After reading the actual “Jobs Act,” it becomes clear why no Democratic congressman has sponsored this bill and why no Republican ever could.
After 155 pages, I can report it contains a myriad of taxes, regulations and endless subsidies. There are numerous items one could select to discuss, but I chose two for the constraints of this arena.
On page 135, exemptions on married couples filing separately with an income of $125,000 will be greatly reduced or eliminated. Changes to other income brackets are listed as well. The classification of who the “millionaires and billionaires” are has entered a new era.
On pages 151-154, Sect. 431-434 calls for the repeal of deductions for intangible drilling and development costs of oil and gas wells; the repeal of percentage depletion; and disallows deductions of production, refining, transportation or distribution of oil.
Percentage depletion was eliminated in 1975 for major oil companies; this bill targets the small independent oil and gas producers engaged in drilling, exploration and transportation!
It will be nearly impossible for them to compete and survive without deducting the cost of doing business. It will effectively destroy these industries and the 4 million jobs associated with it.
Disdain for these industries and his (Obama) green jobs agenda becomes the motive. We are not at the stage of green energy development to take such radical steps. This will deepen our dependency on foreign oil while eliminating millions of high-paying American jobs. Spain’s attempt at a green agenda cost two private sector jobs for every green job created.
With our tax dollars, our government is engaged in venture capitalism in trying to pick and choose the winners and losers instead of creating an environment that allows the free market to do so.
A vote for this spells danger and disaster.