President Obama would fund his $447 billion plan to create jobs largely by raising taxes on wealthier families, White House aides said Monday after the president again called on Congress to support the package.Read the rest here.
During a Rose Garden appearance, Obama pledged to send Congress the American Jobs Act on Monday evening when the legislative body resumes its session. Aides revealed for the first time that the plan will include limits on itemized deductions for individuals who earn more than $200,000 a year and families that earn more than $250,000.
Eliminating those deductions will bring in an additional $400 billion in revenue, said Jack Lew, director of the Office of Management and Budget.
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"The plan includes proposals to change tax rules on carried interest to treat it as ordinary income and removing tax breaks for the oil and gas industry, Jack Lew, director of the White House Office of Management and Budget, said at a briefing."
- From Bloomberg, 'Carried-Interest To Help Pay for Jobs Bill' by Margaret Talev (http://fwd4.me/0BJ7)
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