Revenue Provisions in President Obama's Jobs bill - Citizens for Tax Justice

[Bill USA]

The http://www.ctj.org/">Citizens for Tax Justice is a great site for articles explaining the tax code and revenue measures.


http://ctj.org/pdf/americanjobsact.pdf">Revenue Provisions in President’s Jobs Bill



The American Jobs Act proposed by President Barack Obama includes provisions to offset its
estimated $447 billion cost by taxing wealthy individuals, investment fund managers, and
profitable companies, mainly oil and gas companies. The vast majority of the revenue would be
raised by the provision to limit the value of tax deductions and exclusions for high-income people.

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 Only 2.3 percent of taxpayers would be affected by the limit on deductions and exclusions in 2013.

 According to the administration this provision would raise $400 billion over ten years.

 Those who would pay more under this provision are among the richest five percent of taxpayers,
and 75 percent of the tax increase would be paid by the richest one percent of taxpayers.
(more)

[sinkingfeeling]

1. Seems someone doesn't approve of posting facts.

[Bill USA]

2. Earth to sinkingfeeling, do you read me?

[sinkingfeeling]

8. Referring to the fact that somebody had unrec'ed it prior to my even reading it.

[JohnWxy]

3. good post. this is a really good site for information on taxation issues! recommended.

[reentrystudent]

4. killing my desire to attain wealth

The American Jobs Act will produce jobs that conform to low to moderate incomes for a while. Who will create the one percent of the taxpayers in the future to support us? I believe I will be a low income person the rest of my life rather than stress myself to attain the level of wealth to support those who do not wish to improve there station in life. Without the struggle in life we become complacent and unworthy of living in a free society.

[Dragonfli]

5. You mean you wouldn't want to become wealthy because you would have to pay the same rate you do now?

That seems rather odd to me, The Wealthy are now paying less of a percentage than you do, how would closing some of the loopholes that allow them to pay less than you be somehow unfair?

Since you are not wealthy yet, perhaps you have noticed that it has less to do with a desire to improve one's station in life than it has to do with there being few to no opportunities to do so, besides, no one that gets help from the few programs still around is being supported. They would rather work and make at least minimum wage than LESS than that (all that is available as "support" is less money than min wage.)

There are some that can no longer work because of being disabled, but I don't think we should let them die in the streets rather than offer a minimum of christian help to allow a fellow American to live.


Please explain your position based on facts rather than a made up scenario where the ultra wealthy are being bled dry to support all those people that simply do not wish to have it better than they do.

I would love to see the logic behind it.

[reentrystudent]

9. American Jobs Act

I never said the wealthy are not paying less than I do, I merely reiterated the site explaining Obama's Job's bill which said ". . .75 percent of the tax increase would be paid by the richest one percent of taxpayers." You assume I am not weathly yet, but depending on what tax bracket you are thinking of, I earn a high middle class income and have worked my entire life (from 16 years of age). I put my children through college without financial Pell grants or state/federal assistance. As for there being few to no job opportunities now, it has not always been this way. I agree that unemployment is staggering and jobs are hard to come by and there are always exceptions to the rule on who would rather work or not. I have become jaded with my rental properties in that I see single women having children to get on welfare and housing assistance, food stamps, and other aid. Like I said there are always exception to the rule. As for the disabled, I never included them in being complacent and unworthy of living in a free society. As I reflect, that comment as a whole was harsh. No one is unworthy of living in a free society. I hope that clears up my position a little.

[Patchuli]

6. WTF?

"Who will create the one percent of the taxpayers in the future to support us?"

Many of those 1% inherited and they are definitely not supporting me or you. As a matter of fact, we pay their share of taxes.

"Without the struggle in life we become complacent and unworthy of living in a free society."

I don't think the poor, unemployed and underemployed through no fault of their own will ever become complacent. Grow a heart, please. And welcome to DU. Careful, it might be a brief stay. The talking points you are espousing are destined to be cause for flame bait.

[reentrystudent]

10. Americans Jobs Act

I am just quoting the original post that said "75 percent of the tax increase would be paid by the richest 1 percent of the tax payers." You say many of the 1 percent inherited money and we end up paying their fair share of taxes. According to Obama's plan it is not supposed to be that way but you are probably right. As for "...we become complacent and unworthy of living in a free society" I reflect this comment was rather harsh.

[Bluenorthwest]

7. That's like saying you'd not wish to win a million because

you'd have to pay part of it in taxes, so fuck the 650K left over, who needs that if they are taking TAXES!!!!
Clearly, a comment from a person who has never made a dime. And the idea that some are 'unworthy of living' is a tad extreme, even for most of the right wing extreme radicals.

[reentrystudent]

11. American Jobs Act

No, that analogy is not correct. If I won a million dollars, I would not have to do any work for it--save the investing part after--which would include substantial philanthropy. Your comment of me being a person who has never made a dime is also incorrect. I have worked since I was 16 years old and have accumulated quite a portfolio and put myself and my children through college without state or federal aid. You are correct that the quote "unworthy of living" was harsh and I do regret that comment.