I am not happy to continue pointing out ignorance in our chief executive but he just keeps doing things that are just that ignorant. Even senior members in his own party are rebuking him on these two proposed policies. Obama is a gentry liberal and he values what he considers "fairness" above creating jobs. He is starting to remind me of George Bush in his stubborn refusal to accept the fact he, like Bush, is just plain wrong on some issues.
No other proposal shows the ignorance, and I do mean ignorance, of Barack Obama than his inclusion of the taxation of municipal bond interest into the yet to be submitted jobs bill. Basically his proposal is to tax the municipal bond income of anybody earning over $200000 in income going forward. Obama's stubborn ideology comes into play here and that is to tax at much higher rates anyone and anything that earns income more than what he considers fair. He has tried this before with charity contributions and this time with municipal bond interest. Bless his little heart, but he just can not see past his ideology. In the case with municipal bond interest and in the case of charity contributions he not only is blind, but he is putting the screws to the people who he says he cares for the most.
By proposing to limit the deductibility of the large charity contributions that higher income people contribute to higher education causes he endangers things such as endowed chairs, student scholarships, and creating certain endowed programs. These charity contributions help keep teachers and professors employed and pay for students to go to school. Already the teacher's unions have called the Democrats in Congress and told them no way and these same Democrats are telling Obama his charity contribution limitation ain't gonna happen.
In the case of taxation of municipal bonds interest he is killing jobs at the state and local level, including the public employee unions who are his base. Already many Democratic governors and mayors have called Congressional Democrats raising concerns about this idea. Not only is it a jobs killer, it is also a tax raiser on regular folks who will have to pay higher taxes to recover the higher interest costs that come with taxable municipal bonds. Frankly I am not sure that taxing municipal bond interest would pass court muster, but that is another argument for another day.
In any case both are non-starters with Democrats. So Republicans will never even have to weigh in period. Not sure who is advising Obama, but he looks stupid even suggesting these ideas. But maybe he just can not help himself since he is so consumed with hate for anyone he considers the evil rich.
Full disclosure: I have holdings in municipal bonds and make charity contributions.
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