Monday, September 12, 2011

President Obama's Last Chance To "Stick It To The Man".

[Editor's Note: Maybe this post would be better titled "Obama's Latest Attempt The Make Rich People Pay Their Fair Share", but who's counting?!?]

One nagging thorn in Obama's side has been his inability to truly "spread the wealth" as he famously asserted during his time on the campaign trail. Attempts to lower the deficit by slapping the rich with a greater tax bill died quietly during 2010's lame duck Congress and Obama was similarly smacked down when he tried to do so in the midst of last spring's debt ceiling pissing match.

While it makes total sense to me to ask those well off to forfeit a yacht or two, the GOP summarily dismissed the idea, even when they were a minority in the House and Senate. Something tells me Obama's latest attempt to pay for a jobs bill by taxing the rich is great election season populism, but won't get him any further with his detractors.
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.

Eliminating those deductions will bring in an additional $400 billion in revenue, said Jack Lew, director of the Office of Management and Budget.

The administration also is recommending closing oil and gas loopholes and changing the depreciation rules for corporate airplanes. All of the new rules, which would take effect in 2013, would bring in an estimated total of $467 billion, more than enough to pay for the president’s jobs bill, Lew said during the White House’s daily press briefing Monday.

Obama has proposed similar tax hikes on the wealthy in the past, but they werecd rejected by Congress.
Uhhhm, yeah, good luck with that one.

To Obama's credit, this is a good way to put the issue of taxation back on the media's radar, and he is also suggesting a solution that is indeed, in theory, paid for. We'll see how this one plays out.

Question: Any chance in Hell this bill gets passed?!?

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