Rich Will Find Jobs Plan More Taxing Than Others
(New York Times) — To pay for his $447 billion jobs bill, President Obama is once again proposing an assortment of tax increases on wealthy individuals and corporations. But the White House also says its plan should be viewed as a rough framework, because its top priority is to get the jobs bill enacted. If Congress approves the president’s jobs plan, it could instead pay for it with other spending cuts or tax increases if that is what the Congressional committee on deficit reduction recommends later this fall. The bulk of the additional tax revenue under Mr. Obama’s proposal would come from the wealthiest 1.5 percent of taxpayers — individuals with adjusted gross income over $200,000, families with more than $250,000 — who would face new limits on their itemized deductions for such things as charitable contributions and state and local taxes. The initiative is similar to one made by the president during the debt ceiling negotiations two months ago and rebuffed by Congressional Republicans.