Putting Americans to work? Now there’s a tough job
President Obama is on the road, trying to sell his jobs package to America. Personally, I'm not sure he's selling it to the right people. Given the toxic political environment in D.C. these days, that thing has a snowball's chance in hell of making it through Congress intact.
But hey, if our elected officials are going to argue, they might as well argue about jobs. It's about freakin' time.
With that in mind, the good folks at CCH have released a new tax briefing that examines the Obama jobs plan in detail. Here's what CCH has to say:
Some of the job creation incentives ... include payroll tax cuts, tax credits to encourage hiring and infrastructure spending to jump-start the economy. The multi-billion dollar package would be paid for by limiting tax deductions for higher income earners, changing the tax treatment of carried interest and other offsets, unless the newly formed Joint Select Committee on Deficit Reduction achieves additional savings by reaching certain deficit reduction targets.
“The administration wants Congress to act on this fast, but it may be difficult for the IRS to administer some of the tax provisions if the package is passed,” said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA. “Tax relief aimed to help small businesses may be a key point for lawmakers to find common ground on this bill.”
Let's take a look at some of the other critiques of the president's plan that are floating around out there:
- President’s jobs bill contains many tax proposals (from the Journal of Accountancy)
- Why the jobs plan falls short (from the Wall Street Journal)
- Obama’s jobs plan requires the Confidence-Builder in Chief (from BusinessWeek)
- Dems support Obama’s jobs plan, Pelosi says (from the Washington Post)
- Or do they? Some Democrats balk at Obama’s jobs bill (from the New York Times)
- Boehner lays out GOP position on Obama’s jobs plan (from the washington Post)
What do you think? What's the best way to put Americans back to work?