Should Congress pass President Obama's "American Jobs Act?"

Yes.

No.

In his "American Jobs Act" speech, President Obama said that recovery of the US economy will not occur in the White House, but rather in US companies. He also claimed there was nothing controversial in the bill so both Republicans and Democrats could both support it without bickering because everything in the bill is something that was previously supported by both parties. He continued saying "everything in this will be paid for, Everything." The Purpose of the Bill, according to the President, "is simple. To put more people back to work and more money in the pocket of those that are working."

Carol E. Lee of the Wall Street Journal writes "Obama proposed limiting itemized deductions for families with taxable income of $250,000 or more a year, ending tax breaks for oil companies and corporate jet owners, and cutting out a tax break for investment-fund managers. The White House says the tax changes would take effect in 2013 and estimates they would raise $467 billion in additional revenue over 10 years."

The Bill proposes generating revenue through these taxes to create private and public sector jobs from teachers to construction workers. Lee continued saying President "Obama made a new pitch for his plan at the White House Monday and has said he intends to campaign against Congress and Republicans in 2012 if they don't pass the bill. 'We've got to decide what our priorities are,' he said. 'Do we keep tax loopholes for oil companies, or do we put teachers back to work? Should we keep tax breaks for millionaires and billionaires, or should we invest in education and technology and infrastructure?'"

Essentially, President Barack Obama will pay for his $447 billion jobs plan by ending a series of tax breaks for oil and gas companies, hedge-fund managers, family's with more than $250,000 in yearly taxable income, and individuals making more than $200,000.This money would be used towards job creation.

For more reading on the "American Jobs Act," please visit the following:

A. K.

Should Congress pass President Obama's "American Jobs Act?"

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