Daily Archives: September 13, 2011

Obama Job Plan Keeps Spending, But Cuts Tax Deductions, Exemptions, Subsidies

Politicians and their creative ways of paying for their nifty projects, with our tax dollars.  The same old song and dance routine.  The one America and the GOP-majority Congress can see right through.   

REVEALED: Obama’s Jobs Plan To Raise $400 Billion In Taxes.  Business Insider. 

itemized tax deductions and exemptions for those making more than $200,000, and families earning more than $250,000 would be cut — raising about $400 billion to pay for Obama’s jobs plan over 10 years.

A change to bring more hedge fund earnings under normal tax rules as opposed to carried interest rates would raise another $18 billion.

The new tax rules would not take effect until January 2013, Lew said. Obama is not offering any spending cuts to pay for the jobs plan.

The rest of the total would be raised by cutting subsidies for the oil and gas industries to bring in another $40 billion, and change the depreciation rules for corporate jets. All told, Obama would cut $467 billion to pay for his plan.

Obama’s Unlikely Ideas To Pay For His Jobs Bill.  Forbes. 

All of these revenue proposals have been around for a long time and neither the previous Democratic-controlled Congress nor the current Congress have shown any interest in enacting them.

WH plan for how to pay for jobs bill: Half a trillion dollars in new tax revenue and then let the Super Committee figure it out.  HA. 

the politically shrewd move is to do triage by passing the buck as much as possible.

President Barack Obama.  Unable to strong arm Congress anymore.  Sensing the futility of his attempts at working across the aisle today.   Borne from inexperience with a real job outside politics and community organizing.  Making attempts at progress today the only way he knows how.