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Obama seeks $467 billion in tax changes to fund jobs plan
WASHINGTON |
WASHINGTON (Reuters) - President Barack Obama is proposing cutting $467 billion in tax breaks for wealthier Americans and some companies to offset the cost of his job-creation plan, White House Budget Director Jack Lew said on Monday.
"In order to invest in jobs and growth, we're going to have to pay for it," Lew told reporters as Obama prepared to submit his $447 billion jobs program to Congress on Monday.
He said the extra $20 billion in cuts were intended to "build in a cushion" to make sure the plan is paid for without adding to budget deficits, as Obama has promised.
Lew said the "tax provisions" that Obama was proposing included:
-- A limit on itemized deductions and certain exemptions on individuals who earn over $200,000 and families who earn over $250,000, which would raise roughly $400 billion over 10 years.
-- A proposal to treat carried interest earned by investment fund managers as ordinary income rather than taxing it at capital gains rates, which would raise $18 billion.
-- Eliminating certain oil and gas industry tax breaks that would raise $40 billion.
-- A change in corporate jet depreciation rules that would raise $3 billion.
(Reporting by Steve Holland and Matt Spetalnick; Editing by Eric Beech)
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What makes this any different than before?
The media that will disregard the separation of powers outlined in the Constitution to enable Obama to be king of America. The way it works is this – the President (executive branch) PROPOSES a bill or spending, it goes to Congress (legislative branch) to be written, evaluated by the CBO and then brought up for a vote. If it passes, it goes back to the President who can either sign it or veto it. However today, where the media usurps its powers to promote their political viewpoint, such facts (a learning experience to most) are lost to make this President look good. How many times have we heard the press express disdain because Bush’s numbers were dropping? Never, but in the Obama World, we get sob stories about “how he’s really, really trying, but those darned, racist, barbaric SOBs aren’t letting him do what he does best – polarize a political opponent and spend whatever he wants.
We heard stories about how $800B was the perfect amount to get the economy back on track in 2009. Now he needs an additional $450 to keep payroll tax cuts and unemployment benefits (neither a job creator), “shovel-ready projects” (he’s serious this time) and public employee state jobs, which undermines the tough decisions that governors like Walker, Cuomo and Christie had to endure. Governors in California (Amazon tax)and Connecticut (union concessions) will be wiping the sweat from their brows given the terrible budgets/promises they put together that have will create bigger deficits next year.
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