It Must Be Friday

Because I am laughing out loud.

In this article from Drudge about how the new 50% tax rate in the UK has left them with less revnue than before this rate there is a classic comment:

Does no one understand where the money actually comes from?????

Good one eh. Then in the news you get Obama suggesting reducing corporate taxes while cutting loopholes, BUT:

In his proposed rewrite, Obama will target oil and gas companies for tax hikes while promising special breaks for manufacturing companies, according to a senior administration official.

So we get a solution from this guy, Ron Klain, who is worried about how higher gas prices actually affect real people, especially as compared to the payroll tax deduction:

One idea might be a “pocketbook protection” plan, which would work as follows: If the average price of gas exceeds $4 a gallon, an additional, automatic payroll tax cut of 1 percent would kick in, as much as $50 per month, per person. The cut would stay in place for at least 90 days; it would disappear when the price fell below $4.00 per gallon………………The plan could be almost entirely paid for with a modest, no-loopholes surcharge on corporate taxes on profit derived from the higher gas prices. The administration would be able to avoid pejorative terms such as “windfall” or “excess” profit tax, because the tax is neither confiscatory nor punitive.

(ht Maggie’s Farm)

Can you imagine?