For some reason, he chooses to leave out entirely the blatant crony capitalism in his account of the “Fiscal Cliff” bill at the end of last year.
Bob Woodward, famous for his Watergate reporting and subsequent inside Washington books, gives a blow by blow of the negotiations between President Obama’s administration and the Republicans at the end of last year that ended with tax increases for some higher earning taxpayers. But he doesn’t mention something which is crucial to know about the “Fiscal Cliff” bill.
That bill not only contained tax increases on the some higher earning taxpayers. In addition, it contained tax reductions for a list of President Obama’s favorite corporations (General Electric, the film industry etc.) This was the president’s personal list. He insisted that the tax reductions had to be included or he wouldn’t sign the bill. Moreover the tax reductions entirely offset the new tax revenue from the higher taxes on some wealthier taxpayers.
To make it worse, as he signed the bill, the president said he hoped for more “reform” of both the personal and corporate tax code. This was one of the most hypocritical statements ever made by a president and one of the most blatant acts of crony capitalism. “Reform” seemed to mean higher taxes for my opponents and lower taxes for my campaign contributors.
Bob Woodward surely knows all this. Why doesn’t he mention it?