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Obama’s Jobs Plan, to Raise $400 Billion in Taxes
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, Jack Lew, outlines President Barrack Obama’s plan to pay for his $447 billion jobs plan — mostly through tax increase. 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 President Obama’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.
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