September 12, 2011
American Jobs Act of 2011: Statutory Language and White House Explanation
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 9:03:30 AM
So, what's new?
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 10:22:25 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 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 9:55:44 AM