Obama Seeks to End Tax Breaks to Pay for Jobs Plan

Obama Seeks to End Tax Breaks to Pay for Jobs Plan

President Obama has received much positive and negative feedback since he gave his public address broadcasting his jobs plan. Many constituents on both sides of the political spectrum lost faith in the plan when he announced that he would pay for it with tax increases that Republicans say will destroy jobs. As part of his deficit plan, President Obama proposed budget cuts to programs such as Medicare and the repeal of tax deductions on oil companies. Deductions would also be limited in families making over $250,000 and individuals making over $200,000. The plan is expected to earn $467 billion of extra revenue for the nation in a 10-year span. However, most of the propositions can stand alone, and Congress will likely not pass the entire thing when the President officially submits the deficit plan on September 19. The bill would be scheduled to take effect early 2013, giving voters something to look forward to and near-instant gratification if they reelect President Obama for a second term.

The President made a smart and deliberate political move by separating his proposals to gain attention. Mr. Obama is pushing for election to a second presidential term, also following "Hardball" host Chris Matthews' rule of becoming more active towards the end of a presidency to be remembered well. However, Senate Majority Leader Mitch McConnell (Republican, KY) is one of its biggest opponents and convinced the bill has no chance of passing through the Senate. Many Republicans also deny that the bill is bipartisan, a large part and theme of President Obama’s speech.