Search
Latest topics
Useful Links
- American 99ers Union
- Unemployed Friends 2.0
- Extend Unemployment Benefits
- Help the 99ers on blogspot
- Layoff List
- Now Jobless/Next Homelss
- Philadelphia Unemployment Project
- Reach Out Job Search
Tier 5 to Survive Unemployment Unite- Unemployed but Organized for the 21st Century
- Unemployed Workers Action Group
Union of Unemployed- http://helpthe99ers.com/
- www.NELP.org
Who is online?
In total there are 3 users online :: 0 Registered, 0 Hidden and 3 Guests None
Most users ever online was 288 on Sun Jul 04, 2021 4:30 pm
White House Outlines $467 Billion In Savings To Pay For Jobs Act
White House Outlines $467 Billion In Savings To Pay For Jobs Act
White House Outlines $467 Billion In Savings To Pay For Jobs Act
WASHINGTON -- The Obama administration announced on Monday a series of tax policy changes that officials say will pay for the costs of the president's job creation plan.
The provisions, announced by Office of Management and Budget Chair Jack Lew, would raise an projected $467 billion over the course of 10 years. The American Jobs Act, as outlined by the president last week, will cost an estimated $447 billion.
The president is set to offer those pay-fors as part of an larger package of debt and deficit reduction measures that he will present to the congressional committee tasked with finding $1.5 trillion in savings. Whether the committee incorporates those measures is up to them, Lew said. If they choose not to, however, the administration said it would welcome Congress as a whole taking up the proposal.
The provisions the White House is offering as an offset are largely rehashes of tax policy changes that the president has pushed before. The primary piece would be to limit itemized deductions for individuals making over $200,000-a-year and families making over $250,000 -- which Lew said would raise $400 billion over 10 years.
Another pay-for would be to treat carried interest as ordinary income rather than capital gains, which Lew said would raise $18 billion. The White House is also calling for the end of tax subsidies for certain oil and gas companies, which the administration believes would raise $40 billion, and the axing of a tax break for corporate jet owners, which it believes could save $3 billion.
"The kinds of provisions we are talking about changing we don't believe will cause a reduction of any kind of economic activity or job loss," said Lew.
"In terms of timing, these provisions don't take effect until January 2013," he added, emphasizing the long-term nature of the off sets. "It is very consistent in paying for an immediate jobs and growth package."
By offering specific ways to pay for the American Jobs Act, the White House is fulfilling an early promise from when he began the latest pivot to job-creation: mainly that anything he proposed wouldn't increase the deficit. But in coming out with a plan of his own (rather than, say, asking the super committee to find the money for the bill), the administration risks handing the GOP a cudgel of its own. The tax provisions that Lew outlined all have been offered, to some degree, in the past, only to be summarily castigated as hikes and shelved by Democrats and this president.
The administration also may be making the super-committee's job a touch harder. If those specific tax policy changes are used to pay for the jobs act, that means that committee members can't double dip -- i.e. use the same measures to achieve their $1.5 trillion in savings. Lew, for his part, downplayed that potential issue, noting that the president will outline a large deficit and debt reduction package that "will achieve beyond the targets beyond what the joint committee has, fully pay for the jobs package and stabilize the deficit and debt in the ten year window."
http://www.huffingtonpost.com/2011/09/12/obama-jobs-bill-payments_n_958560.html
WASHINGTON -- The Obama administration announced on Monday a series of tax policy changes that officials say will pay for the costs of the president's job creation plan.
The provisions, announced by Office of Management and Budget Chair Jack Lew, would raise an projected $467 billion over the course of 10 years. The American Jobs Act, as outlined by the president last week, will cost an estimated $447 billion.
The president is set to offer those pay-fors as part of an larger package of debt and deficit reduction measures that he will present to the congressional committee tasked with finding $1.5 trillion in savings. Whether the committee incorporates those measures is up to them, Lew said. If they choose not to, however, the administration said it would welcome Congress as a whole taking up the proposal.
The provisions the White House is offering as an offset are largely rehashes of tax policy changes that the president has pushed before. The primary piece would be to limit itemized deductions for individuals making over $200,000-a-year and families making over $250,000 -- which Lew said would raise $400 billion over 10 years.
Another pay-for would be to treat carried interest as ordinary income rather than capital gains, which Lew said would raise $18 billion. The White House is also calling for the end of tax subsidies for certain oil and gas companies, which the administration believes would raise $40 billion, and the axing of a tax break for corporate jet owners, which it believes could save $3 billion.
"The kinds of provisions we are talking about changing we don't believe will cause a reduction of any kind of economic activity or job loss," said Lew.
"In terms of timing, these provisions don't take effect until January 2013," he added, emphasizing the long-term nature of the off sets. "It is very consistent in paying for an immediate jobs and growth package."
By offering specific ways to pay for the American Jobs Act, the White House is fulfilling an early promise from when he began the latest pivot to job-creation: mainly that anything he proposed wouldn't increase the deficit. But in coming out with a plan of his own (rather than, say, asking the super committee to find the money for the bill), the administration risks handing the GOP a cudgel of its own. The tax provisions that Lew outlined all have been offered, to some degree, in the past, only to be summarily castigated as hikes and shelved by Democrats and this president.
The administration also may be making the super-committee's job a touch harder. If those specific tax policy changes are used to pay for the jobs act, that means that committee members can't double dip -- i.e. use the same measures to achieve their $1.5 trillion in savings. Lew, for his part, downplayed that potential issue, noting that the president will outline a large deficit and debt reduction package that "will achieve beyond the targets beyond what the joint committee has, fully pay for the jobs package and stabilize the deficit and debt in the ten year window."
http://www.huffingtonpost.com/2011/09/12/obama-jobs-bill-payments_n_958560.html
gigichicago- Admin
- Posts : 1655
Join date : 2011-04-30
Similar topics
» White House Jobs Plan Might Let Businesses Train Unemployed Without Having To Pay Them
» Obama preparing $300 billion jobs package
» House Republican Says No Democrat Will Touch Jobs Bill That Was Introduced In The House By A Democrat Five Days Ago
» #AskObama at the First Ever Twitter @Townhall at the White House on Wed. July 6th
» Government shutdown averted, White House and Republicans reach deal
» Obama preparing $300 billion jobs package
» House Republican Says No Democrat Will Touch Jobs Bill That Was Introduced In The House By A Democrat Five Days Ago
» #AskObama at the First Ever Twitter @Townhall at the White House on Wed. July 6th
» Government shutdown averted, White House and Republicans reach deal
Permissions in this forum:
You cannot reply to topics in this forum
Sun Sep 13, 2015 1:54 am by Jessica
» Cyber beggar list......it's ok to me
Wed Sep 10, 2014 10:22 pm by pbrad009
» Help with medical bills - Free Health Care, Free Prescription drugs, Hospital bill help, etc
Mon Sep 08, 2014 11:02 pm by pbrad009
» There are Care Packages for College Students, Veterans overseas and Far Away Friends & Loved Ones. So why not Care Packages for the 99ers ?
Mon Sep 08, 2014 11:48 am by pbrad009
» Ways I've Found to Earn Some Income While Still Unemployed
Sat Sep 08, 2012 7:56 pm by Jane0218
» Ramen Noodle Nation--found this blog, two people tell it like it is...
Sun Feb 26, 2012 6:17 pm by springflowers
» Democrats Defend Cutting Unemployment Benefits
Fri Jan 13, 2012 3:27 pm by requete'
» EB will end for on January 28, 2012 for DC, FL, GA, NC, NJ, NM, OH, and PA
Fri Jan 13, 2012 2:58 pm by requete'
» Herman Cain Opposes Extending Unemployment Benefits: 'Where Do We Stop?'
Wed Dec 21, 2011 3:15 pm by DISPLACED DRIFTER
» Most of the unemployed no longer receive benefits
Mon Nov 28, 2011 2:50 pm by requete'
» Michigan Unemployed may lose Extended Benefits
Sat Nov 12, 2011 4:37 pm by requete'
» Obama To Announce Iraq Troop Withdrawal By End Of The Year
Sat Nov 12, 2011 1:17 pm by requete'