Posted on 01/18/2015 6:24:33 AM PST by HomerBohn
President Obama plans to propose raising $320 billion over the next 10 years in new taxes targeting wealthy individuals and big financial institutions to pay for new programs designed to help lower- and middle-income families, senior administration officials said Saturday.
In his State of the Union address Tuesday night, Obama will propose raising the capital gains and dividend tax rates to 28 percent for high earners; imposing a fee on the liabilities of about 100 big financial institutions; and greatly broadening the amount of inherited money subject to taxes.
Obama will also seek to boost private retirement savings by requiring employers without 401(k) plans to make it easier for full-time and part-time workers to save in individual retirement accounts, which could assist as many as 30 million people. The administration would provide small employers tax credits to cover costs.
Senior administration officials said that the package would highlight the president’s desire to boost taxes on the nation’s wealthy households and help lower- and middle-class families. New tax credits would help those in need of child care and households with two earners, they said, while other proposals — such as covering community college tuition — would help students.
The moves would “eliminate the biggest tax loopholes and use the savings to let the middle class get ahead,” said one of the senior administration officials who spoke on the condition of anonymity during a conference call with reporters to describe the plan before the president’s speech. This person also said that 99 percent of the impact of the tax increases would fall on the top 1 percent of earners.
The ambitious — and controversial — proposals demonstrate the White House’s increasing confidence about the trajectory of the U.S. economy.
(Excerpt) Read more at msn.com ...
“Obama, clearly, is America’s Public Enemy #1.”
It’s a mystery to me also, how Obama can do all that he possibly can to undermine and destroy this nation; and still there are those who call him a simple political opponent instead of our greatest threat.
It will take years to dismantle the cancer that he has unleashed in every institution we have. It remains to be seen if there will be enough true lovers of our Constitution and Founding Principles to accomplish that.
He’s just playing the victim or martyr card again. To me, though, I recognize it as a national deficit, given that he doesn’t want to lower government spending.
People are tired of Obama and this will be the same speech he’s given at each one of his SOTUs. Anyone want to bet me that this will have the lowest viewer ratings of any of his speeches?
You Lost Obama
He’s delusional, just like most other politicians, living in a bubble, that gets better and better as a bubble with each successive re-election.
***
If all goes well this Tuesday evening, I'll be in a bar on a beach when the liar-in-chief is yapping. The bar has tv, but I can guarantee it won't be tuned into the king's speech.
Buy a home? Rotsa ruck! No doubt a gubmint pogram will arise, annd we all live in subsidized housing.
I’m glad he’s only raising the dividend tax on high earners because so many retired boomers rely on dividends for retirement income
Oh, wait.....
Always target the 1%. No wonder small and medium size businesses are failing. Meanwhile, large multinationals are exempt as upstart competitors whither away.
You’ll never see 0bama going after the uber rich globalists (Gates, Buffet, David Rockefeller, Soros, Tom Steyer etc) with a wealth tax because those are his real masters.
How is he going to accomplish this? With executive orders and a spineless GOP majority failing to stop it?
Bingo. It's to allow muslims to immigrate hear, settle in no-go areas, and not have to work. Just be on the dole and try to create sharia law.
Never working for anything and wanting everything given to him.
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