Dear Friend,

In these times of elections, climate chaos and COVID-19, independent news is more important than ever. You turn to Democracy Now! because you trust that when we're reporting on the pandemic or the uprisings against police brutality—or the climate crisis—our coverage is not brought to you by the fossil fuel, insurance or weapons industries or Big Pharma. We count on YOU to make our work possible. Today, a generous supporter will DOUBLE your new monthly donation to Democracy Now!, meaning your gift will go twice as far. This is a challenging time for us all, but if you're able to make a monthly donation and provide us with support we can rely on all year, please do so today. Stay safe, and thank you so much.
-Amy Goodman

Non-commercial news needs your support.

We rely on contributions from you, our viewers and listeners to do our work. If you visit us daily or weekly or even just once a month, now is a great time to make your monthly contribution.

Please do your part today.

Donate

Obama Proposes to Cut $467 Billion in Tax Breaks for Companies, Wealthy Americans

HeadlineSep 13, 2011

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.”

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top