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Bad Business

- February 18, 2011

Obama’s Supposed Business-Friendly Makeover Proved Short Lived, As His New Budget Slams Job-Creators With Higher Taxes

President Obama Will Visit The Intel Campus In Oregon Today, After Meeting With Silicon Valley Tech Executives In San Francisco Last Night.  (Carla Marinucci, “Obama To Dine With Bay Area High-Tech Titans,” San Francisco Chronicle2/17/11)

OBAMA’S BUDGET HITS BUSINESSES WITH JOB-DESTROYING TAXES,

HINDERING COMPETITIVENESS

“A Week Ago, President Barack Obama Told The Nation’s Business Leaders He Wanted To Be Friends. But After Releasing His Budget On Monday, They’re Not Feeling The Love.”  (Chris Frates, “Business Cool To Obama’s Budget,” Politico2/15/11)

  • “The Budget Also Proposes Roughly $300 Billion In New Taxes On Energy Companies, Multinationals And Banks. So Much For The New Detente Between The White House And Business.”  (Editorial, “The Cee Lo Green Budget,” The Wall Street Journal2/15/11)

Obama’s Budget Raises Taxes By $1.6 Trillion, With Businesses Taking A Significant Hit. “However, Obama also would rely heavily on new taxes, to a degree unacknowledged by administration officials in recent days. His budget request calls for well over $1.6 trillion in fresh revenue over the next decade, much of it through higher taxes on the wealthy and businesses.”  (Lori Montgomery, “Obama Budget Projects Record $1.6 Trillion Deficit,” The Washington Post, 2/14/11)

Obama’s Budget Contains Taxes On Businesses That He Has Pushed For The Last Two Years And “Have Troubled Many In The Business Community.”  “Proposed tax increases for businesses and high earners that play a big role in the president's budget outline have a slender chance of passing Congress this year. … President Barack Obama's budget largely restates proposals he has pushed since taking office that have troubled many in the business community. The plan comes after several months of administration efforts to mend relations with business and the president's call last month for a corporate-tax overhaul.” (John D. McKinnon, “Big Role For Tax Increases Fuels Criticism From Business Groups,” The Wall Street Journal, 2/15/11)

Obama’s Budget Contains Many Tax Increases “That Were Largely Ignored By Congress When Democrats Controlled Both Chambers.”  “President Barack Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controlled both chambers. Republicans, who now control the House, are signaling they will be even less receptive.” (“Obama Budget Resurrects Rejected Tax Increases,” The Associated Press2/14/11)

Obama’s Plan To Tax Multinational Corporations Is “Of Particular Concern” To Some Business Groups Who Believe It Will Hurt U.S. Competitiveness.  “Of particular concern to some business groups was the proposal to raise taxes on multinational corporations by $129 billion over the next decade. The president had included the idea in his 2011 budget, but most of it was never enacted. A big-business coalition comprising a number of associations, including the U.S. Chamber of Commerce, suggested the latest proposals would set back the cause of improving U.S. competitiveness.” (John D. McKinnon, “Big Role For Tax Increases Fuels Criticism From Business Groups,” The Wall Street Journal, 2/15/11)

Obama’s Budget Also Includes A New Tax On Businesses By Doubling The Amount Of Income That Is Subject To Unemployment Insurance Taxes.  “The budget also includes a measure that would more than double the amount of income on which employers must pay unemployment insurance fees to $15,000. The administration argues the increase would bring the taxable wage base to the same level in real terms as it was under the Reagan administration, but Republicans have said it amounts to a massive tax increase on businesses.”  (Steven Sloan, “Obama Revises Effort To Raise Taxes On Wealthiest Americans,” Congressional Quarterly, 2/14/11)

 SO MUCH FOR HIS BUSINESS-FRIENDLY MAKEOVER

Naming Bill Daley As Chief Of Staff  Was Supposed To Underscore “Obama’s Determination To … Somewhat Neutralize The Outright Hostility Of Many Business Groups To His Administration.  “President Barack Obama is banking on an old name in Chicago politics to offer him new momentum in Washington.  His selection of the defiantly moderate Bill Daley as his new chief of staff, which drew predictable fire from liberals Thursday, underscores Obama’s determination to run from the center in 2012 and somewhat neutralize the outright hostility of many business groups to his administration.”  (Glenn Thrush & Carol E. Lee, “William Daley Takes Barack Obama Back To The Future,” Politico1/6/11)

  • Gene Sperling And Bill Daley Were To “Help Repair Obama’s Frayed Relations With The Business World.”  “His appointment of Treasury aide Gene Sperling as his top economic adviser and JPMorgan Chase executive William Daley as chief of staff promise fresh thinking in his inner circle as he grapples with the new Congress while pushing a job-creation agenda seen as crucial to getting him re-elected. Both are pragmatic veterans of the Clinton years, an era of economic prosperity, and their Wall Street connections could help repair Obama's frayed relations with the business world.”  (“Obama Shift To Center Takes Business-Friendly Tone,”Reuters, 2/9/11)

Obama Recently Spoke At The U.S. Chamber Of Commerce Where He Told Businesses “We Can And Must Work Together.” “President Barack Obama is telling business leaders that despite some strong disagreements, ‘we can and must work together.’ Obama spoke Monday morning at the U.S. Chamber of Commerce, which is so close to the White House that Obama was able to walk across the street to make his comments. His appearance comes as Obama aims to smooth his relations with corporate leaders and persuade major businesses to spend their cash, expand hiring and promote economic growth.”  (“Obama, Chamber Of Commerce Seek Détente,” MSNBC.com, 2/7/11)


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