OK! - Obama plan: raise taxes on wealthy to pay for jobs creation

[kpete]

White House Office of Management and Budget Director Jack Lew on Monday outlined plans to pay for President Obama's new jobs bill largely by increasing taxes on the wealthiest Americans and closing tax loopholes for businesses.

Most of the new funds, Lew said, would be attained by limiting itemized deductions for individuals making more than $200,000 a year and families making more than $250,000, a plan President Obama has tried to push since his campaign days. Taking these steps would raise roughly $400 billion over 10 years, Lew said.

"We have choices to make. In order to invest in jobs and growth, we're going to have to pay for it," Lew said. "We think the American people will think this is the right package."

The administration also include a long-time policy goal of taxing the income investment fund managers make, known as carried interest, as regular income instead of as capital gains, which has a lower 15 percent tax rate. So far, Wall Street has strongly resisted any attempt to increase the rate on so-called carried interest. That change alone, would provide an infusion of $18 billion in revenue, according to administration officials.

The elimination of a tax break for the oil and gas industry would raise another $40 billion, and another $3 billion would come from changing the way corporate jets depreciate. Combined with a few other smaller revenue raises, Lew said the total measures proposed by the administration would bring in $467 billion, with some "wiggle room" -- $20 billion more than the cost of Obama's jobs bill, to ensure there's room to account for Congress' bean counters score the total a bit differently.

http://tpmdc.talkingpointsmemo.com/2011/09/white-house-says-tax-cuts-on-wealthy-will-largely-pay-for-jobs-bill.php?ref=fpb
http://www.dailykos.com/story/2011/09/12/1016196/-Obama-plan:-raise-taxes-on-wealthy-to-pay-for-jobs-creation?via=blog_1

[Scurrilous]

1. K & R

:thumbsup:

[Tierra_y_Libertad]

2. And/or he could try dealing with this in a meaningful way.

http://costofwar.com/en/

[underpants]

3. So they are going to put in all the things the Republicans have stopped twice?

I hope it goes through but I am not holding my breath.

[gratuitous]

4. Okay, a decent proposal

Not perfect, but I'll take it if these details are correct, or close to correct.

Now comes the heavy lifting part. I've seen an administration with atrophied muscles when it comes to pushing against the right (pushing away the left, they're hypertrophied). What sort of follow-through are we going to see? What kind of public relations work will they put out on the broadcast and cable channels? Because if this idea is just pushed out of the nest to fly on its own, the popular media will just run their usual parade of conservatives to devour this fledgling with nary a burp.

[The Wielding Truth]

5. Welfare for the wealthy should have been suspended years ago.

[Tennessee Gal]

6. "Welfare for the Wealthy"

That is an excellent way to put it!

Mind if I use it?

[hootinholler]

10. Wealthfare? n/t

:shrug:

[Tennessee Gal]

11. That's a good one, too!

[The Wielding Truth]

16. It's not mine. Use it.

[ProfessionalLeftist]

7. I support that.n/t

[DirkGently]

8. A worthy start, if Republicans will permit it. Ending the Bush tax cuts would raise double that.

[spanone]

9. k&r....

[Tennessee Gal]

12. This needs to be kicked so that people will read it.

Some here on another thread are asking cuts in what. This answers it.

[theaocp]

13. and/or

pull off the toes of their children. Maybe then they'd start seeing "reason". :sarcasm:

[Jakes Progress]

14. Good on him.

I wish I could just say hooray without having to add the word "finally".

[Overseas]

15. K&R. Yes please!

[bvar22]

17. I support this,

...and hope he shows up for the fight.

If he fights for me,
I'll return the favor.
If this goes away like the Public Option,
count me out for 2012.

You will know them by their WORKS,
not by their excuses or promises.

Solidarity!
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