Study Finds 25 Top CEOs' Pay Exceeds Corporate Taxes Paid
Interview with Scott Klinger, Institute for Policy Studies associate fellow, conducted by Scott Harris
In response to continuing high unemployment and an anemic economy that threatens to turn into a double dip recession, President Obama addressed a joint session of Congress and the nation on Sept. 8 to propose a 7 billion package of tax cuts and new federal outlays designed to boost consumer spending and create jobs. Prospects for passage of Obama's jobs legislation appear dim as congressional Republicans oppose the president's plan to fund the jobs bill by raising taxes on the rich. Specifically, the White House wants to impose new limits on itemized deductions for individuals who earn more than 0,000 a year and families earning more than 0,000, which they expect to generate the 7 billion more than enough of what's needed to fund the new jobs bill.