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GOP Balks at Taxes to Finance Jobs Plan
09-12-11

 

The prospects for heater home in yiwu President Barack Obama's $447 billion jobs plan grew dimmer Monday as he unveiled the fine print of how it would be paid for-primarily through tax increases that Republicans said would kill jobs, not create them.Mr. Obama proposed limiting itemized deductions for Americans making $200,000 or more a year, ending tax breaks for oil companies yiwu china and corporate jet owners, and cutting out a tax break for investment-fund managers. The White House says the tax changes would yiwu jeans take effect in 2013 and estimates they would raise $467 billion in additional revenue wholesale promotional gifts over 10 years.From the outset, Republicans said Mr. Obama's jobs bill-which comprises tax cuts for employers and employees and a raft of government spending measures, including funds to states to rehire teachers and first responders-was unlikely to pass intact, a point yiwu fair White House officials Yiwu dresses privately conceded. But GOP leaders had signaled in recent days that they may support an extension of a payroll-tax cut in 2012 and changes to help the long-term unemployed.Despite the White House's hope that Republicans would have a change of heart after their political standing decreased after the acrimonious debt ceiling debate this summer, GOP reaction to Mr. Obama's proposal on Monday dollar items expressed a familiar sentiment, although in a less combative tone. House Majority Leader Eric Yiwu sock Cantor (R., Va.) said that more than half of the president's jobs bill-the part involving spending aimed at stimulating economic growth-was unacceptable to Republicans. "Anything that is akin to a stimulus wholesale overstock bill is not going to be acceptable," he wholesaler said. "Over half of the total dollar amount is so called stimulus spending. We have been there, done that. The country cannot afford more spending like a stimulus bill."The largest chunk of Mr. Obama's wholesale shoes tax package comes from eliminating itemized deductions for people making $200,000 or more per year, including those for home-mortgage interest, state and local property taxes and charitable donations. The White House says that measure would raise roughly $400 billion over Yiwu hosiery 10 years.

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