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Obama proposes raising taxes on the wealthy to pay for $447
billion jobs bill
By David
Nakamura 09/12/2011
President Obama would fund his $447 billion plan to create jobs largely by raising taxes
on wealthier families, White House aides said Monday after the president again
called on Congress to support the package.
During a Rose Garden appearance, Obama pledged to send
Congress the American Jobs Act on Monday evening when the legislative body
resumes its session. Aides revealed for the first time that the plan will
include limits on itemized deductions for individuals who earn more than
$200,000 a year and families that earn more than $250,000.
[…]
Obama has proposed similar tax hikes on the wealthy in the
past, but they were rejected by Congress.
[…]
The cost of the jobs plan would be in addition to the $1.5
trillion that a bipartisan congressional “supercommittee” is tasked with finding
to reduce the country’s spiraling deficit. However, the administration said
that it is open to other ways to pay for its proposal. If the committee settles
on a plan to reduce the deficit by the $1.5 trillion and also the amount of
Obama’s jobs package, the tax hikes will not longer take effect, White House
officials said.
[…]
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Nakamura - WaPo: Obama proposes raising taxes on the wealthy
to pay for $447 billion jobs bill
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