This is pure cowardly Obama. Over on the White House site, you can read the summary of the goodies. But when it gets to the part of paying for it, hahaha. That's to come "later".
Well, later for everybody who doesn't know how to google up things. Here's the text of the bill:
Also known as the "Obama Knows You're A Bunch Of Rubes Act of 2011"
The tax increases are in Title IV, which starts around page 134-ish. Basically, it's Obamunist class warfare on everybody making $125k (for married filing separately) or better.
From what I can tell, and I'm not a tax attorney (and you need to be one to read this gobbledygook pile of crap), ALL deductions are limited if you're in the upper income bracket defined there. It looks like you'd get a nice haircut on your deductions including your mortgage. All without bracket relief. Gotta love that Obama.
It's also got a lot of "The Secretary Shalls" in it, which is Obamaspeak for "We'll make up the rules as we go along". Obama needs a little Colonel's outfit and some Idi Amin dark sunglasses. He'd be right at home running some South American banana republic.
The act also repeals tax breaks for new oil and gas drilling. The beat goes on. That's in Subtitle D.
The other interesting thing is that the tax increases DO go into effect AND the Joint Committe is supposed to come up with $450 billion in new "deficit reduction", which in Obamaspeak means more taxes. So he's raising taxes by $450 billion with this act and then it also forces the joint committe to either cut spending (LOL) or raise taxes by another $450 billion.
A couple of other things:
*As far as I can tell, this bill is just like Porkulus I: A wealth transfer from the upper middle class to the construction unions. It's got the usual state subsidies in there so the teacher's unions stay funded.
*If you're near AMT territory now, this bill ensures you will be smack in the middle of it as your deductions get whacked. This will force thousands more people into the AMT adders, and their tax bills will SKYROCKET from that.
*It also has some great perverse incentives. "Work sharing" will go into effect. Let's say you're sick of the 8 to 5 grind. Well, has Obama got a deal for you! Instead of getting laid off, you can voluntarily reduce your hours *and* have the feds pay you partial unemployment. The best of both worlds! Tell your boss, "Smell ya later!" at 12 noon and hit the beach for some waves. But still go to the bank and get paid for a full day. What's not to love?!
*Here's the thing about the SuperCommittee: We all know they're never going to agree to just cut $1.5T in spending. Oh, no. There WILL be new taxes out of this. By upping the ceiling by ANOTHER half a trillion, Obama figures he can wring even more taxes out of folks without anyone really tying it to him. Because if the SC can't agree, then the automatic triggers for defense and Medicare provider cuts kick in...and the GOP gets the blame.
Also, read Section 366 on the "Career Academies" and other assorted pork in the bill. You'll love it.
David Axelrod gave away the game this morning by declaring that there will be no negotiations on the bill (Hat tip to HotAir): Axelrod speaketh
"We're not in a negotiation to break up the package. It's not an à la carte menu. It's a strategy to get this country moving,” Axelrod said Tuesday on ABC's "Good Morning America.""The president has a package; the package works together. We need to do many things to get this economy moving," Axelrod said.
So in other words, you can stuff bipartisan compromise. We want to have our cake and eat it, too. And we want you to swallow this tax-and-transfer payola scheme so we can get kickbacks to the democrat party via all the unions we're going to fund with taxpayer dollars.
GOP: Circular-file this bill the second it shows up. Most. Dishonest. President. Ever.