The jobs stimulus plan that President Barack Obama has put forth as a solution to the nation’s economic woes contains tax increases that begin in 2013, and may continue to last through the rest of the decade, according to The Washington Times.
After the White House submitted the bill to Congress on Monday, many Republican leaders noted that although the plan cuts taxes in the next couple of years. The measures are funded by raising taxes by more than $448 billion over the rest of the decade, reported the newspaper.
“This would literally be tax and spend. That’s what this is — literally raise $450 billion and spend it,” Douglas Holtz-Eakin, a former director of the Congressional Budget Office who now runs the American Action Forum, told the Times. “It’s one thing to say they’re paid for. It’s another thing to say I’m going to spend it now and pay for it after the election.”
The initial proposal was well received, as a broad measure, but after the fine print of the legislation was examined, the tax hikes for wealthy Americans after 2013 came into light, The Wall Street Journal reported.