Obama seeks $467 billion in tax changes to fund jobs plan

[IDemo]

Source: Reuters

WASHINGTON | Mon Sep 12, 2011 1:44pm EDT

WASHINGTON (Reuters) - President Barack Obama is proposing cutting $467 billion in tax breaks for wealthier Americans and some companies to offset the cost of his job-creation plan, White House Budget Director Jack Lew said on Monday.

"In order to invest in jobs and growth, we're going to have to pay for it," Lew told reporters as Obama prepared to submit his $447 billion jobs program to Congress on Monday.

He said the extra $20 billion in cuts were intended to "build in a cushion" to make sure the plan is paid for without adding to budget deficits, as Obama has promised.

Lew said the "tax provisions" that Obama was proposing included:

Read more: http://www.reuters.com/article/2011/09/12/us-usa-jobs-budget-idUSTRE78B58020110912

[bluestateguy]

1. Good news. I didn't read anything about messing with Medicare, Medicaid or Social Security

Pass it. Right away.

[DJ13]

2. Thats for the Congressional committee to do, not this bill

[No Elephants]

14. Self delete

[demwing]

3. THIS is much better than being funded through spending cuts!

Let's see how this bit of populism plays out :)

[No Elephants]

13. It's not either or. Obama tried to palm the cuts off on the Cat Food Commission, and now the Super

Committee. He wants political cover for the spending cuts and the Republicans wisely wouldn't give it to him during the debt ceiling debacle.

Blueprint for that has been on the DLC website for a few years now, and I'm sure Candidate Obama was giving a personal primer.

[Yo_Mama]

4. So it's NOT paid for

Because these proposals are all part of a previous proposal that was supposed to contain deficits, so basically he's just proposing to spend another 440 billion without paying for it.

Also, no one believes the FICA cut could be restored in 2013:
http://www.cnbc.com/id/44469291

“The problem is, it is very easy in our current political climate to cut revenue and very hard to increase it,” said Nancy Altman, co-director of the Strengthen Social Security coalition and author of "The Battle for Social Security," a history of the program and its politics.

“Look at the controversy over ending the Bush tax cuts, which would only affect a small portion of taxpayers,” Altman said. “In this case, if you propose restoring the payroll tax down the road, you’d have to double the rates on workers making minimum wage. This is being sold as temporary, but it’s not likely to work out that way.”

[on point]

5. Though critical of Obama on many things, these ARE changes I can support!

[No Elephants]

17. The criticism went to his saying over and over that everything was paid for,

the clear implication being "already paid for."

That is a different issue from whether you approve of the changes themselves or not.

[maxsolomon]

6. the government is supposed to be able to run deficts

exactly for this type of legislation.

if we need to cut spending - CUT OUT THE WARS.

[Left Coast2020]

7. The Question is will he fight for it?

I want to see a fighter--not someone who acts like a punching bag for the Party of Greed.

:shrug: :shrug: :shrug:

[McCamy Taylor]

8. Fight with what? An AK-47?

[No Elephants]

15. I can think of a number of past Presidents, Republican and Democrat, who fought without an AK 47,

can't you?

[Moosepoop]

9. You mean sorta like this?

http://news.yahoo.com/obama-calls-congress-act-jobs-bill-152431593.html

President Barack Obama bluntly challenged Congress Monday to act immediately on his new jobs plan, brandishing a copy of the legislation in the Rose Garden and demanding: "No games, no politics, no delays."

Surrounded by police officers, firefighters, teachers, construction workers and others he said would be helped by the $447 billion package, the president said the only thing that would block its passage would be lawmakers deciding it wasn't good politics to work with him. "We can't afford these same political games, not now," Obama said.

The president said he was sending the package to Congress later Monday, after unveiling it last week in a speech to a joint session of Congress. Then he's heading out to try to sell it to the public, on Tuesday in Ohio — home state of House Speaker John Boehner — and Wednesday in North Carolina.

At the same time, the Democratic National Committee is backing up the effort with a new ad campaign in politically key states from Nevada to New Hampshire.

[No Elephants]

16. Nothing like fighting to cram Rethug ideas down Rethug throats.

[No Elephants]

18. IF we need to cut spending?

[maxsolomon]

19. Yes, IF - said in response to deficit hawks.

but i'd rather revenue was raised (back to Clinton-era levels) in this economic situation. austerity is not how you climb out of depressions.

[onethatcares]

10. it's not enough to this carpenter guy

467 billion is not enough to even begin establishing jobs. Hell, it's the same size as the initial stimulous and we all know where that ended up.

There aren't or I haven't seen any concrete plans on what is going to be payed for with this amount. Will it be extended unemployment benefits? Will a

WPA type system be developed? If it's infrastructure rehab,what federal commission is going to pick and choose which parts get rehabbed and which get

left out and who is going to work on them?

I have this feeling we're gonna be throwing crapcovered bricks of hundreds at the wall and in 16 months there won't be any change. The only thing we'll

get is a brick upside the head from the other side of the aisle talking about how 467 Billion went to create x amount of #167,000.00/yr jobs.

Talk me down. Please.

[former9thward]

11. Charities will be hard hit by this proposal.

People above 200k would not get the deductions for charity. No deductions, no giving. Obama says that would bring in about $400+ billion. If so that means about $1 trillion in losses to charities. Please don't tell me the little people will make up for it. They won't and don't.

[TomCADem]

12. The American Public Will Give The Republicans A Free Pass

The corporate media will start playing right wing talking points non-stop while blaming President Obama at the same tight for lazy Republicans who would rather plan football parties, rather than solve the job crisis.