Monday, 12 September 2011

Obama Wants to Tax America's Wealthy to Pay for $447 Billion Jobs Plan

THE DAILY TELEGRAPH: Barack Obama is proposing to eliminate some $467 billion in tax cuts for America's wealthy in order to pay for his new job-creation plan.

The White House is framing the debate as a choice between keeping tax cuts for the rich, or jobs for out-of-work Americans.

"In order to invest in jobs and growth, we're going to have to pay for it,'' White House Budget Director Jack Lew told reporters as the US president prepared to submit his $447 billion jobs program to Congress on Monday.

He said the extra $20 billion in cuts were intended to ''build in a cushion'' to make sure the plan is paid for without adding to budget deficits, as Mr Obama has promised. » | Monday, September 12, 2011