As President Obama goes around the country selling his jobs plan, we check in with Dave Boyer on the latest message coming from the White House.
Dave Boyer writes in today’s Washington Times:
President Obama warned Americans on Monday that politics was “stopping” his $447 billion jobs plan, saying so hours before he even sent the legislation laden with tax increases to Congress.
“I told Congress I’ll be sending them a bill called the American Jobs Act. Well, here it is,” Mr. Obama said in the White House Rose Garden, brandishing a sheaf of papers that appeared to be about 3 inches thick. “This is the bill that will help our economy in a moment of national crisis. The only thing that’s stopping it is politics.”
Mr. Obama, who announced the package of spending and tax cuts to a joint session of Congress on Thursday, again said the proposal is “fully paid for.”
He left to Office of Management and Budget Director Jacob J. Lew the job of explaining how the White House intends to pay for the plan — exclusively with tax increases, most of which would come by limiting itemized deductions on families earning more than $250,000 per year.
Mr. Lew said the plan would raise $400 billion over 10 years by clamping down on popular deductions, such as charitable donations and mortgage interest payments. Another $40 billion would be raised from oil and gas companies by closing tax loopholes; $18 billion would come from changing the taxation of carried interest from capital gains to ordinary income, a reform that would affect money managers on Wall Street. (more)