Here's a snippet of the Kudlow interview with Nancy Pelosi on CNBC today. They're discussing the Dem's desire to revoke Big Oil's tax deductions:
Kudlow: They’re deductions are the same as all the manufacturing companies.
Rep. Pelosi: So why do they need — yeah, they shouldn’t be. They shouldn’t be.
Kudlow: Why not?
Rep. Pelosi: Because manufacturing, you’re making something in America. They are — this was, shall we say, a special case for the oil companies to say we are actually not manufacturing companies, we wanted to be treated like that and that’s one to have things we want to reverse.
We are not big fans of corporate tax breaks that skew business decisions. But clearly Pelosi believes the tax code should be used as a shock collar on American industries. Expect the Dems to release their Five Year Plan soon.