Washington Update

Obama Proposes Higher Taxes on Wealthy to Fund Jobs Bill (Washington Post)

President Obama announced plans Monday to fund his $447 billion jobs bill largely by raising taxes on wealthier families, provoking immediate opposition from congressional Republicans. The sequence of event suggests that despite the recent pledges of greater bipartisanship, many of the fiscal and economic stumbling blocks that have left Washington gridlocked in recent months remain firmly in place. The White House said Congress should pay for the jobs plan by imposing new limits on itemized deductions for individuals who earn more than $200,000 a year and families earning more than $250,000. Eliminating those deductions would bring in an additional $400 billion in revenue, aides said. The administration also recommended ending subsidies for oil and gas companies and changing the depreciation rules for corporate airplanes.

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