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FILE -- In a Sept. 8, 2011 file photyoPresident Barack Obama delivers a speech to a joint session of Congress at the Capitol in Washington.  The Democratic National Committee is launching an ad campaign Monday Sept. 12, 2011 in politically key states to try and rally the public behind President Barack Obama FILE -- In a Sept. 8, 2011 file photyoPresident Barack Obama delivers a speech to a joint session of Congress at the Capitol in Washington. The Democratic National Committee is launching an ad campaign Monday Sept. 12, 2011 in politically key states to try and rally the public behind President Barack Obama's new jobs plan and pressure a divided Congress to act. (AP Photo/Kevin Lamarque, FILE-POOL)  

GOP says jobs plan tax increases could cost jobs

The prospects for President Barack Obama’s $447 billion jobs plan grew dimmer Monday as he unveiled the fine print of how it would be paid for—primarily through tax increases that Republicans said would destroy jobs, not create them.

Mr. Obama proposed limiting itemized deductions for families with taxable income of $250,000 or more a year, ending tax breaks for oil companies and corporate jet owners, and cutting out a tax break for investment-fund managers. The White House says the tax changes would take effect in 2013 and estimates they would raise $467 billion in additional revenue over 10 years.

Full story: GOP Balks at Taxes to Finance Jobs Plan – WSJ.com.