President Obama’s jobs bill is a joke and a disaster and here is why
There are many bad sections and power grabs in the Obama "Jobs Bill". We will be elaborating on them soon, but in general it does six things that will affect most people.
1 - Obama wants to continue the payroll tax rates which shows no evidence of creating a single job. It has a small impact on disposable income but it also further endangers Social Security. 2 - Extend unemployment benefits. 3 - Obama wants almost half a trillion dollars in new deficit spending to pay for more green jobs stimulus money that has not created long-term jobs; much of which was spent on cronies and Solyndra like boondoggles.
At the same time Obama wants to:
1 - Eliminate the Home Mortgage Interest Deduction 2 - Eliminate Charitable Interest Deductions 3 - Eliminate the partial deduction for state and local taxes.
These three changes to our current tax code would be devastating to charities, the housing market and the economy. It would also, interestingly enough, devastate States ran by progressive Democrats as they have the highest state and local taxes. States ran by Republicans would be a much better deal. Obama's "Jobs Bill" would make Canada an even better deal as their version of the TEA Party is rewriting Canada’s tax code to a pro growth, jobs friendly policy. This is why even most Democrats are not pushing the bill.