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The prospects for President Barack Obama's $447 billion jobs plan grew dimmer Monday as he unveiled the fine print of how it would be paid for—primarily through tax increases that Republicans said would destroy jobs, not create them.
Mr. Obama proposed limiting itemized deductions for families with taxable income of $250,000 or more a year, ending tax breaks for oil companies and corporate jet owners, and cutting out a tax break for investment-fund managers. The White House says the tax changes would take effect in 2013 and estimates they would raise $467 billion in additional revenue over 10 years.
Mr. Obama proposed limiting itemized deductions for families with taxable income of $250,000 or more a year, ending tax breaks for oil companies and corporate jet owners, and cutting out a tax break for investment-fund managers. The White House says the tax changes would take effect in 2013 and estimates they would raise $467 billion in additional revenue over 10 years.
More likely some of the proposals in the bill could be passed piecemeal or could be included in a broader deficit-reduction plan crafted by a congressional supercommittee charged with finding at least $1.2 trillion in savings over the next 10 years. Mr. Obama will submit his own deficit plan of more than $2 trillion over 10 years to the committee on Sept. 19, administration officials said. That plan will include budget cuts, including to programs such as Medicare, not just tax increases like the ones he's proposing to pay for his jobs bill, administration officials said.
“The people of this country work hard to meet their responsibilities. The question tonight is whether we’ll meet ours. The question is whether, in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy; whether we can restore some of the fairness and security that has defined this nation since our beginning,” Mr. Obama said.
Key aspects include proposals to rebuild and modernize US infrastructure and schools, financial aid to cash-poor state and local governments, job training to help the long-term unemployed, and steps to encourage hiring of military veterans.
Key aspects include proposals to rebuild and modernize US infrastructure and schools, financial aid to cash-poor state and local governments, job training to help the long-term unemployed, and steps to encourage hiring of military veterans.
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