White House Jobs Plan Paid for by Raising Taxes
by Keith Koffler – White House Dossier – 09/12/2011
That Jack Lew. He’s so funny. Especially for a budget guy. He stood up in the briefing room and said President Obama wants to pay for his $447 billion “jobs” package by raising income taxes.
This was the funniest thing I had heard in Washington since Jody Powell announced that Jimmy Carter had been attacked by a rabbit.
Here’s what Lew said today during the White House briefing. He suggested the Republicans might pass this. And no – I can here you thinking over here – this is not one of my damn satire pieces.
First, there’s a limit on itemized deductions and certain exemptions for individuals who earn over $200,000 and families earning over $250,000. That limitation raises roughly $400 billion over 10 years.
There is a provision that would treat carried interest — that’s the interest earned by investment fund managers — as ordinary income, rather than taxing it at the capital gains rate. And that would raise $18 billion.
There are a number of oil and gas provisions which collectively raise $40 billion that would treat — with the enactment of these provisions, would treat the oil and gas industry like other industries, taking away the special preference.
And finally, the corporate jet depreciation rule is changed. Right now, corporate jets are depreciated over five years, commercial over seven. It would treat commercial and corporate jets the same, at five years. That raises three.
Okay, tell me Lew is not the funniest OMB Director ever. Just try to tell me. Like he really thinks Republicans will ever pass this. It’s joke, people!
Oh goodness, I know you’ve had a great laugh, but if you want to tickle your funny bone some more, go back and read the part of Obama’s address to Congress Thursday night where he said all this was not about politics.
I mean, in retrospect especially, it’s funny stuff.