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White House Jobs Plan Paid for by Raising Taxes

That Jack Lew. He’s so funny. Especially for a budget guy. He stood up in the briefing room and said President Obama wants to pay for his $447 billion “jobs” package by raising income taxes.

This was the funniest thing I had heard in Washington since Jody Powell announced that Jimmy Carter had been attacked by a rabbit.

Here’s what Lew said today during the White House briefing. He suggested the Republicans might pass this. And no – I can here you thinking over here – this is not one of my damn satire pieces.

First, there’s a limit on itemized deductions and certain exemptions for individuals who earn over $200,000 and families earning over $250,000. That limitation raises roughly $400 billion over 10 years.

There is a provision that would treat carried interest — that’s the interest earned by investment fund managers — as ordinary income, rather than taxing it at the capital gains rate. And that would raise $18 billion.

There are a number of oil and gas provisions which collectively raise $40 billion that would treat — with the enactment of these provisions, would treat the oil and gas industry like other industries, taking away the special preference.

And finally, the corporate jet depreciation rule is changed. Right now, corporate jets are depreciated over five years, commercial over seven. It would treat commercial and corporate jets the same, at five years. That raises three.

Okay, tell me Lew is not the funniest OMB Director ever. Just try to tell me. Like he really thinks Republicans will ever pass this. It’s joke, people!

Oh goodness, I know you’ve had a great laugh, but if you want to tickle your funny bone some more, go back and read the part of Obama’s address to Congress Thursday night where he said all this was not about politics.

I mean, in retrospect especially, it’s funny stuff.

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34 Responses to White House Jobs Plan Paid for by Raising Taxes

  1. Was anybody expecting anything else? That’s the only thing these people know to do: take money out of the economy so they can put a smaller amout back in and scratch their heads when it doesn’t help.

  2. Just wondering what “itemized deductions” he is planning on limiting. If he is going to do away with mortgage deductions, this will absolutely kill the housing industry.

  3. Maybe I’m reading this wrong, but wouldn’t that corporate jet rule hurt the commercial jet business by changing the depreciation from 7 to 5 years? Looks like no change to corporate jet business. Why quibble over $3 Billion, right?

    Obama needs this stimulus money badly. No money, no union votes to buy. The House had better stand their ground on their promise of no new taxes. They are in control of the purse strings, no matter what this super committee does. Unfortunately, there are way more RINOs and Democrats on that committee than there are conservatives, so I wouldn’t be surprised to see them roll over and play dead on tax increases.

    • Huh…you think that was why Dick Trumka was in the audience looking like a bada$$? So he could remind Little Barry not to weaken his resolve about screwing the American people once again while lying to their faces? I don’t think O’BOgus has the testicular fortitude to do anything on his own – he is a weakling inhabited by demons. Heck, he can’t even stand up to Michelle – to wit, he let Bill “The Adulterer” Clinton take command of his press conference last year saying he had been keeping Michelle waiting for half an hour. Wow, and this idiot is supposed to be the C in C of the USA? What an absolute joke.

    • Susan,

      You are absolutely correct. By changing the depreciation for the commercial jets, I assume the NetJets are considered commercial, it will raise the cost of using them which might actually push more corporations into owning them. Is that his intended consequence or are they just stupid? Does GE build jets?

      • Are you sure about that? What exactly makes you think he knows that they make up taxes by raising prices? He once said that small businesses need loans to make payroll. He has shown zero knowledge of economic reality.

  4. Don’t I remember something in his speech about sending this to the super committee and cutting spending? Or did I just imagine that? Just how much is an individual taxpayer supposed to pay for the priviledge of being a citizen and yet, he uses Executive Orders to let illegals stay here for free. It amazes me that anyone can still say he is trying to do good for the country. So tired of him blustering about being grown ups, etc… He needs to eat his own DAMN peas!!

  5. Mark Levin’s Daily Temperature Poll as of 8:00 PM CDT…

    9/12/11 Daily Temperature
    Do you believe Social Security is a Ponzi scheme?
    Yes 95%
    No 4%
    I don’t know 1%

    Total Votes: 6329

  6. All this speach and all this plan ever were, were talking points for his campaign. He knows full well that the republicans are not going to pass this. Now, for the next year he will be running ad after ad stating how he tried to save the country but the damn repubs just would not co-operate. The only reason there will even be a bill sent to Congress is to get that NO vote recorded.
    Prepare for the on slaught of “Repubs refuse to tax the rich and don’t care if you the WORKING man starve”.

  7. Ummm… I don’t get the corporate jets things. Wouldn’t you be reducing the taxes paid to the IRS over the next 5 years if you’re allowing commercial jets to depreciate over a shorter term? And really, it all gets expensed in the end, so the potential net affect over 7 years is a grand total of 0? Can somebody explain my misundesrtanding here?

    • Most people wouldn’t understand the accounting aspect of it, so he gets to say he took back a tax loophole without actually doing anything. It’s like voting present.