THE PRESIDENT: ...So, anyway, raising taxes. And so let me say something to you, so you hear -- in the campaign, you'll hear, we're going only to tax the rich. That's what you'll hear. Now, this is from a fellow who has promised about $2 trillion of new spending thus far. And only taxing the rich, first of all, creates a huge tax gap, which means buyer beware. You see, if you can't raise enough by taxing the rich, guess who gets to pay next? Yes, the not-rich. (Laughter.) That's all of us.
Yep, he's just one of the regular, bottom-tax-bracket kind of guys, isn't he, the little darling?
[local businessman] MR. BLOOMHALL: Well, we've got 124 employees worldwide. They're the best and the brightest, because as we can save taxes and reinvest it in our business, in capital, in the equipment to automate our manufacturing line, in science -- we hire PhD's, real good-paying jobs -- and we can grow jobs and investment in our country better than the government can by collecting taxes. (Applause.)
THE PRESIDENT: I didn't tell him to say that. (Laughter and applause.) But I couldn't have said it any better myself. John said, investment. One of the things in the tax relief plan that we passed, it says to small businesses, we'll encourage you to invest by allowing you what they call bonus depreciation. These are fancy tax words. I'm trying to simplify it. It says, you invest in planned equipment, you get a tax break for doing so.
So, Mr. Bloomhall, if we were to REALLY slash your taxes, how well do you suppose your business would be faring without roads, without water & sewage, without police protection? How many jobs do you think you'd be creating then, even for "the best and the brightest"? (I beg to differ, I'm not working for him.)
There's more to taxation benefiting job creation than just the people that work directly for the government. Dumbass. Dumbasses.
Are you going to invest, you think, this year?
MR. BLOOMHALL: Yes, we're investing about $1.3 million this year.
THE PRESIDENT: Yes. What do you -- when you say, invest, what does that mean? Are you buying things?
MR. BLOOMHALL: Primarily capital investment in our plant and equipment.
THE PRESIDENT: Like what kind of plant and equipment?
MR. BLOOMHALL: Automation equipment so that our employees are not doing the manual jobs, they're doing the thinking jobs. They create greater value to us, we can pay them more, and everybody wins.
THE PRESIDENT: Okay. Now, this is a very interesting lesson here—
Cut his mike! Yes, it is a very interesting lesson. The automation equipment means the employees won't be doing the manual jobs. That means he won't be needing so many workers, to turn out the same amount of product. Invest in the machinery once, and all it needs thereafter is electricity and a little bit of maintenance now and then. More money goes into Mr. Bloomhall's pockets, less into his workers' (though they may be averaging more per capita, once the manual worker 'dead weight' is trimmed'), the rich get richer, the workers get poorer and feel lucky for it because at least they have jobs.