Tuesday, September 13, 2011

Googling the new Obama jobs bill

Although Obama wants the current jobs bill passed before anyone gets a chance to read it, I can't find any articles analyzing it in depth except his jobs bills from other years. No matter how I construct the search strategy, this is the same ol' same ol'. More taxes on the "rich" and more tax breaks for the people whose taxes he just increased (the job creators). All these proposals have been turned down in the past, and now he's making it a campaign swing through all the states so he can hammer Republicans. The rich are those making $200,000 or $250,000 as a family. And that means small businesses. It costs about $80,000 for a business to add a $40,000 employee--so if his taxes are increased, and he then gets a $2,000 tax break for hiring someone (for a year), how would that be an incentive?

This is about all I found--and tell me if this isn't a way to drive us into a Depression but blame it on Republicans for balking:

1) Remove itemized tax deductions (mortgages and charitable deductions) and some exemptions for people earning over $200,000 a year and families which take in $250,000 (this is a way to slow job creation by small businesses)


2) tax carried interest earned by hedge fund managers as ordinary income rather than as capital gains

3) take away special preferences enjoyed by oil and gas firms (but give them to “green energy developers which continue to fail)

4) close tax loopholes enjoyed by corporate jet owners (let them drive buses made in Canada) but what will that do other than hurt that industry like when they increased taxes on luxury yachts.

This won't fill the gap, so then he'll go after your mortgage deduction and your charitable deduction.

3 comments:

Anonymous said...

Sounds like a bill for full employment for tax preparers.

Anonymous said...

Murray sez:
You are so right Anon. Everyone knows the tax code is far to burdensome and complicated. Needs to be totally junked. But what do our legislators do? Why... add more "junk" of course!

Norma said...

You keep hearing how few workers there are to support SS, and now he takes even more money away from it to create jobs.