Here Are the Tax Breaks That Obama Wants Cut to Pay for the Jobs Bill

If you’re in the $200k+ club, a hedge fund manager or corporate jet owner, you won’t be pleased. From Reuters:

— A limit on itemized deductions and certain exemptions on individuals who earn over $200,000 and families who earn over $250,000, which would raise roughly $400 billion over 10 years.

— A proposal to treat carried interest earned by investment fund managers as ordinary income rather than taxing it at capital gains rates, which would raise $18 billion.

— Eliminating certain oil and gas industry tax breaks that would raise $40 billion.

— A change in corporate jet depreciation rules that would raise $3 billion.

Right. Can’t forget the oil companies.

Obama seeks $467 billion in tax changes to fund jobs plan [Reuters]

If you’re in the $200k+ club, a hedge fund manager or corporate jet owner, you won’t be pleased. From Reuters:

— A limit on itemized deductions and certain exemptions on individuals who earn over $200,000 and families who earn over $250,000, which would raise roughly $400 billion over 10 years.

— A proposal to treat carried interest earned by investment fund managers as ordinary income rather than taxing it at capital gains rates, which would raise $18 billion.

— Eliminating certain oil and gas industry tax breaks that would raise $40 billion.

— A change in corporate jet depreciation rules that would raise $3 billion.

Right. Can’t forget the oil companies.

Obama seeks $467 billion in tax changes to fund jobs plan [Reuters]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Where Does Janet Yellen Want to Be Taxed?

Presuming that Janet Yellen, our current secretary of the Treasury, lives in California, her marginal tax rate might be as high as 13.3%. That’s a little scary for those of us living here in Maryland. Good thing she knows how to handle finances. For that kind of tax rate she might easily be persuaded to […]