RUSH: The sitcom just keeps on coming. A half hour ago Timothy Geithner, well-known tax cheat, announcing the closing of loopholes, so-called loopholes on American businesses doing business overseas. Ha! Greetings, my friends. Great to have you here as we kick off a solid three hours of broadcast excellence from me, Rush Limbaugh, here at the Limbaugh Institute for Advanced Conservative Studies. The telephone number if you want to join us today, 800-282-2882. The e-mail address, ElRushbo@eibnet.com.
It’s like Obama running down hedge funds. He expects people to hate hedge funds as much as the left has been able to convince people to hate other institutions, like when he talks about hedge funds on Friday with the Chrysler bailout, or bankruptcy and this sort of thing. Nobody’s cheating anyone here except Tim Geithner and a bunch of appointees to Obama’s cabinet. Businesses aren’t cheating. But the use of the word ‘loophole’ is designed to convey that they are. So Obama wants to close these tax loopholes overseas, he says, I mean those companies that already pay foreign income taxes should also pay US taxes. That’s basically what he’s saying here. Foreign companies here are credited, for the most part, of taxes they pay here, so Obama would hamper US companies by taxing them twice, taxing them on top of foreign taxes that they pay in the country where the company exists, or the factory or the business enterprise exists. So the question becomes how is any of that going to create jobs and improve our economy? Well, it isn’t, and it’s not designed to do that. It is clear, folks, you watch what’s happening right in front of our very eyes, and the transfer, the redistribution of wealth is well underway and they’re making no bones with it, making no excuses of it, they’re not even trying to really hide it that much. As I say, just keep in mind one thing to understand about Obama, what he’s doing is restoring the nation’s wealth to its, quote, unquote, rightful owners.