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’t 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.
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.
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.
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, drawing their exempt income down from 35 percent to 28 percent.
It would also adjust how hedge fund managers’ incomes are taxed and eliminate tax deductions for corporate aircraft. Additionally, all subsidies for the oil and gas industries would be eliminated.
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.
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.
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… [emphasis added]
Inserted from <Raw Story>
For more information:
Download the highlights of the Jobs Act [PDF]
Read the complete overview of the Jobs Act
See what impact the American Jobs Act will have in your state
Keith Olbermann discussed the AJA with Brian Beutler on Countdown.
The way I see it, if Obama and the Democrats will just grow a spine, they can set the Republican party back extensively, perhaps terminally. In the past Republicans have excelled at defining the terms of the debate. Finally, Obama has beaten them at that game. In the past, Democrats’ Achilles heel has been caving in to protect the hostages taken in Republican acts of economic terrorism. I hate to sound cold, but nothing of note can be done to help the poor and middle classes. As long as Republicans have the power to block help for the 98%, they will. Painful, though it may be, the only way to end the suffering is to take the Republican party out of the way. The best way to do that is to stand firm, keep rallying voters to demand passage of the bill, and hang the effects of their unwillingness to do so on the Republicans. Republicans have two choices. They can pass the bill, or they be seen preventing needed relief to protect the rich. As long as Obama and the Democrats don’t cave-in and give Republicans more choices, they have Republicans in a no-win scenario.
16 Responses to “Obama gets the funding for jobs act right”
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Today, Pres. Obama is in Ohio promoting his plan. Let’s hope boehner’s constituents still have brains left and can understand just what their Rep would be blocking.
I hope they have the sense to vote against Agent Orange.
TAX THE WEALTHY TO MAKE THE ECONOMY HEALTHY AGAIN! I LOVE it and sincerely hope it will pass. To hell,with the Republicans!
It seems to me to be the only choice, if we’re going to survive. They, the wealthy, have nearly all the money! End those pointless wars, also! To hell with them damned Republicans!
You’re both right!
PASS THE BILL- argue points later—- I so hope the Dems and President Obama have pulled their balls out of the vise they were in and show them—-
I agree, but I’m quite sure Republicans will not.
I’ll watch from the side lines, not playing the game any more. Today’s primary day in New York – for the first time in my voting life I’m sitting it out – the republicans may gain Weiner’s seat – so?! I used to think voting was a privilege – not any more – it is a means to depressing yourself and making yourself angry – hope his bill works out ok – but at this point I don’t care! I did think it interesting that Olbermann brought up the Koch job dismissals – an effective touch that, but who’s going to hear about that, when he’s speaking on a remote channel like Current (most NY’ers don’t even get the channel) – if they’ve heard of it!
Oh, Lee, please don’t abdicate your duty to vote. I know it can be depressing, and sometimes I feel the same way. But then I think, if I don’t vote, I don’t have the right to complain.
Let me tell you about a recent political action in my Province of British Columbia, north of the 49th. The provincial Liberal government (our Liberals are anything but liberal — very business focused but not yet Republican like) which has a majority in the Assembly, passed a law bringing in the Harmonised Sales Tax at 12% on just about everything. This HST was replacing the PST (Provincial Sales Tax) at 7% and the federal GST at 5%. With PST, there were a lot of exemptions that were lost with switch to HST. There were a lot of angry people, partly because how this change was brought about (you know, the political BS and deceit) so much so that the Premier eventually stepped down and is out of politics for now, and a Referendum was held in August 2011. The HST was defeated — roughly 56% for repeal to 44% against repeal. I don’t want to get into a discussion of the merits of HST vs PST/GST. I simply tell you so you can take heart that, no matter what, your vote does matter
Lee, I hope you changed your mind. If not, I’m sure the Republican appreciated that helped him win, and you have forfeited your right to bitch.
The Fourth Reich sill simply call the jobs bill socialism and lie about everything they used to support. They will say it is more “wasteful and failed stimulus”.
Minor correction Dave. The Fourth Reich lasted eight years. If Republicans win, it will be the Fifth.
” . . . Republicans have two choices. They can pass the bill, or they be seen preventing needed relief to protect the rich. As long as Obama and the Democrats don’t cave-in and give Republicans more choices, they have Republicans in a no-win scenario.”
I agree with you 200%! I think if Mr Obama gives in to the Republican obstructionists, he’ll be working in the private sector starting January 2013. The American people need to see clearly how they are being manipulated by the Republican obstructionists.
And I think there needs to be a grassroots plan to educate everybody and get everybody out to vote. Apathy will only mean the loss of freedom for at least 4 years!
Lynn, I fully agree.
Your summery is correct, as usual. Unfortunately I not convinced the President, or the Democratic led Senate, has a spine. The only fight recently, is in the President, and I’m not sure that’s just not campaigning.
Supporting his bill is easy, it helps millions of Americans. But for my thinking, it relies to much on tax cuts, is to small, and doesn’t offer enough, for the Republicans to hurt themselves by voting against it.
Tom, I think he knew that they would block whatever he proposed. The things you list are the things that prove that Republicans are blocking recovery.