Should we keep tax loopholes for oil companies? Or should we use that money to give small business owners a tax credit when they hire new workers? Because we can’t afford to do both. Should we keep tax breaks for millionaires and billionaires? Or should we put teachers back to work so our kids can graduate ready for college and good jobs? Right now, we can’t afford to do both.
This isn’t political grandstanding. This isn’t class warfare. This is simple math. These are real choices. These are real choices that we’ve got to make. And I’m pretty sure I know what most Americans would choose. It’s not even close. And it’s time for us to do what’s right for our future.
The White House made that choice clear yesterday when they released the President's plan on how to pay for The American Jobs Act.
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.
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 over 10 years, said Jack Lew, director of the Office of Management and Budget.
The administration also is recommending closing oil and gas tax loopholes and changing the depreciation rules for corporate airplanes. All of the new rules, which would take effect in 2013, would bring in an estimated total of $467 billion, more than enough to pay for the president’s jobs bill, Lew said during the White House’s daily press briefing Monday.
The choice for Republicans in Congress is to either support this or explain to the American people why keeping taxes low for the rich is more important than creating jobs.
And if they get that one wrong...the choice is ours in November 2012.