{"id":5838,"date":"2011-09-13T00:05:19","date_gmt":"2011-09-13T07:05:19","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=5838"},"modified":"2011-09-13T00:05:19","modified_gmt":"2011-09-13T07:05:19","slug":"obama-gets-the-funding-for-jobs-act-right","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/09\/13\/obama-gets-the-funding-for-jobs-act-right\/","title":{"rendered":"Obama gets the funding for jobs act right"},"content":{"rendered":"

Like most Americans, I have been concerned with how Obama intends to pay for the American Jobs Act.  I may have to pinch myself to make sure I am awake, because it appears that Obama has finally gotten it right.  Now I don\u2019t think for a hot minute that Republicans will pass this, but the AJA is so filled with things Republicans have supported before, that it will be clear to voters that the only reason Republicans oppose it will be that they are protecting millionaires, Billionaires, and corporate criminals from having share any of the cost of the Republican recession, which their own greed has imposed on all of us.<\/font><\/p>\n

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\"13TaxGreedy\"The president’s $447 billion plan for tax incentives and infrastructure spending to create new jobs would be paid for by adjusting the tax rates of wealthy Americans, such as hedge funds managers and corporate jet owners, laying the burden of continued economic recovery at the feet of those who’ve seen its only benefits over the last two years<\/strong>.<\/p>\n

That’s according to Office of Budget Management Director Jack Lew, who told reporters at the White House briefing room on Monday that several of President Barack Obama’s previous budgetary proposals could be combined to pay for the plan. <\/p>\n

The proposals would set tighter limits on individual deductions for single earners making over $200,000 a year and families with combined incomes over $250,000 a year<\/strong>, drawing their exempt income down from 35 percent to 28 percent.<\/p>\n

It would also adjust how hedge fund managers’ incomes are taxed<\/strong> and eliminate tax deductions for corporate aircraft<\/strong>. Additionally, all subsidies for the oil and gas industries would be eliminated<\/strong>. <\/p>\n

Director Lew said these adjustments would add up to $467 billion over the next decade, covering the jobs bill and wiping an additional $20 billion off the nation’s deficit<\/strong>. <\/p>\n

The proposals are not new: President Obama has sought to make these changes in his past two budget requests, and in the Affordable Care Act. They have been repeatedly blocked by Republicans in Congress, who claim that raising tax rates on wealthy Americans would deter them from creating jobs<\/strong>.<\/p>\n

However, in this case, President Obama’s proposals are largely made up of Republican ideas such as tax credits for small businesses that hire new workers. It remains unclear how Republicans will be able to use their ostensibly pro-jobs argument to resist their own proposals for creating jobs<\/strong>\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <Raw Story<\/a>><\/p>\n

For more information:<\/font><\/p>\n

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Download the <\/font>highlights of the Jobs Act<\/a> [PDF]<\/font><\/p>\n

Read the <\/font>complete overview of the Jobs Act<\/a><\/font><\/p>\n

See what impact the American Jobs Act <\/font>will have in your state<\/a><\/font><\/p>\n<\/blockquote>\n

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Keith Olbermann discussed the AJA with Brian Beutler on Countdown<\/a>.<\/font><\/p>\n