The White House said Monday President Obama is proposing cutting $467 billion in tax breaks for wealthier Americans and some companies to offset the cost of his job-creation plan. Obama is proposing limiting itemized deductions for Americans making $250,000 or more a year and ending tax breaks for oil companies, corporate jet owners and investment fund managers. Jack Lew is the White House budget director.
Jack Lew, White House budget director: “At its most simple level, what the President said on Thursday night stands and is just profoundly true: we can’t afford everything. We have to make choices. And I think if the American people were asked to make a choice between tax breaks for investment fund managers who get preferential treatment for carried interest and oil and gas industry tax breaks that treat oil and gas more favorably than other investments and corporate jets that are treated more favorably than commercial, that is not a hard choice for most Americans. If the choice is creating economic growth and jobs or tolerating the results of many years of inequities in the tax code.”