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Obama’s State of the Union speech to include $320B tax hike proposal
The Washington Times ^ | January 17, 2015 | Dave Boyer

Posted on 01/17/2015 5:49:17 PM PST by jazusamo

President wants capital gains rate, bank fees raised

Escalating his battle with congressional Republicans, President Obama will propose $320 billion in higher taxes in his State of the Union address, mostly by raising the rate on capital gains and closing tax loopholes for wealthier families, senior administration officials said Saturday.

Mr. Obama also will call on lawmakers to impose a new fee on big banks with more than $50 billion in assets to discourage risky financial investments, a holdover from the Wall Street crisis that is sure to appeal to the president’s liberal base.

The money raised would pay for a variety of the president’s domestic-spending proposals for the middle class, including an initiative for the government to pay all tuition for community-college students. A senior administration official said Mr. Obama intends to make a forceful case in his speech that the economy has recovered from the recession, and he wants “to make sure this prosperity is shared by the middle class.”

Previewing Mr. Obama’s State of the Union address to Congress on Tuesday night, aides said the president will propose raising the top tax rate on capital gains to 28 percent, from the current 23.8 percent (20 percent, plus a 3.8 percent tax on unearned income to fund Obamacare) for individual taxpayers with an adjusted gross income of $200,000 or more. A senior administration official said the move would bring the top rate for capital gains taxes to the same level it was “under President Reagan” in the 1980s.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events; Politics/Elections
KEYWORDS: obama; socialism; sotu; taxes; taxhikes; taxtherich
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To: LMAO

Boehner and McConnell will ignore it. No bill for it will get out of committee. It’s DOA. Obama knows this, he just wants the issue as a distraction and an election year talking point.


41 posted on 01/17/2015 7:03:22 PM PST by smoothsailing
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To: garjog; smoothsailing

Absolutely, he’s grandstanding for his true believers and there are fewer of them now, the narcissist-in-chief can’t handle that.


42 posted on 01/17/2015 7:03:23 PM PST by jazusamo (0bama to go 'full-Mussolini' after elections: Mark Levin)
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To: txrefugee

If the GOPe keeps on thier current path, the RATS will have the WH and Congress in 2016. No one is impressed with their performance so far.


43 posted on 01/17/2015 7:05:54 PM PST by wjcsux ("In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: webheart
The truly rich who have all the money don’t pay any taxes to speak of. They hire armies of accountants and lawyers and private bodyguards to make sure they don’t spend too much on taxes.

You ever hear of AMT?

44 posted on 01/17/2015 7:07:12 PM PST by FreeReign
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To: jazusamo
... mostly by raising the rate on capital gains and closing tax loopholes for wealthier families, senior administration officials said Saturday.

Those "tax loopholes" include eliminating tax breaks for inheritances. Inheritances were taxed under capital gains before 2010 but Obama changed that in 2010 to a separate inheritance tax as a 35 percent tax after exemptions. Capital gains taxes have already gone up from 15 percent to 23.5 percent under Obama (3.5 percent just for Obamacare), now he wants to further increase it to 28 percent. It's all a shell game with broken promises, to strip money from families who earned it, and give it away to miscreants who don't deserve it. If you have money to give to your children as an inheritance, give it while you're alive; after you're dead the government is taking more of it away and your kids won't see much of it. Double and triple taxation going on with that money.

45 posted on 01/17/2015 7:27:52 PM PST by roadcat
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To: jazusamo

What would Harry Reid have said to a 320b tax cut proposed by Bush? DOA


46 posted on 01/17/2015 7:28:24 PM PST by eeriegeno (<p>)
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To: jazusamo

This is like Carter’s dumb ass 90% tax rate on successful folk. Whose going to create jobs?


47 posted on 01/17/2015 7:33:17 PM PST by Finalapproach29er (luke 6:38)
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To: jazusamo; garjog

Exactly. repeating my post #41...

“Boehner and McConnell will ignore it. No bill for it will get out of committee. It’s DOA. Obama knows this, he just wants the issue as a distraction and an election year talking point.”


48 posted on 01/17/2015 7:35:45 PM PST by smoothsailing
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To: Veggie Todd

Yeah. I already pay 6 figures a year in federal tax, not to mention state tax, and I don’t make THAT much..... I’m really excited to fork over another couple thousand a year so I can start paying my “fair share” I wouldn’t mind so much if everyone paid the same rate I do. But if everyone paid the same rate I do, the second American revolution would have started years ago....


49 posted on 01/17/2015 7:50:33 PM PST by Mom MD
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To: Ouderkirk

I literally can’t stand seeing the man on television. I’m certainly not going to watch and hour or two.

This is certainly the most divisive leader (and I use the term “leader” loosely) that the country has ever had. FREE STUFF, and we will fund it from by taking away from others. This, of course, will sell very well to the base and make the GOP look like meanies...


50 posted on 01/17/2015 7:51:05 PM PST by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: garjog

“He is appealing to all of those voters who want the government to take care of them like daddy.”

...that they never had, unfortunately.


51 posted on 01/17/2015 7:54:21 PM PST by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: jazusamo
"The money raised would pay for a variety of the president’s domestic-spending proposals for the middle class"

A 320 Billion dollar tax supposedly to benefit an economic class that he's been working to eliminate?
52 posted on 01/17/2015 8:20:42 PM PST by clearcarbon
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To: jazusamo

Ayn Rand knew this was coming. It’s the fight between the makers and the takers, the people who make things and those who take things, the government moochers and the looters. But just as guilty are the victims of these crimes because they allowed them to happen.


53 posted on 01/17/2015 8:58:13 PM PST by roadcat
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To: jazusamo
In an article linked to the posted article President Obama on Saturday hyped next week’s State of the Union address and said he’ll use the once-a-year speech to tout America’s economic progress over the last six years while also putting pressure on Republicans to end their “political games.”

I'd like to play that game and offer this in response to his State of You'n Us speech. It's long but it attempts to bring together numerous federal gov't sources.

Labor Force Statistics from the Census Bureau Current Population Survey (CPS) and other federal sources. Comparing Obama to other administrations.

The data are annualized except when noted otherwise. All are monthly or quarterly. I use the last month / quarter of the year.

Much of the size of this is taken up by instructions on how to get the sources of the data and much, much more data!

I tire of "sources" like "government figures show", "Gallop poll numbers..", "the Washington Post.."; and I tire of clicking on a link to find it's only the home page of the site.. so I did some research in preparation for Obama State of You'n Us Speech. Not all of this is meant to compare to Reagan, however. The data I copied and formatted for display here date back to the '40s in some cases. The percentages have the extra decimals to make the computation more accurate.

Taking into account the year preceding the administrations, compare the first six years of Reagan and Obama. Examples: using these spread sheet formulas:
(1986 value - 1980 value) / 1980 value and
(2014 value - 2008 value) / 2008 value

I get

If you take into account the 2007 number of Employed full time 121621 [thousands] Obama's number would be negative. About all that happened is despite Obama most of the jobs lost in the first few years of his admnistration were recovered by the end of 2014.

Gee. How come Obama had such big decreases in (Col 9.) Unemployed and (Col 10) Unemployed looking for full-time work? Guess.

Col 11 and Col 12 are the Unemployment rate and Unemployment rate of the full-time labor force, respectively. The rest of the columns are:

Year
1980
1981
1982
1983
1984
1985
1986
1987
1988
2007
2008
2009
2010
2011
2012
2013
2014
Year
2.
168693
170990
173046
174950
177133
178941
181365
183467
185253
232937
234825
236739
238712
240431
244169
246564
248843
2.
3.
107442
109057
110959
112160
114257
116211
118587
120593
122488
153645
154723
153591
153803
153995
155450
154989
156258
3.
4.
63.7
63.8
64.1
64.1
64.5
64.9
65.4
65.7
66.1
66.0
65.9
64.9
64.4
64.0
63.7
62.9
62.8
4.
5.
99499
100077
99120
102588
105944
108023
110492
113527
115947
146272
144091
138368
139155
140669
143303
144205
147344
5.
6.
59.0
58.5
57.3
58.6
59.8
60.4
60.9
61.9
62.6
62.8
61.4
58.4
58.3
58.5
58.7
58.5
59.2
6.
7.
82648
82799
80606
83997
87458
89259
91297
93914
95927
121621
118281
110906
111655
113269
115610
116826
119707
7.
8.
16843
17262
18409
18556
18487
18778
19194
19660
20053
24727
25836
27423
27444
27355
27684
27378
27657
8.
9.
7943
8981
11839
9572
8312
8188
8095
7066
6541
7374
10633
15223
14649
13326
12146
10784
8914
9.
10.
6612
7491
10111
8017
6891
6697
6586
5635
5236
6009
9009
13444
12867
11521
10338
9171
7478
10.
11.
7.4
8.2
10.7
8.5
7.3
7.0
6.8
5.9
5.3
4.8
6.9
9.9
9.5
8.7
7.8
7.0
5.7
11.
12.
7.4
8.3
11.1
8.7
7.3
7.0
6.7
5.7
5.2
4.7
7.1
10.8
10.3
9.2
8.2
7.3
5.9
12.
13.
61252
61933
62087
62790
62876
62730
62778
62874
62765
79291
80102
83148
84908
86436
88719
91575
92584
13.
pop.
227220
229470
231660
233790
235820
237920
240130
242290
244500
301230
304090
306770
309330
311590
313910
316160
319470
pop.
labor1 labor1
N N
N N
N N
N N
N N
N N
N N
N N
N N
123524 22810
121211 22138
116663 21290
117006 22153
118033 22647
119844 23216
120636 23787
122558 24890
labor1 labor1
force force
domestic foreign
born born
[1000s] [1000s]
PR2
N
N
N
N
N
N
N
N
N
68.2
67.9
67.2
67.8
67.4
66.4
66.1
65.9
PR2
UR2
N
N
N
N
N
N
N
N
N
4.7
7.6
11.0
10.6
8.8
8.0
6.5
5.3
UR2
income3
47,668
46,877
46,751
46,425
47,866
48,761
50,488
51,121
51,514
56,436
54,423
54,059
52,646
51,842
51,759
51,939
N
income3
median
income
Recession
Jan to Jul '80
Jul 1981 to
Nov 1982
-
-
-
-
-
-
Dec 2007
to
Jun 2009
-
-
-
-
-


Year
1980
1981
1982
1983
1984
1985
1986
1987
1988
2007
2008
2009
2010
2011
2012
2013
2014
Year
GDP
-0.2
2.6
-1.9
4.6
7.3
4.2
3.5
3.5
4.2
1.8
-0.3
-2.8
2.5
1.6
2.3
2.2
5
GDP
%
chg
PCE
3.32
-1.8
4.51
4.06
3.29
0.62
1.62
0.57
2.93
0.34
-3.16
-0.01
2.79
0.94
1.32
2.51
2.21
PCE
U-6
N
N
N
N
N
N
N
N
N
8.8
13.6
17.1
16.6
15.2
14.4
13.1
11.2
U-6
U-2
3.9
4.8
6.4
4.5
3.7
3.4
3.3
2.6
2.5
2.5
4.3
6.3
5.7
4.9
4.2
3.5
2.8
U-2
SSDI
N
N
N
N
N
N
N
N
N
823,106
895,011
985,940
1,052,551
1,025,003
979,973
884,894
810,973
SSDI

1labor: If second labor column (foreign born) is not shown hover the labor (domestic numbers) for foreign born numbers.

Source: to find the tables go here Data Retrieval: Labor Force Statistics (CPS)

HOUSEHOLD DATA Table A-7. Employment status of the civilian population by nativity and sex, not seasonally adjusted [Numbers in thousands]
Employment status and nativity. Then

Scroll down to "Retrieve Data"

The data that I include above are from the month of December except for 2014 where November is the last month with data available.

2 PR Civilian labor force participation rate, foreign born and UR unemployment rate, foreign born. See 1 for source.

3income: For the Census Bureau income data go here. Choose "Consumer Income Reports (P60)" then choose "P60-249 Income and Poverty in the United States: 2013" (pdf file).

About these tables

  • You do not have to visit those sites;
  • but links are included.
  • each column is from a federal government table;
  • the numbers are annualized including monthly and quarterly data;
  • See below for links;
  • not all columns are included at once; but
  • links for all are included below.

The numbered column headings are for:

  1. Population
  2. Civilian noninstitutional population [thousands]
  3. Civilian labor force [thousands]. Hover column 4. to access
  4. Civilian labor force participation rate
  5. Employed [thousands]
  6. Employment-population ratio
  7. Employed full time (persons who usually work 35 hours or more) [thousands]
  8. Employed part time (persons who usually work less than 35 hours. Hover Col 7. to access
  9. Unemployed [thousands]
  10. Unemployed looking for full-time work [thousands]
  11. Unemployment rate
  12. Unemployment rate of the full-time labor force
  13. Not in labor force [thousands]

The rest of the columns are:

Some columns are combined / omitted to fit desired columns on a PC screen. Use hover to view combined columns.
All values in the numbered-columns are from annualized quarterly sources. The value displayed is for the fourth quarter.

How to find the data source

Table Information
Column headings 1 to 13
I've combined several tables into one. Most of the tables were obtained here: go to Bureau of Labor Statistics (BLS) Labor Force Statisics from the Current Population Survey (CPS). Make your selections. I chose quarterly data.

I took the fourth quarter data from each table and combined them into the main part of the table above. For the year 2014 I took the third quarter data.

pop. Population data
Go here U.S. population and US Census clock, Dec 22, 2014 319.47 million

Recession
CENSUS BUREAU, BUREAU OF LABOR STATISTICS SOURCES
National Bureau of Economic Research, Inc. Cambridge MA 02138 US Business Cycle Expansions and Contractions Link from BLS SPOTLIGHT ON STATISTICS THE RECESSION OF 2007 – 2009

GDP - Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product (annual rates)
see PCE

PCE Personal consumption expenditures
The GDP Personal consumption expenditures percentage
US Department of Commerce, Bureau of Economic Analysis (BEA) Gross Domestic Product (GDP)
If you are not at Gross Domestic Product (GDP) search for it.
It should be on page http://www.bea.gov/national/index.htm.

Then click on

  • "Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables"; that page should be
  • National Data GDP & Personal Income;
  • click on "Begin using the data"; that page should be
  • National Data National Income and Product Accounts Tables; click on Advanced Download Section; that page should be
  • Download NIPA Tables and it is where you can download series of tables.

I did not know which tables to look for so I chose to download them all in csv format. I clicked on Section 1 (2852.7k)

I used Table 1.1.2. Contributions to Percent Change in Real Gross Domestic Product
; Seasonally adjusted at annual rates
Quarterly data from 1969 To 2014
Bureau of Economic Analysis. The data that I include above are from the month of December except for 2014 where November is the last month with data available.

U-6
Hover column for U-2 data.
U-1 to U-6 unemployment rates. We know how the "official unemployment rate" is manipulated so I won't include it here. These are annualized monthly data for December. For 2014 I used November.
Series Id: LNS13327709
Seasonally Adjusted
Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status: Aggregated totals unemployed
Type of data: Percent or rate
Age: 16 years and over
Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached.

U-2
U-1 to U-6 unemployment rates. These are annualized monthly data for December. For 2014 I used November.
Series Id: LNS14023621
Seasonally Adjusted
Series title: (Seas) Unemployment Rate - Job Losers
Type of data: Percent or rate
Age: 16 years and over
Reasons looking for work: Job losers and persons who completed temporary jobs U-2

SSDI
Selected Data from Social Security's Disability Program
The following table presents unedited data (including corrections, if any) on disabled worker beneficiaries paid from Social Security's Disability Insurance Trust Fund. In particular, unedited award data may contain duplicate cases.
2014 data are the sum of first three quarters

Footnotes

N Not available.

Z Represents or rounds to zero.

54 posted on 01/17/2015 9:13:35 PM PST by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
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To: jazusamo

Hide your wallet! Here comes the Kenyan thief again!


55 posted on 01/17/2015 11:17:28 PM PST by FlingWingFlyer (When the hell do I get MY white privilege? I'm tired of busting my @$$ for a living.)
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To: jazusamo

People forget that the Tea Party is really the TEA Party (Taxed Enough Already).


56 posted on 01/17/2015 11:44:58 PM PST by windsorknot
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To: jazusamo

Not many Americans will be watcing other then”the Obamabot Dummies”. Why? Obama lies...all the time!!!


57 posted on 01/18/2015 3:38:05 AM PST by JLAGRAYFOX ( My only objective is to defeat and destroy Obama & his Democrat Party, politically!!!.)
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To: The Antiyuppie

The sound of his voice, the whistling S’s are like ningernails on a chalkboard. I literally refuse to look at him, or his wife, or anyone else in this criminal enterprise known as the government.


58 posted on 01/18/2015 5:50:54 AM PST by Ouderkirk (To the left, everything must evidence that this or that strand of leftist theory is true)
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