street Journal says that Obama’s tax increases, when you add ’em all up, amount to a $500 billion tax increase on small business. Now, Stephen Moore is right. I’m gonna tell you: Whatever tax breaks he’s talking about giving small-business people to hire workers is peanuts, and it always has been. I don’t care if he raises the $2500 tax credit for every worker hired. That’s nothing! Even if he raised that to $10,000, it’s nothing. It costs so much more than that to hire somebody. In addition to cutting tax deductions — and the mortgage interest deduction is something he wants to get rid of (or really limit, let’s put it that way) — he also wants to limit the deductions of state income taxes that you pay.
He also plans to get rid of oil subsidies to the tune of about $40 billion. Now, never mind… They call these things “subsidies.” They’re really not subsidies; they’re just slightly lower tax rates that a lot of other manufacturers get. They’re not really subsidies. We’re not subsidizing the oil companies. So in Obama’s world, the people supply the fuels — the people that supply the energy that power and fuel our economy — have to be punished. They just have to be. There’s something cruel about these people. There is something inherently eeeevil about these people who supply the energy that fuels our economy. These people epitomize something terribly wrong about America, and they’ve got to be punished. But, sure, go ahead! Go ahead and cut the mortgage deduction. Slap a higher tax on energy.
That’s gonna really stimulate the housing market. That’s gonna really boost the economy…right off the cliff.