While Senate Democrats were working to put President Barack Obama’s $650 billion jobs bill, SB 1549, American Jobs Act of 2011, on the fast track, Congressman Louis Gohmert filed his own House version, also entitled the American Jobs Act of 2011, a bill to amend the Internal Revenue Code of 1986 to repeal the corporate income tax and the Alternative Minimum Tax. Gohmert’s maneuver essentially stole the name planned for the President’s version of the jobs act in the House.
How would the President’s bill be funded? The bulk of the payment comes from limiting the deductions on charitable contributions and other items that “wealthy” Americans can deduct. There's also $40 billion from closing oil and gas loopholes, $18 billion from hiking taxes on certain income made by fund managers, and $3 billion from changing the tax treatment of corporate jets. President Obama’s definition of “wealthy” now includes anyone making more than $200,000 a year or a family making over $250,000. This jobs act is only designed to save one job – Obama’s.
Gohmert’s bill, on the other hand, by repealing the corporate and the Alternative Minimum Tax, would cost only $ 400 billion while providing powerful and immediate job-creating stimulus to the economy.