American Jobs Act of 2011

President Obama has challenged Congress to immediately pass the American Jobs Act of 2011.  This act is a $447 billion jobs package, which includes payroll tax cuts and tax credits to encourage hiring, along with extended 100 percent bonus depreciation, and would be paid for by limiting deductions for higher income taxpayers and changing the taxation of carried interest.  The offsets, however, would not take effect if the Joint Select Committee on Deficit Reduction achieves additional savings.  President Obama described the jobs package to Congress on September 8 and unveiled the legislative text on September 12.

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