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]
Unfortunately, Someone You Love May Get a Ride in BKD’s Corporate Jet
Unfortunate because that means they’re really sick. What’s not unfortunate is the firm has joined Corporate Angel Network (“CAN”) and has opted to make their plane available to give free rides to cancer and bone marrow transplant patients that have to travel for treatments.
Each week, CAN enters BKD’s flight schedule into its database and arranges travel for patients when routes match up and seats are available.
“The Corporate Angel Network offers us a great chance to use our company airplane to positively affect the lives of others,” BKD CEO Neal Spencer said. “We’re proud to be able to participate in this program as part of our continuing effort to serve the communities that are home to our offices and employees.”
Obama Gives Corporate Jet Owners, Hedge Fund Managers the Business About Their Taxes
From the press conference that is still going, “I don’t think it’s real radical” to ask corporate jet owners and millionaires to pay higher taxes, Obama said. “No-one wants to see the U.S default.”
You can’t reduce debt levels without… increasing revenue in some way,” Obama said. “That revenue is coming out of folks who are doing extraordinarily well, and enjoying the lowest tax rates since before I was born. If you are a wealthy CEO or hedge fund manager in America right now, your taxes are lower than they have ever been.”