President Barack Obama is proposing a series of tax increases, mainly on the wealthy, to help cover the cost of a $447 billion economic stimulus proposal, budget chief Jack Lew said on Monday.So you'll get socked twice. When this new tax goes into effect and then when the Bush tax cuts expire. That'll do wonders for job creation. But wait, there's good news, according to Reuters.
Lew said Obama's plan would raise $400 billion over 10 years by placing new limits on itemized deductions for individuals making more than $200,000 a year and families earning more than $250,000.
The rest of the $467 billion in savings would come from raising a smattering of other taxes, including those on corporate jet owners and the oil and gas industry.Savings? Uh, what savings? This clown wants to spend $467 billion more than we have. Where is the savings in that?
I saw a story making the rounds last week saying this corporate jet tax was going away. So much for that, I guess.