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Rush Limbaugh

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RUSH: I want to go to CNBC, audio from last night on the Kudlow Report. This is amazing, by the way. Larry Kudlow is talking with Donald Straszheim of Straszheim Global Advisors and Jeff Macke of Macke Asset Management. Kudlow says, ‘How is China treating capital?’ How are the ChiComs, the Chinese communists treating capital, how are they treating money? ‘Because I would argue,’ says Kudlow, ‘the Obama budget is not treating capital very well. In fact, some people believe, and I’m one of them, that they are waging a war on investors. How is China treating capital gains and corporate taxation? And let’s include infrastructure spending, because I think from an emerging country infrastructure spending is pro-capital and pro-growth,’ and here is what Straszheim and Macke said.

STRASZHEIM: China has treated capital better than we have for a decade. There is no tax on gains held short term or long term —

KUDLOW: Wow.

STRASZHEIM: — in the Chinese market.

KUDLOW: Wow!

STRASZHEIM: Zero, the tax rate is zero.

KUDLOW: These are communists! These are communists! No capital gains tax from communists!

MACKE: And they like rich guys more than Obama does. It’s incredible!

STRASZHEIM: Larry, there is no tax on capital gains held over a long period, even on daily trading there is no tax. I would rather own CNOOC, China National Offshore Oil Company, and PetroChina, over the next year, than I would ExxonMobil —

KUDLOW: Wow.

STRASZHEIM: — and ConocoPhillips.

KUDLOW: Okay, great stuff.

STRASZHEIM: It pains me to say that as an American, but China’s government is going to treat their companies better than our government is going to treat our companies.

RUSH: Donald Straszheim and Jeff Macke on CNBC’s Kudlow last night. That’s real. That is real. That is real. The ChiComs are treating their corporation better than Barack Obama is treating American corporations. No tax on capital gains, no tax on daily trading, no tax on capital gains held over a long period, even on daily trading, no tax. I know Obama likes China, likes their infrastructure spending, but he doesn’t like them that much. Now, again, and you heard Kudlow say it, there is a war being waged on investors by the Obama administration. I think he’s right. I don’t know how you look at it any other way. The stock market, which is the home of investing, continues to plunge, and Obama doesn’t care. It’s a tracking poll. He’s doing nothing about it, showing no concern whatsoever. I think, folks, it makes perfect sense from a guy who looks at the United States as an unjust and unfair capitalist economy. I think Barack Obama thinks that the middle class and the poor used to have all the money but it’s been siphoned away from them, stolen, taken away, cheated from them, and he thinks his job is to return the nation’s wealth to the rightful owners. So he’s going after the investor class, he’s going after the achievers, the entrepreneurs.

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