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Category: Money

Obama’s Jobs Plan, to Raise $400 Billion in Taxes

Written on September 13, 2011 by Japhet Writ

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Through tax increases and subsidy deductions, Barrack Obama's jobs plan is believed to raise more than $400 million.

White House Office of Management and Budget Director, , outlines President ’s plan to pay for his $447 billion jobs plan — mostly through . The budget director said that itemized tax deductions and exemptions for those making $200,000 or more, and families earning greater than $250,000, would be cut. That would raise about $400 billion to pay ’s jobs plan for over ten years.

Moreover, a change to bring more hedge fund earnings under normal tax rules – as opposed to carried interest rates – would raise another $18 billion. However, Jack Lew said that the new tax rule would not take effect until January 2013.

Meanwhile, the rest of the total would be raised by cutting subsidies for the oil and gas industries to gather another $40 billion. This move would change the depreciation rules for corporate jets. That said, Barack Obama would cut $467 billion to pay for his plan. Jack Lew added that President Obama will outline a larger deficit reduction plan next week — encouraging the “Super Committee” to cut more than $1.5 trillion.

However, the White House would not determine how many jobs it expects Barack Obama’s proposal to create. Nevertheless, they directed reporters to ’s — who estimates that 1.9 million jobs will be created.

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