THE AMERICAN JOBS ACT, NOT FOR AMERICANS AND NOT FOR JOBS
The bill is as big a joke as Obama and his Presidency have been. Not only is it more of the same but he takes it to a level in which the failed stimulus did not go. Where the stimulus spent $1.2 trillion in tax payer and borrowed money, this $447 billion dollar debacle raises taxes on what Obama calls the rich but in reality it hurts small business men and women the true job creators in this country.
The bill contains $130 billion dollars in new spending on old infrastructure projects which NEVER create a job as was proven by the failed stimulus and at Obama's own admission does not work. Yet now it WILL work because he says so. Much of the money set aside for so called infrastructure is planned within the bill to be used as a stop gap for states suffering a budget short fall which has little or nothing to do with jobs.
Obama claims that the bill will save police and teachers from losing jobs and find new jobs for VETS. A claim he made in the last stimulus which did not come to fruition except as a campaign slogan for his Presidency as he said he personally through the stimulus saved millions of jobs. Yet there is not ONE fact base statistic to back up this false claim so the new bill will follow the same path.
The bill has embedded within it payroll and business tax credits which sound good when spoken but in reality are ONLY extensions of already existing credits that have not provided one iota of incentive for any business to hire especially since Obama policy has been anti business from the beginning of his administration and the uncertainty of a bad economy resulting from his economic policy. Again another failure that is destined to fail again.
Obama poked his arrogant chest out and stated the bill would be completely paid for an not add one dime to the debt or expand the deficit. Sure it's paid for but on the backs of the very small business that he says the bill is designed to help prosper and hire the unemployed. Playing his usual class warfare game he claims the bill is paid for by taxing the, "rich," making them pay their, "fair share."
Now the reality and truth of who Obama calls the, "rich." The bill increases taxes on everyone making $200 K or more a year and families making $250 K or more each year. Obama refuse to get it through his thick hard head that almost all small business owners, the true job creators in this country, DO NOT separate their business profits, if any, and their personal income because it makes it easier and cheaper come tax time if they are combined.
So by increasing taxes and taking away deductions from the $200 K plus income brackets, Obama is killing by taxation the very small business' that he claims he wants to help hire the unemployed. His plan raised $400 billion by these new taxes. So much for his claim to be pro business. His administration has been anti business since day one and this bill just compounds the troubles Obama has already piled on small business.
The rest of the money to, "pay," for this bill comes from taxing gas and oil companies which as we all know will equate to an increase at the pump which hurts ALL Americans. He also in reducing the depreciation credit for corporate jets which equates to a tax revenue of about $18 billion dollars.
So the bottom line is this. Because of the increased taxation in his bill it will NEVER get past the House. Additionally is proves that Obama does NOT understand business nor want to make it possible for business to prosper and hire the unemployed by getting government off its back to allow business owners to to what they do best. Risk personal capital to expand their business and hire workers. As long as Obama keeps an iron government hand on business through taxation and excessive regulation unemployment will not change, the economy will remain weak with a possible double dip recession and his bill will fail once again.