We all know the United States needs jobs. We need jobs right now! Last week Obama proposed a new Stimulus plan, which we did a first pass on. Unfortunately most press is busy covering superficial politics instead of what is in the bill, how it would be paid for and most importantly, the effectiveness, or lack thereof.
USA today claims the plan is to tax the rich as they put it, or as we put it, close loopholes and tax hedge fund managers, currently living living high off the hog at a 15% tax rate.
Here's the gist of how Obama plans to pay the $447 billion his plan costs.
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Limit on itemized deductions ($200,000 individuals, $250,000 families) - $400 billion
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Carried interest would be treated as "ordinary income" rather than at capital-gains rate - $18 billion
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Oil- and gas-company tax breaks - $40 billion
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Corporate-jet depreciation would change - $3 billion
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