Photo: AP Photo/Kevin Lamarque, POOL
White House Office of Management and Budget Director Jack Lew outlined President Barack Obama’s plan to pay for his $447 billion jobs plan — mostly through tax increases.Lew said itemized tax deductions and exemptions for those making more than $200,000, and families earning more than $250,000 would be cut — raising about $400 billion to pay for Obama’s jobs plan over 10 years.
A change to bring more hedge fund earnings under normal tax rules as opposed to carried interest rates would raise another $18 billion.
The new tax rules would not take effect until January 2013, Lew said. Obama is not offering any spending cuts to pay for the jobs plan.
The rest of the total would be raised by cutting subsidies for the oil and gas industries to bring in another $40 billion, and change the depreciation rules for corporate jets. All told, Obama would cut $467 billion to pay for his plan.
Lew added that the White House doesn’t anticipate that raising some taxes on high income earners would result in the loss of jobs.
Obama will outline a larger deficit reduction plan next week, Lew said — encouraging the “Super Committee” to cut more than $1.5 trillion.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.