Obama’s Jobs Plan: Tax, Tax, Tax, But No Spending Cuts In Sight
Is this really a surprise to anyone that’s been paying attention the last 3 years?
White House Office of Management and Budget Director Jack Lew outlined President Barack Obama’s plan to pay for his $447 billion jobs plan — mostly through tax increases.
Lew said itemized tax deductions and exemptions for those making more than $200,000, and families earning more than $250,000 would be cut — raising about $400 billion to pay for Obama’s jobs plan over 10 years.
A change to bring more hedge fund earnings under normal tax rules as opposed to carried interest rates would raise another $18 billion.
The new tax rules would not take effect until January 2013, Lew said. Obama is not offering any spending cuts to pay for the jobs plan.
Of course, Lew assures us, there won’t be any impact to job creation… but then, this is the same White House that assured us that the stimulus would keep unemployment under 8%, and that people would just love ObamaCare once it was passed, so all the Democrats could run to victory in 2010 and 2012 on it… so that tells ya how many grains of salt to take that assurance with.