Posted on 01/18/2015 4:11:09 AM PST by BradtotheBone
WASHINGTON (AP) — President Barack Obama will call for increasing taxes on the wealthiest Americans by raising the capital gains rate and eliminating a tax break on inheritances, then using the revenue to fund new tax credits and other cost-saving measures for the middle class.
The president's proposals are likely to be cheered by the Democratic Party's liberal base, but the tax increases are all but certain to be non-starters with the new Republican majority on Capitol Hill.
Obama will announce the tax proposals Tuesday night in his State of the Union address. Senior administration officials disclosed details Saturday on the condition of anonymity because they were not authorized to discuss the proposals by name ahead of the president.
The president's address — his first to a Republican-led Congress — will also include calls for lawmakers to make community college free for many students, increase paid leave for workers and enact broad cybersecurity rules.
The centerpiece of the president's tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year to 28 percent, the same level as under President Ronald Reagan. The top capital gains rate has already been raised from 15 percent to 23.8 percent during Obama's presidency.
(Excerpt) Read more at chron.com ...
Help the middle class? Nope, just another reparations scheme.
I fail to see how that’s going to help the middle class.
Regardless of party or president in power, I really am sick of presidential agendas, as if it were a talent revue in which they have 10 minutes to do a prepared act.
They have the theory and the practice ass-backward; the president is not the Chief Legislator so why are we always hearing about presidential bills?
It’s clear that the founders intended the Congress to be first among co-equal branches, as it were, since they were most directly accountable and had the smallest ratio of voters-to-federal politician.
Republicans have said they want to propose major tax reforms in the coming months. This is Obama’s way of pre-empting that and painting any plan the GOP comes up with as a ‘tax break for the wealthy’ scheme.
Especially after bleeding them dry with zerocare.
Everything he’s done has turned to crap, but he’ll be trying to “redistribute the wealth” till the bitter end of his rule. The idiot actually believed his professors that this time Communism would work. The nation should declare a holiday when he leaves the White House….unless it’s Hillary who will be moving in.
This clown has no clue... None.
Marx's statement of the creed in the 'Critique of the Gotha Program' is as follows:
In a higher phase of communist society, after the enslaving subordination of the individual to the division of labor, and therewith also the antithesis between mental and physical labor, has vanished; after labor has become not only a means of life but life's prime want; after the productive forces have also increased with the all-around development of the individual, and all the springs of co-operative wealth flow more abundantly—only then can the narrow horizon of bourgeois right be crossed in its entirety and society inscribe on its banners: From each according to his ability, to each according to his needs!
These guys really do only have one page in their play book.
Hey big jerk! you don’t get it!
The way to help people is to promote enterprise, businesses and manufacturing. People will have jobs and be happier.
Your way is stupid - taking money from those who earn it honestly and giving it to those who vote for you.
So he would take nearly 10% of my money?
FU!
That is an extraordinary amount of money and I already pay enough taxes to fully pay for two peoples yearly income.
A-hole.
That anount goes to paying people to do stuff I don’t want to do and employs others for my vacations and stuff I buy.
Jerk off.
The United States’ federal top capital gains tax rate is now 23.8 percent due to two tax increases at the start of 2013.
Vendome,
You make and pay a lot more money than do I. Others make a lot more than you. What the Marxist in chief doesn’t like is that I am not jealous of anyone that is successful. Inequality of income by hard work is what makes America and our style of capitalism so great.
I’m not so happy about schemes aided by the government that make billionaires out of Wall Street crooks or “Green Energy” schisters or Sen. Feinstein’s husband.
The Dem’s next plan will be to redistribute ASSETS and not just income. With these clowns, our nation is screwed.
Oldplayer
The middle class is not his concern it is a tag used to redistribute this money to the lower class bottom feeders
A tax icrease “on the wealthy” will be a tax increase on businessmen, primarily small business owners, people who are, in fact, the epitome of the middle class. It will be a hammer applied to the heads of the middle class and to the working class as business are forced to cut back and entrepreneurs find other places to do business or to take their money to retire in more comfortable places. It was just so in England pre Thatcher. As the taxes escalated on the “rich,” the wealthy, businessmen and lords quit spending their money to build and develop businesses and bought Rolls Royces or left the country, taking their money to more profitable climes. Britain got steadily poorer until partially rescued by Margaret.
...and to keep them with just enough so that they remain non-working lower class bottom feeders who will vote socialist.
Just completing the sentence.
The wealthy do not pay capital gains tax. They simply hold the asset and use leverage.
Another “tax the wealthy” symbolic move.
I guess the uber-Communist Fidel Castro “needs” the personal fortune of $100+ million he has amassed/stolen during his dictatorship. What a complete and total crock Communists and communism are and always will be (including Obummer, of course).
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