Obama Jobs Plan: Read The American Jobs Act (FULL TEXT)

President Barack Obama formally released his administration's plan to boost job creation on Monday.

"This is the bill that Congress needs to pass," the president said. "No games. No politics. No delays."

HuffPost's Sam Stein reports:

The Obama administration announced on Monday a series of tax policy changes that officials say will pay for the costs of the president's job creation plan.

The provisions, announced by Office of Management and Budget Chair Jack Lew, would raise a projected $467 billion over the course of 10 years. The American Jobs Act, as outlined by the president last week, will cost an estimated $447 billion.

Below, full text of the "American Jobs Act."

See something interesting in the president's plan? Scroll down to "Contribute to this story" and send us a tip.

American Jobs Act

Comments

[knkdnsr]

09:37 AM on 10/24/2011

This is not a jobs bill. It is more like Obama gaining lost support for his reelection. This bill targets police,firefighters and teachers.. Who is going to get the funds? National firefighters union who made a statement about 6 months ago they were not considering backing him in 2012. Even the firefighters in big cities are paid by local real estate taxes. The same applies to teachers and police. The next question would be how would this money get funneled down to the cities like Baltimore,Miami, Philadelphia,Huston,etc.
Then he talks about creating jobs in this country but in the same move goes after Gibson, and Boeing trying to close these companies down.
I have been told we have two oil refineries in my area that will be closing their door at the end of the year because of the EPA. This will put thousands of people out of work .
But he he spends billions on failed green energy jobs and gives money to foreign countries for drilling and to build a refinery. All this money could have been put to great use in this country.
We pay taxes to make other countries wealthy while we watch our fellow man struggle to keep a roof over his family.

[EntanglementTrick]

05:17 PM on 10/23/2011

I am hopeful that there are enough people out there who are not basing their lives on 'talking points' to prevent the backwash misinformation from further derailing the American workforce.

People complain about the OWS having unsubstantial arguments but then we look around and unsubstantial arguments are totally in vogue.

Education has clearly failed to draw a line between charisma-based, mob-oriented, confidence game hucksterism and objectivity based facts. Deregulation is the cause that American jobs and wealth have been routed overseas. Corporations will handily sell off the rest of America's prosperity in order to produce better performance for shareholders, guaranteed.

[jordan2]

07:07 PM on 10/16/2011

I read it. Is it a joke? All of these jobs would be created by the government., the very thing we want to reduce. I don't care if they are paid for or not. we want a smaller government. Right? Let's use our tax dollars to create jobs in the private sector with tax incentives to start hiring folks. Get rid of the insane regulations that are strangling them. One has only to look at the Gibson guitar mess to see how the "rules" are killing us resulting in exporting jobs to other countries. Is this guy not capable of seeing that? If not, what is his ulterior motive that is good for America?

[Lizzy28]

08:47 PM on 10/16/2011

We want an effective government and one that is not corrupt. And the same can be said for regulations. Smart regulations that eliminate the chances that banks can be too big to fail. Smart regulations that allow mom and pop organizations a chance to compete. But just eliminating environmental regulations so the massive big corps can make even more outrageous profits is nonsense.

[415raechill]

06:54 AM on 10/12/2011

Check out pgs 40-50. Kinda sounds like the FDA all over again...

[Steve001968]

04:21 PM on 10/07/2011

Bottom line: Short term benefits that are insufficient to stimulate significant hiring are going to be more than offset by long term tax increases that will scare away the few employers who might be persuaded to hire. Nothing but stimulus 1 repackaged with a pretty bow around it.

[Norman99]

08:22 AM on 10/07/2011

Amazing. How a man who rides buses and gives speeches has the time to write a 155 page jobs bill. Wow.

[Steve001968]

04:11 PM on 10/07/2011

Write it? I doubt he's even read it. You're lucky there's anything to read. I'm surprised he hasn't just said "You have to pass the bill to find out what's in it".

[RepublicanDepression]

01:20 PM on 10/03/2011

Where is the Republican Jobs Bill?

Oh, right. They don't have one.

Except for "deregulate mega-corps and turn them loose on the American people."

Because that worked SO WELL under 8 years of REPUBLICAN RULE under Bush.

Right?

[BIGTERRA]

11:30 AM on 10/07/2011

Harry Reid has stopped all the Republican proposals and filed them in his circular file. That's why no one has seen Republican proposed jobs bill. It's interesting that he has done the same with Obama's asinine Jobs Bill. Obama and his gang have crafted the bill so that even democrats won't vote for it! And so far at least, no democrat has ben willing to sponsor Obama's bill.

[Steve001968]

04:09 PM on 10/07/2011

LOL Harry Reid's response to "Pass This Bill Now" was 'Maybe we'll get around to looking at it sooner or later'. Democrats don't want any part of the 447 Billion boondoggle because they know it's misnamed. It should be the "Save Obama's Job" bill.

[Steve001968]

04:06 PM on 10/07/2011

There is not an Obama 'jobs bill'. It's nothing but another stimulus bill, after over 1.1 Trillion in failed spending on stimulus one and two, or bailout one and stimulus one, if you prefer, It should be called the "Hail Marry to Save Obama's Job" bill because that's it's true purpose. If you want to see how to stimulate the economy all you have to do is look at the republican response to the post 911 slump. Real tax cuts brought the economy immediately back to life. Obama's policies on the other hand stagnate it. Not that he has much choice politically speaking. His base is so eaten up with jealousy and class envy they can't stand any solution that doesn't punish businesses and the rich for their success and reward the poor for their failure. The problem is the poor don't hire anybody or pay any meaningful amount of the taxes no matter how many entitlements they scoff down. Of course he would have to be president for 20 years for people like you to figure it out and stop making excuses for his continued failure.

[terragazelle60]

07:03 PM on 09/27/2011

I used to think that America was filled with bright and intelligent people...after reading the BS on this tread, most of you need to be in remedial thinking.

[415raechill]

06:55 AM on 10/12/2011

Do you care to expound on that comment?

[fredyacht1]

08:23 PM on 09/24/2011

Read it? it says give me more money so I can't flush it down the t oil et

[RepublicanDepression]

01:18 PM on 10/03/2011

LOL! You guys hate the Bush broke the economy and Obama saved it.

You just can't stand it!

[BIGTERRA]

11:38 AM on 10/07/2011

Bush broke the economy? Was it under Bush that unemployment went from about 5% to more than 9%? What about the downgrading of our country's credit rating? Under Bush? Gasoline from about $1.89 to almost $4.00...under Bush?

Obama "saved" the economy? More like he destroyed it! And how many promises did Obama make that he didn't break? Let me count the ways....

Obama will bring troops home in 16 months. Not only did he NOT keep this promise, he sent more of our troops into harm's way...and then got us involved in yet another war. Listen to Obama try to weasel his way out of his promise.
http://www.youtube.com/watch?v=sQ2GWW5bitM&feature=related

Seven Obama lies in two minutes
http://www.youtube.com/watch?v=cfu1_Scgyow&feature=related

And I have only scratched to tip of Obama's lies!

[Steve001968]

04:15 PM on 10/07/2011

If it's "saved" why do we need to throw away another 447 Billion on a jobs bill?

[gahme59]

05:42 PM on 09/20/2011

Here's something I know for sure. With $1.7 trillion dollars in new taxes, nothing in this bill will pass. I am not sure it will make it to the floor for a vote. He is just fooling all of you libs. He never intended to have a jobs bill, he just wanted to sucker punch the GOP. I think this may backfire on him. I wouldn't vote for it either. The AP came out today and said their are $130 billion dollars of federal fees included in the tax revenue. That will hit the middle class right between the eyes.

[RepublicanDepression]

01:16 PM on 10/03/2011

gayme: " He never intended to have a jobs bill"

Prove it.

"That will hit the middle class right between the eyes"

Exaggerate much?

$5-$10 more per flight for airline security is a "hit between the eyes?"

Federal workers with 1.2% more to their pensions is a "hit between the eyes"?

A $200 one time fee for the government paying out-of-pocket Medicare expenses for military?

One-tenth of a percentage point more for to ensure that Fannie Mae and Freddie Mac can guarantee repayment of new mortgage loans. That fixes the damage Bush and the REPUBLICANS did to Fannie and Freddie and means there will still be a mortgage guarantee program.

The $100 per flight fee for corporate jet owners really hurts the middle class!

Your own AP article: "the new fees aren’t necessarily dead on arrival with Republicans. A group led by Vice President Joe Biden had tentatively agreed to increase the airline security fee"

LOL!

[BIGTERRA]

11:43 AM on 10/07/2011

It looks a lot like the old camel story! Keep piling things on the taxpayer's back and pretty soon the lat straw beaks his back!

Hey...do you think we can get Obama to pay $100.00 out of his own pocket for each flight he and/or his wife takes on Air Force One?

[Steve001968]

04:28 PM on 10/07/2011

"gayme: " He never intended to have a jobs bill"

Prove it."

It's impossible to prove whether he never intended to have a jobs bill or whether he's just so stupid he thinks this moronic proposal will work where TARP and stimulus one failed, even though stimulus one had roughly 75% more funding behind it and the two combined had almost 3.3 times the funding behind them. That said, it's one or the other. You pick.

[Steve001968]

04:16 PM on 10/07/2011

It was pretty clear it wasn't going to be a home run when a day after he gave his pitch his approval was where it was the day before the pitch.

[Storm Lemley]

01:10 AM on 09/19/2011

Just read through the AIFA general construct and to be honest, I can see the purpose and potential benefits of such an entity; to rebuild infrastructure without adding to the deficit more than necessary while still maintaining a board of directors and resonsible leadership at the head of "the company" to ensure the investments of corporations/individuals/investment firms remain protected and to add accountability. I'm having a problem stomaching the executive level compensation of the "board of directors" and with the public exclusion/redaction capabilities they'd control and also with the wording involving the attainment of personal property as part of the CEO's responsibilities. This agency as it would be afforded self-preservation authorities and responsibilities under Sec. 248 (8) that it seems almost impossible to avoid misuses of power that have become nearly synonymous with today's corporations which have, through the abuse of the free market, put us in the economic situation we currently face. I realize there is to be a Inspector General to oversee the operations and conducts of AIFA, but with that being a presidentially appointed position we have to ask who WOULD we trust to make that appointment. Assuming congress fails to approve another Obama nominee . . . this agency becomes unaccountable as have several others .

[Storm Lemley]

04:48 AM on 09/18/2011

last of my notes/ commentary . . .

look at the last page though . . . the trigger is if they can actually come up with 1.65 trillion in cuts then the oil loopholes will all stay open. he's literally saying "here are all your loopholes, you can keep them IF you can actually cut the deficit and spending the way you say you want to" he just put the republicans balls on the table and gave them a way to keep their own hand from cutting them off, but they have to cut their dick in half to do it for lack of a less crude analogy.

[BIGTERRA]

11:44 AM on 10/07/2011

Nasty, nasty....

[Storm Lemley]

04:48 AM on 09/18/2011

there's a "mirror tax code" segment as it applies to US territories and possesions under the section applied to Wounded Warrior employment credit to companies that hire veterans. the veterans part and the credit to companies seems good, but applying to the Marianas Trench as it applies to oil drilling it seems to be adding a tax loophole as a credit when supposedly later in the bill they close loopholes but still offer a credit to get veterans back to work and by linking those issues they're possibly securing offshore sites with veterans without having to actually do so officially. mirror tax code looked like providing guarantees that companies based offshore but still in US territories would be alllowed these same tax benefits. the problem is that the minimum wage and other basic worker protections don't apply in those territories, but the mirror tax code part does . . . meaning workers could be getting screwed while still having to pay the same tax rate while the companies using the Wounded Warrior credit and other credits would still get their tax credits regardless of the possible lack of worker protections. getting the wounded warrior tax credit in and some other employment/compensation incentives such as the tax credit for increased payroll and the surety bond amount increase while saying they're "closing loopholes" with the mirror tax code portion ( which they may be doing even though they're adding tax credit incentives to supplement the loophole closing ).

[Storm Lemley]

04:46 AM on 09/18/2011

These are the notes I've taken so far about the act . . .

looks like it opens up all new social security money's (sp) to the general fund, whatever that means . .. probably not good.
education stuff seemed on par. couple loopholes that could be exploited if "outlying area" schools and others don't apply for money at the state level.
subsection c6 of section 241 looks worrisome
the fed's mandating states use all this money for highway improvement and then mandating a 50 percent reimbursement of the funds issued . . .
bit of an encroachment on the states but a good way to recoup (sp) money
subsection c6c looks like a good out though . . . like a "press here in case of corruption" button
c7b of 241 is a good way of making sure states don't just shore up their budgets with the $
i don't like the way section suddenly starts talking about "The Bank" . . . one would assume this is referring to the so-called "Infrastructure Bank" or AIFA (American Infrastructure Financing Authority) that this bill creates one would assume the current government agencies would be qualified to do this . . . and creating another agency/authority is positive meaning they have to hire people to create it, unless of course it will just be headed by some possibly corrupt banking insider and the lack of definition of "The Bank" insofar is worrisome

[Sandy Mellen]

04:32 PM on 09/15/2011

The Jobs bill is just fine....The Republicans are the party of no.....They like gridlock at our expence. why do we let them get away with this kind of politics.