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Monday, September 12, 2011

American Jobs Act of 2011: Statutory Language and White House Explanation

Jobs The White House today released the legislative language (155 pages) and section-by-section analysis (41 pages) of the American Jobs Act of 2011. Here are the revenue offsets:

TITLE IV -- OFFSETS

Subtitle A – 28 Percent Limitation on Certain Deductions and Exclusions

Sec. 401. 28 Percent Limitation on Certain Deductions and Exclusions

Subtitle B – Tax Carried Interest in Investment Partnerships as Ordinary Income

Sec. 411. Partnership Interests Transferred In Connection With Performance of Services

Subtitle C – Close Loophole for Corporate Jet Depreciation

Sec. 421. General Aviation Aircraft Treated As 7-Year Property

Subtitle D -- Repeal Oil Subsidies

Sec. 431. Repeal of Deduction for Intangible Drilling and Development Costs for Oil and Gas Wells

Sec. 432. Repeal of Deduction for Tertiary Injectants

Sec. 433. Repeal of Percentage Depletion for Oil And Gas Wells

Sec. 434. Section 199 Deduction Not Allowed With Respect to Oil, Natural Gas

Sec. 435. Repeal Oil and Gas Working Interest Exception to Passive Activity Rules

Sec. 436. Uniform Seven-Year Amortization for Geological and Geophysical Expenditures

Sec. 437. Repeal Enhanced Oil Recovery Credit

Sec. 438. Repeal Marginal Well Production Credit

Subtitle E -- Dual Capacity Taxpayers  

Sec. 441. Modifications of Foreign Tax Credit Rules Applicable to Dual Capacity Taxpayers

Sec. 442. Separate Basket Treatment Taxes Paid on Foreign Oil and Gas Income 

Subtitle F – Increased Target and Trigger for Joint Select Committee on Deficit Reduction

Sec. 451. Increased Target and Trigger for Joint Select Committee on Deficit Reduction

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Tracked on Sep 13, 2011 6:03:30 AM

Comments

So, what's new?

Obama's Ideas To Pay For Jobs Bill Are Unlikely To Fly With Congress

All of these revenue proposals have been around for a long time and neither the previous Democratic-controlled Congress nor the current Congress have shown any interest in enacting them.

Posted by: Woody | Sep 12, 2011 7:22:25 PM

Some people are too proud or too stupid to admit past failures, so they keep proposing the same wrong things.

Obama's Jobs Plan: He Should Have Stayed On Vacation

"...Obama's jobs plan not only won't work, it's actually economically harmful..for its stated objective being one of extracting even more capital from the private sector to destroy, Obama’s plan is quite simply harmful. ...

"And there lies the problem with federal spending. [It] destroys capital. If private business concepts seek growth capital they must have a compelling plan for turning $100 into $1,000, whereas federal spending occurs under no such discipline. ...

"Indeed, what is lost on President Obama is the basic truth that investment in profitable ideas is what creates jobs. ..."

Posted by: Woody | Sep 13, 2011 6:55:44 AM