The Obama administration is asking Congress to raise taxes by $467 billion over 10 years to pay for the President’s one-year $447 billion stimulus, which he announced during a speech Thursday before a joint session of Congress.
The president is pushing his jobs and growth package amid declining polls and zero job growth in August. The plan is intended to take effect several months after the 2012 election.
White House budget chief Jack Lew said at a midday press conference that the 10-year tax bite would include $3 billion from the corporate jet sector, $40 billion from the oil and gas sector and $18 billion from Wall Street’s investment-fund managers, starting in 2013.
The majority of the tax increase comes from $400 billion generated by curbing tax exemptions available to families earning more than $250,000 per year, and to individuals earning more than $200,000 per year, he said.