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Obama’s Jobs Bill: A Promise to Cut Taxes by Raising Them? September 16, 2011

Posted by seeineye in : Politics , add a comment

Recently, Obama called a joint session of Congress and on September 8 he stood before it to introduce his new jobs bill. At that time, he didn’t actually have a jobs bill, but promised he would soon. Then yesterday, on the White House lawn, he basically gave a condensed version of the same speech and he was grinning from ear to ear because he actually had a bill with him this time.

The bill was the American Jobs Act of 2011. And the catch is it’s really just Stimulus Part Two: its focus isn’t creating jobs but raising taxes.

In all honesty, Obama’s job bill is basically a promise to cut taxes by raising them.

It will increase taxes on corporate jet owners by a total of $3 billion, on capital gains by $18 billion, on oil and gas companies by $40 billion, and on individuals making over $200,000 a year by a total of $400 billion (over 10 years).

This is a mess folks. The tax on corporate jet owners is class warfare plain and simple. It’s one of the taxes that Obama tries to justify with his one-size-fits-all-mantra: “Time for the wealthy to pay their fair share.”And the tax on capital gains is nothing less than highway robbery. It will be done by categorizing some capital gains from hedge funds as income, thus allowing them to be taxed (in upper tax brackets) at more than twice the normal 15% tax currently in place for capital gains.

Does it still sound like the American Jobs Act of 2011 is about cutting taxes and creating jobs to you?

If so, consider the ramifications of raising taxes on gas and oil companies by $40 billion. Obama’s Budget Director Jack Lew says he believes “Americans would easily end tax breaks for oil and gas companies…to spur [economic] growth.” The problem is, ending tax breaks for oil and gas companies won’t spur anything but higher fuel prices and therefore, less money left for discretionary spending for most Americans.

(I have a feeling Mr. Lew knows about as much about economic growth as Obama does about being President, but I’ll save that for another time.)

Note to Mr. Lew: Oil and gas companies won’t pay the tax increases – they’ll simply pass them on to consumers. And as a result, we’ll soon long for the day when a gallon of gas was “only” $3.50 a gallon.

Lastly, the goal of raising taxes on individuals making more than $200,000 is not only repulsive in principle, but breaks yet another one of Obama’s campaign pledges (I know, who’s even counting anymore).

Remember, throughout the 2008 campaign Obama promised not to raise taxes on anyone making less than $250,000 a year. But that was then, and now, with his presidency going down in flames, he’s grabbing money wherever he can find it. And that means, if you make $200,000 a year Obama wants to raise your taxes.

Maybe Obama should have let John Kerry introduce this bill so he could have at least claimed to cut taxes before he raised them?

Source by AWR Hawkins