President Obama with JP Morgan CEO Jamie Dimon (far left) (Photo: AP)
The ground has shifted in America. There used to be a team fighting for conservative fiscal principles. WalMart, Wall Street, big banks, and most of corporate America partnered with small business to support capitalism, conservative candidates, and causes. Today there’s been a sea change. A divorce. A “War of the Roses.” Big business and corporate America have sold out to Obama. They couldn’t care less about small business, or capitalism, or conservative fiscal values. They aren’t capitalists anymore, they are Crony Capitalists; now in bed with Obama--the world’s biggest Crony Socialist.
This partnership is wiping out the middle class, upper middle class, and small business. They’re doing it with taxes, rules, regulations and mandates. Obama claims they’re aimed at "the rich"…but in reality they do the most damage and are aimed squarely at the middle class, upper middle class, and small business.
Big business actually loves taxes, rules and regulations. They have the lobbyists, and armies of lawyers and accountants to either avoid, shelter, or deal with them all straight on without breaking a sweat. Small businesses don’t have these resources. For big business, this onslaught of taxes and regulations kills lesser competition.
Obama on the other hand has many reasons for targeting small business. First, he knows that’s where the money is. That’s where he will get the bulk of his massive tax increases. There aren’t enough billionaires or $100 million taxpayers to pay for all of Obama’s plans. He needs trillions of dollars to create his cradle to grave welfare state.
That’s where small business comes in. There are several million taxpayers in America who make $250,000 to $500,000 per year. Almost every one of them owns a business. I’m one of them. We are the target. These are the independent thinkers. These are the self-made capitalists and patriots. These are the stubborn, principled fiscal conservatives who despise Obama and his plans for insincere social justice and income redistribution. Small business makes up the heart of the Obama resistance.
Secondly, small business owners fund Obama’s political opposition- we make most of the contributions that fund Republican candidates and conservative causes. Small business will never sell out conservative fiscal principles. So Obama is at war with small business.
Besides, what does Obama care about a $250,000 per year small restaurant owner? That person is insignificant to him. But the CEO of a billion dollar conglomerate is very significant to Obama. That company can write $100,000 or $1,000,000 checks to Obama’s campaign, or his inauguration, or the DNC (Democratic National Committee), or a Obama-supporting PAC. And that Fortune 500 company has teams of lawyers and lobbyists- all willing to write big fat checks.
It started with the bailouts and stimulus. Big business begged, lobbied, and received billions. Small business got the shaft. All we got only the bill- it’s our kids and grandkids that will still be paying the interest on bailouts and wasted stimulus generations from now. Wall Street cheered as the stock market soared. But down on Main Street…for small business…it’s been a Great Depression for four years under Obama. Small business is dying.
The irony is that small business creates most of the jobs. Since the first day of the Reagan Presidency, about 40 million jobs have been created in America. The entire net of 40 million jobs was created by small business.
But small business owners don’t have lobbyists or connected D.C. law firms. We can’t afford to each give millions to politicians- so we get shafted. Look around the room. If you can’t tell who the sucker is…it’s YOU. Small business is the odd man out. We are the sucker. We are the target of Obama and his socialist cabal…and now his newest partners in crime- Big Business.
Look to Obama's Fed policies for evidence. Obama orders the Fed to print trillions of fake dollars to keep the economy afloat. Where does it all go? To big business. To banks. To Wall Street. To publicly traded multi-national companies. None of it has ever reached Main Street.
Then came Obamacare. Back in the 1980’s big business teamed with small business to stop Bill and Hillary Clinton’s attempt to socialize medicine and put government in charge of the entire healthcare system. Not this time.
This time big business took Obama’s side. Health insurance and Big Pharma were bribed with billions in new revenues sent their way. The rest of big business went along with Obama because he promised them lower corporate taxes.
Then came the coup de grace- the so-called “fiscal cliff” crisis. Small business owners pay their taxes as individuals- they own Sub Chapter S and LLC corporations that pass all income down to the individual small business owner. The lawyers and lobbyists of big business saw an opening. The goal was simple- make small business owners who file individual taxes pay dramatically higher taxes and lose valuable deductions (like charitable and mortgage deductions), so that big corporations (many of whom offshore jobs and keep billions of dollars of profits parked offshore too) could dramatically reduce their taxes.
The Wall Street Journal reported on groups like The Business Roundtable (made up of 150 corporate titans) and the RATE Coalition (AT&T, Ford, Lockheed Martin, Home Depot) publicly endorsing and blessing big tax hikes on mom and pop America.
The $625 billion tax increase passed. Big business didn’t get their corporate tax cut…yet. But boy did they get goodies- $40 billion in crony capitalism payoffs. The new tax bill gives away $78 million in tax breaks to benefit NASCAR; $62 million in tax credits for companies operating in American Samoa; $222 million of tax rebates to rum companies; $430 million in tax rebates for Hollywood film producers; $12 billion (with a “b”) in tax credits for wind power phonies like GE; $2.2 billion to renewable diesel companies; and $222 million in accelerated tax depreciation for businesses located on Indian reservations. Many of these companies will pay no taxes at all because of these rebates and credits.
Mom and pop small businesses just had their income redistributed to Big Business. Billion dollar companies ripped off small businesses on Main Street under the guise of a “fiscal cliff.” If we were on a cliff, how could we afford to give $430 million to Hollywood film producers? This was the greatest swindle since Bernie Madoff.
I predict this was only the start of Obama’s payoff to corporate America. I guarantee you that $40 billion that Obama gave corporations is only a downpayment. Under the guise of "tax reform" Obama will once again redistribute wealth from the small business and upper middle class to the billion dollar corporate elite.
It’s all part of the Cloward and Piven plan. Build an alliance with big business to fund your plan to overwhelm the system and socialize America.
Obama’s big government socialist agenda was never aimed at the super rich. He's playing three card monte. That’s just the propaganda he uses to sell his con game to the masses. Obama’s destructive agenda is aimed squarely at the heart of the U.S. economy- business owners making $250,000 to $500,000.
Obama’s goal is to create two classes of Americans - the super rich (who support and contribute to Obama, who are then rewarded with stimulus, bailouts, government contracts, government loans), and the poor (who loyally vote for Obama to receive the handouts they need to survive). In Obama’s view of America the middle class and small business must be sacrificed, and the poor must be kept in their place (dependent on him).
The cat is out of the bag. The crony capitalists are in bed with the greatest fraud of all-time- Obama the Crony Socialist. It’s now every man for himself.
Wayne Allyn Root is a Capitalist Evangelist, entrepreneur, and Libertarian-conservative Republican. He is a former Libertarian vice presidential nominee. Wayne's latest book is out on April 15, 2013: "The Ultimate Obama Survival Guide: Secrets to Protecting Your Family, Your Finances, and Your Freedom." It is available for Pre-Order at Amazon.com. Wayne's web site is: www.ROOTforAmerica.com