The President finally got around to delivering the bill that he wanted passed last Thursday. In it we find that he pretty much delivered exactly like we all thought he would:
…the bulk of the plan –- $400 billion over 10 years — would be raised by limiting the itemized deductions, such as those for charitable contributions and other expenditures, that may be taken by individuals making more than $200,000 a year and families making over $250,000 a year. The rest would come from provisions affecting oil and gas companies, hedge funds, and the owners of corporate jets.
Nice. Innovation. Mr. President.
All of this to pay for roads that are already funded with existing tax revenues, to build schools that are already funded by local levies and to give loans to a failing industry. We certainly can claim that we should build roads simply for the sake of building ’em. The idea being that we need to hire people to build these roads.
But how will we pay for this? Watch, you’ll love this. We’ll pay for this by cutting.
Mr. Obama’s plan to pay for his bill is to cut tax breaks.
You gotta give these guys credit. Clev-eeeer! for sure.