In introducing his jobs bill today, President Obama said there should be “no games, no politics, no delays.” Really. Let’s look at a couple of the tax oldies but goodies that President Obama apparently will trot out to help pay for his jobs bill: a cap on itemized deductions for “millionaires” and “billionaires” who make more than $200,000 a year , and a proposal to tax so-called carried interest made by folks like hedge-fund managers as ordinary income.

Never going to happen.

First off all, Republicans like Eric Cantor in the House will never agree to a cap on itemized deductions. And Senator Chuck Schumer, Democrat from New York, will do whatever he needs to do to protect his friends in the hedge fund industry.

Now, please don’t come after the messenger here. I think there are good progressive features for the income tax in capping itemized deductions. And, I find the fact that hedge fund managers get to pay the capital gains rate on their income to be outrageous.

What I can’t figure out is why the Obama administration keeps trying the same thing over and over again expecting different results. Even President Obama’s fellow democrats are getting worried.

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