Conley
09-14-2011, 10:42 AM
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.
In its new incarnation, however, the measure would raise an additional $80 billion in taxes over 10 years by restricting “above the line” deductions, which allow taxpayers to exclude items like foreign earnings and earnings from municipal bonds from their taxable income. The proposal would also require wealthy taxpayers to count some employer health benefits as income.
Other elements of the proposal would end tax breaks for hedge fund managers and other investment partnerships, for corporate jets and for oil companies.
Most of the measures have been pitched by the Obama administration in some form or other since 2009, yet none generated enough support to pass Congress — even when Democrats controlled both houses.
http://www.nytimes.com/2011/09/14/business/economy/white-house-offers-tax-plan-for-jobs-bill.html?_r=1&hpw
It's looking like there is nothing new in this bill...it doesn't have a prayer in its current state. I guess Obama's thinking is that he has to try something but if his own party won't accept it, who will? Also by limiting tax deductions on donations to charity, just who is he going to help with that ???
In its new incarnation, however, the measure would raise an additional $80 billion in taxes over 10 years by restricting “above the line” deductions, which allow taxpayers to exclude items like foreign earnings and earnings from municipal bonds from their taxable income. The proposal would also require wealthy taxpayers to count some employer health benefits as income.
Other elements of the proposal would end tax breaks for hedge fund managers and other investment partnerships, for corporate jets and for oil companies.
Most of the measures have been pitched by the Obama administration in some form or other since 2009, yet none generated enough support to pass Congress — even when Democrats controlled both houses.
http://www.nytimes.com/2011/09/14/business/economy/white-house-offers-tax-plan-for-jobs-bill.html?_r=1&hpw
It's looking like there is nothing new in this bill...it doesn't have a prayer in its current state. I guess Obama's thinking is that he has to try something but if his own party won't accept it, who will? Also by limiting tax deductions on donations to charity, just who is he going to help with that ???