Revenue Provisions in President Obama's Jobs bill - Citizens for Tax Justice [View All]

[Bill USA]

The http://www.ctj.org/">Citizens for Tax Justice is a great site for articles explaining the tax code and revenue measures.


http://ctj.org/pdf/americanjobsact.pdf">Revenue Provisions in President’s Jobs Bill



The American Jobs Act proposed by President Barack Obama includes provisions to offset its
estimated $447 billion cost by taxing wealthy individuals, investment fund managers, and
profitable companies, mainly oil and gas companies. The vast majority of the revenue would be
raised by the provision to limit the value of tax deductions and exclusions for high-income people.

~~
~~

 Only 2.3 percent of taxpayers would be affected by the limit on deductions and exclusions in 2013.

 According to the administration this provision would raise $400 billion over ten years.

 Those who would pay more under this provision are among the richest five percent of taxpayers,
and 75 percent of the tax increase would be paid by the richest one percent of taxpayers.
(more)