Posted: Sep 12, 2011 5:52 PM by Trovette Tottress
WASHINGTON (AP) - The White House is spelling out just how President Barack Obama's $447 billion jobs plan would be paid for. It would rely on a series of tax hikes that have all previously been proposed by the White House and rejected by Republicans. They include $400 billion from limiting the deductions that can be taken by higher-income individuals and families, and $40 billion from closing loopholes for oil and gas companies.
Three billion would come from changing the tax treatment of corporate jets. And $18 billion would come from requiring fund managers to pay higher taxes on certain income. White House budget director Jacob Lew says Obama will also include those tax proposals in a broader debt-cutting package he plans to submit to the congressional supercommittee charged with finding $1.2 trillion in savings later this year.