Obama To Entrepreneurs: Not Only Did You Not Build Your Business, Your Money Belongs To Me

The conservative media has been so fixated over the past several days on Barack Obama's contention that those who built businesses didn't actually build their businesses, that an equally idiotic statement has gone largely unreported.

On Monday, while campaigning in Ohio, Obama exposed his ignorance, for all to see, when he blasted Mitt Romney's contention that eliminating the taxes on the foreign profits of American companies who bring those profits back into the United States could create as many as 800,000 jobs.

To put it in Obama's own words: "Today, we found out, there's a new study out by a non-partisan economist that says Governor Romney's economic plan would in fact create 800,000 jobs. There's only one problem. The jobs wouldn't be in America." Obama continued: "They would not be in America. They'd be in other countries. By eliminating taxes on corporations' foreign income, Governor Romney's plan would actually encourage companies to shift more of their operations to foreign tax havens, creating 800,000 jobs in those other countries." Strangely, the Obama-bots attending the rally actually cheered, apparently so blinded by hatred and class-envy that not one of them bothered to, as a good friend of mine is fond of saying, “think it through.” If you're confused by Mr. Obama's contention, you should be confused. It makes no sense. But the statement was no slip of the tongue. It's repeated on Obama's campaign website: "Romney would eliminate all taxes on the foreign profits of U.S. companies. Currently, U.S. corporations don’t have to pay U.S. taxes on profits earned overseas until those profits are brought back into the United States. If elected, Romney would completely eliminate all U.S. taxes on these profits. Therefore, for the first time in modern history, an American company could move a factory overseas and never pay a single dollar in U.S. taxes on the profits generated by that factory." The first sentence is only partially correct. Romney wouldn’t “eliminate all taxes on the foreign profits of U.S. companies.” That’s the status quo. Presently, the foreign profits of American companies are not taxed as long as those profits remain overseas. That's one of the reasons why General Electric was able to escape paying taxes in 2010 and moreover, was actually able to claim a 3.2 billion dollar tax credit. As for the second and third sentences of the above statement, we're still trying to figure that one out. Excuse us Mr. Obama, but following Mr. Romney's counsel would not mark "the first time in modern history, an American company could move a factory overseas and never pay a single dollar in U.S. taxes on the profits generated by that factory" because that's precisely what is going on now. Again, that’s the status quo. Companies have overseas divisions for a reason. Those "profits" are not finding their way back to the United States precisely because those companies don't have to pay U.S. taxes on “profits” that remain overseas and those foreign “profits” are presently being utilized to generate more “profits” and create jobs for these foreign divisions of American companies overseas. Romney's contention actually seeks to change the status quo. Giving these foreign divisions of American-based companies a tax amnesty, so to speak, for bringing that money back into the United States will fuel our sagging economy to the tune of billions of dollars, and the jump-start would most certainly generate significant economic growth, which in turn, would add a large number of jobs to our economy. It doesn't matter how these companies choose to spend those dollars or even (God forbid) if some of those dollars eventually go back overseas after being parked in the good old USA for a while. What does matter is that those dollars will come back here, for a change, to fuel our economy, instead of fueling the economies of foreign nations. So what is motivating Obama to make such ridiculous statements? There are only two possibilities. Either Obama believes the American people are fools (and judging from the reaction of the Obama-bots at the Ohio rally, he is right to some degree), or Obama himself is so blinded by his hatred of his own country that he too is a fool who is willing to sacrifice jobs on the altar of class envy. One thing is certain. Barack Obama not only believes that the government is solely responsible for the success of every single business in the United States. Apparently he also believes that everyone's money actually belongs to him. Author: America's Conservative News