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Ear to the Ground

Obama Will Make the Wealthy Pay for His Jobs Bill

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Posted on Sep 12, 2011

The Gulfstream G650

White House Budget Director Jack Lew revealed Monday that the administration plans to raise $467 billion in tax revenue from people making more than $200,000 a year, investment fund managers, the oil and gas industry and owners of corporate jets.

The White House believes the new revenue will add up to $20 billion more than is needed to pay for the president’s $447 billion jobs program. The extra cash is a “cushion,” according to Lew, just to make sure Obama’s plan doesn’t add to the deficit.

Not everybody believes the White House is serious about passing the American Jobs Act, which proposes hundreds of billions in targeted tax breaks and funding for infrastructure, state programs and an extension of unemployment insurance. Certainly House Republicans, many of whom would rather have the nation default on its debts than raise taxes, will not go for this.

Regardless, this new round of Robin Hood politics—taxing the oil industry and private jets to pay for jobs for the poor—will surely go over better with the foreclosed upon masses than the president’s many concessions to Wall Street.

You can tell by the numbers outlined by Reuters below that the private jet fees are in the package more for show than revenue.  —PZS


—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 change in corporate jet depreciation rules that would raise $3 billion.

Read more of the proposed tax hikes.

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By gerard, September 13, 2011 at 2:22 pm Link to this comment

Yet another misleading headline:  OBAMA WILL MAKE THE WEALTHY PAY etc.”  Obama can’t make anybody do anything.  Furthermore, in any decent country, “the wealthy” would be standing in line asking what they can do to help the general situation.  And half of them would be suggesting to put a damper on the Pentagon’s enormous “take.”  The wars would stop in a week, and 9.2 million families (really?  Did I get that right?  Can you imagine?) would have enough to eat. 
  Not to mention that in any civilized country THE WEALTHY would never have permitted things to reach this low point in the first place.

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By Awi, September 13, 2011 at 8:04 am Link to this comment

Bull !

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By Awi, September 13, 2011 at 7:59 am Link to this comment

Do not believe that Obama will tax the wealthy to pay for the job’s bill!  It will eventually come from services that benefit the poor and working class and Obama will sign it.  Obama is a friend of corporations, and an enemy of working people.  His legislative record proves it.  Wake up!

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By SarcastiCanuck, September 13, 2011 at 6:53 am Link to this comment
(Unregistered commenter)

Is it possible?Are Mr.Obama’s testicles starting to drop,allowing him to now start protecting the weak?Maybe miracles do happen in corporate America.Maybe he is a peoples president,leaving a legacy of fairness and shared wealth.Maybe he does represent the ordinary guy.Maybe there is a touch of FDR in him.Oops,sorry,I drifted off into a fantasy there for a moment.You may say that I’m a dreamer,but I’m not the only one…...But still,maybe there is a great president trying to bust out.Time will tell.

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By bigchin, September 12, 2011 at 9:22 pm Link to this comment
(Unregistered commenter)

yeah right…

Obama will SAY he’s gonna raise the money from the wealthy, but at the end of this charade, the wealthy will be protected by BOTH of our despicably rotten political parties ...

and the money will come from cuts to Medicare and Social Security, along with another tax repatriation “holiday” that will allow corporations to pay pennies on the dollar of what their true tax burden should be. 

Why should we believe anything coming from an administration that has betrayed, over and over and over again, anything remotely approaching progressive legislation in favor of the crony finance capitalists it serves?

Obama is a fraud.

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Robespierre115's avatar

By Robespierre115, September 12, 2011 at 8:57 pm Link to this comment

But isn’t most of Obama’s plan based on also outsourcing all his ideas to private corporations which will continue reaping profits while public workers lose their jobs? Sorry libtards, the golden god remains but a shadow.

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By rend it, September 12, 2011 at 7:36 pm Link to this comment

why are links to bloomberg “blacklisted”?

These two articles read back to back may make you vomit.

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By MD, September 12, 2011 at 6:00 pm Link to this comment
(Unregistered commenter)

Forgive me for being cynical but I will believe it when I see it.  I would bet that
Obama administration and congress find ways around the plan put forward and it
becomes another transfer of public money to private hands with no strings

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By morristhewise, September 12, 2011 at 3:36 pm Link to this comment

There is no better jobs program than the one in which Obama hires millions of
teachers, police officers and firemen. More teachers are needed to educate the
ignorant, more policemen are needed to incarcerate criminals, and more
firefighters are needed to quickly respond to fires. The costs to create these
important government jobs is zero, it will be paid for by saving 50 billion dollars
laying off workers in unessential services.

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By GW=MCHammered, September 12, 2011 at 1:55 pm Link to this comment
(Unregistered commenter)

Time to stop the bullshit:

So-called ‘job creators’ have never had such low tax rates:
So where are the jobs?!
Government MUST create these jobs and our infrastructure’s been neglected for generations.

Borrowing has never been cheaper:
So the U.S. should borrow as we have 80-plus times since WW2!
And spend it building a stronger America instead of devastating foreign countries.

Business has never had it better (minus U.S. child labor) with government subsidizing wages and insurance:
So why is business bitching about cost of government and labor?
A commerce-driven economy requires fair PAY and/or CREDIT - Where is either?!

If government had any forefathered balls:
it would terminate K-Street
lock up Wall-Street
end the ‘war on terror’
fight the ‘war on oligarchy’ (worldwide economic extortion) and win!

Time for the ‘Literal Responsible’ (We The People) to clean up after the now bullshit ‘Morally Responsible’ (journalists, politicians, bankers, lobbyists, CEOs)

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By drbhelthi, September 12, 2011 at 1:40 pm Link to this comment

Sounds super good.
So did his 2008 pre-election-promises.
His walk has been the opposite of his talk.
There is no evidence that the current 2012 “pre-election promise” will be any different.
Look-Out Americans;  and the world. 
Expect the same old, same old - - dishonesty.

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