Pass This Jobs Bill Now!

President Obama (The Barry) has proposed new taxes to pay for his proposed $447 billion "jobs" program (see: The NY Times Agrees).  I suspect this tax proposal is as much to play politics as it is to pay for his dog's breakfast of "new" jobs proposals.  That is ... The Barry knows that the Republicans will not go along with any tax increases now and therefore he can call them out during next year's campaign and blame them for what surely will be high unemployment rates then.  In other words, it is a bald-faced set up to try to keep his job rather than grow new jobs for the rest of Americans.

However, surprisingly, I agree with a few of the bullet points in this new taxes proposal ... independent of whether his jobs proposals will or will not help the economy ... and so I will list these points as outlined by the NY Times editorial and indicate my feelings about each:

1) Capping the value of itemized deductions and other tax breaks at 28% (of adjusted gross income?).  I AGREE  This, in effect would be an extension of the alternative minimum tax in the current tax code ... a step that I have already proposed (see: Taxing Ideas).

2) Ending tax breaks for oil and gas companies.  I DISAGREE  If we are going to become energy indipendent then we cannot punish the very companies that would make this happen.  I have opined on this in more detail in the past (see: Oily Decision).

3) Not letting hedge-fund managers pay taxes on most earnings at the capital gains rate.  I AGREE  This has been an egregious loophole through which the wealthest on Wall Street have avoided paying their fair share of our government's cost.

4) Curbing tax breaks for corporate jets.  I DISAGREE  This is pure two-faced silliness by a man who flies, at taxpayer expense, in the most expensive flotilla of jets of any other American entity.  Is he bound and determined to kill the private-jet building business?  Even Warren Buffet has disagreed with this proposal.

5) Ending the lower tax rates installed by George W. Bush.  I DISAGREE  If The Barry's proposal to cap tax deductions (see #1 above) comes about, then there will be no need to scrap the Bush tax cuts as I strongly suspect that government receipts will grow anyway.

The Democrats, as of this hour, have not yet filed The Barry's "pass this jobs bill now." bill.  What's up?

Is this just political theater afterall?