Obama Will Make the Wealthy Pay for His Jobs Bill
Posted on Sep 12, 2011
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.
The Gulfstream G650