www.BillSpetrino.com – A Forum Focused On Dividend & Value Investing, Trend Trading, Options and Investor Education

This is about about Obama ‘s lies and debate misstatements.

There is so many of them I would need 8 or 9 columns to name them all from the 2 Presidential debates.

It is no wonder that in the latest Gallup Poll of likely voters, Romney is now ahead by 7 percent ,after being down before the first debate 2 weeks ago.

Today in the day of the internet there are fact checkers Although many people do not care to do their homework, there are plenty of folks like me who do it, and also write in a column for tens of thousands to read.

I will try and focus on the most glaring and imbecilic.

1)Why wouldn’t we eliminate tax breaks for corporate jets? My attitude is if you got a corporate jet, you can probably afford to pay full freight, not get a special break for it.

The president and his handlers don,t understand there is NO special deduction for private jets ,just like their is no special deduction for moving a business overseas.

I am an accountant married to a CPA , but in fact I knew all this as a first year accounting student.

Someone please tell the President and his”handlers” that flying commercial or on a private jet is the SAME travel expense. It is deductible by law for EVERY American both rich and old.No matter where you travel to.

There is No SPECIAL private jet deduction or moving businesses overseas DEDUCTION.

The president repeated the moving business overseas deduction again in the 2nd debate.

Please send him a copy of this, it is obvious no one in his inner circle has told him this or perhaps he hasn’t chosen to listen.

The other night,Mr Obama again said ” We have increased oil production to the highest levels in 16 years”.

This is REALLY a whopper.

First of all, Obama’s idea of “we”, somehow tries to take credit that the administration tries to somehow say they are responsible for this increase. That is simply NOT true. In fact most of the increases have occurred due to drilling on private land not government land.

According to Energy Information Administration, in fiscal year 2011, production on federal lands dropped 13 percent from fiscal year 2010 levels, led by a drop in federal offshore production of 17 percent. It was obviously private lands that fueled the increase so saying”we” is not only disingenuous its an out and out lie.

Second of all according to the EIA which is a government agency, oil production in 2011 is much less than it was ever in the 1990s. So his statement is not only disingenuous but blatantly false.

I mean do you blame the advisers or the President himself? I cant speak for him but before I say anything I fact check it first to even a simple client .To lie like this in front of 70 million people is inexcusable and is a severe character flaw.

Then he told Romney in the debate that Romney was lying about this.

NO Mr President and his gullible followers,YOU ARE LYING.

Obama continued by saying Is it fair for somebody like you, making $20 million a year, to pay a lower tax rate than a nurse or a bus driver, somebody making $50,000 year? And he claims ( Romney) said, “Yes, I think that’s fair.”

The fact is Romney pays a higher rate on his dividend income than the bus driver who made 50,000 a year would pay on THEIR dividend income

The bus driver who had dividend income of under 35,000 dollars would pay a much lower tax rate and at worst would pay the EXACT rate than Mr Romney

There is NO special tax rate for upper income earners,in fact the bus drivers dividend income would be taxed at a MUCH lower rate than Mr Romney’s in all probability

What Romney actually said was “I think it’s the right way to encourage economic growth – to get people to invest, to start businesses, to put people to work

And one of the reasons why the capital gains tax rate is lower is because capital has already been taxed once at the corporate level, as high as 35 percent.”

If Mitt Romney got paid a salary he would be taxed on that money as earned income at federal rate of 35 percent not 14%

FYI:

Mr Romney pays a whopping 58% of his income in taxes and CHARITY and only keeps 42% for he and his family.

So it is very MISLEADING to imply that Mr Romney is somehow GREEDY

Mr Biden and Mr Obama who are very generous with other people’s money but apparently NOT their own.Both have had year where they gave less than 1% in charity while having incomes over 250,000 dollars.

So who really isn’t paying their fair share now?

Now either 1) Barack Obama knows that and is being dishonest with the American people. Or its possible he doesn’t know this .I suggest hiring someone like me that knows this or to spend time learning the tax code .Just think of how many hours it took to play over a hundred rounds of golf and attending a couple hundred fundraisers in the past 4 years.

Imagine if that time was instead was spent consulting with actual job creators and those who are economically educated.

What do you think is Mr Obama just comfortable reporting things he knows are lies ? Or is he a type of person who is economically illiterate and really doesn’t know how asinine and inaccurate what he is saying really is.

Maybe someone in the media will ask him or his supporters this?

Of course he won’t take any press conferences.

But he will interview with Pimp the LIMP and LIMP Wristed Adulterer Dave Letterman, the bastions of morality and intelligence

4 more years??? Get real