Our infrastructure is crumbling and millions of Americans are out of work. The wealthy earn a growing share of income but pay lower rates thanks to the Bush tax cuts. Makes sense to ask the wealthy to pay a bit more & use the money to put people to work, right? That’s President Obama’s plan:
President Obama would fund his $447 billion plan to create jobs largely by raising taxes on wealthier families, White House aides said Monday after the president again called on Congress to support the package.
During a Rose Garden appearance, Obama pledged to send Congress the American Jobs Act on Monday evening when the legislative body resumes its session. Aides revealed for the first time that the plan will include limits on itemized deductions for individuals who earn more than $200,000 a year and families that earn more than $250,000.
Eliminating those deductions will bring in an additional $400 billion in revenue, said Jack Lew, director of the Office of Management and Budget.
The administration also is recommending closing oil and gas loopholes and changing the depreciation rules for corporate airplanes. All of the new rules, which would take effect in 2013, would bring in an estimated total of $467 billion, more than enough to pay for the president’s jobs bill, Lew said during the White House’s daily press briefing Monday.
House Speaker John Boehner’s office is already indicating Republicans will block the plan, meaning the entire GOP strategy between now & November 2012 will be to block anything Democrats try to do to improve the economy and hope voters don’t realize what’s going on.