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 ...
Frightening the way people think these days. I remember a black conservative talk radio host many years ago saying that when he was a poor kid growing up, his mother would point at rich people's homes and tell him "if you work hard, one day you can have a home like that." He said that now poor people are telling their kids "he doesn't deserve that and we are going to take it from him." Big difference in how you raise a generation.
Same here. By the time I retired a few years ago, I had already paid $1.1M in federal income taxes.
Obolo now wants to zap us with capital gains increases, and screwing us with unfavorable estate tax changes.
Enough already Obolo, you socialist piece of shit.
Any more Obama help for the Middle Class and there won’t be a Middle Class.
So THAT’s why the wealthy dems gave him so much money....loopholes. Silly republicans rich, they only have boehner.
Huh?!?!?!?
Yeah, he does. He knows exactly how to destroy America.
The only thing that’s helped the middle class in the last 6 years has been the recent drop in energy prices and he’s doing everything in his power to reverse it.
Then fk over those Wall Street Fags.
I never took a buck from a government.
I never sought to enrich myself, as a matte of law, unlike the insurance companies.
I never looked for some guarantee like Banks and financial institutions. DICKS ala Spiccoli..
We deal in honest deals.
Our construction business is strictly a personal matter, though I would prefer it was B2B But, it’s custom kitchen & Bath.
Our REO business is a bit of a strict numbers game but, those are huge and predictable.
Our telecom businesses are only B2B, my preference and forte but, our property business is quite different.
It’s a weird world and I’m going to drag us into the restaurant business, for my own ego but, they’ll make money, because I believe the most revenues and margins are achieved through group events and I want plaque at the bar, signifying my station.
Some people think what we do is stulid or doesn’t make sense but, they are environs we are interested in.
One of my brothers has an idiotic interest in Oil & Gas. I hate the business but, it makes money.
My siblings hate that I want buy some liquor stores and do a few restaurants but, that’s my dumb passion
Maybe one day we’ll own a snowboarding, wrestling, boxingx doll house, gymnastics, peg board business but, we’re all idiots.
The good news is my nephews and nieces are all going onto specialized medical services.
So muh shoulders and knees will be taken care of my favorite nephew, my teeth will be cared for by at least three others and so on.
Thankfully, no one will be the psychological fields.
Though I could use a xanax..../s...totally....
Fkrs but, Only Congress cannlay taxes so, that faggot, is 9ff the hook.
No friggin joke.
Effin thieves.
We thought that about immigration too.........
Only 320 billion? Easy for a Republican response. Get rid of Obamacare, send the illegals home and shut down the EPA and there’s your free college. And you did it without raising taxes.
Gotta confess here, I did accept a government check for four years, every month, the eagle s*** me out a G.I. check. I didn't get rich off it though.
Restaurant business is REALLY tough, I have been in this business my entire life think VERY long and hard before doing this for ego purposes!!!!!
Restaurants can suck the life right out of your veins the margins are VERY LOW and employees today are NOT what they used to be VERY FEW will work really hard the business is EXTREMELY stressful you REALLY MUST have a TRUE DEEP ROOTED PASSION for it!!!!! You also MUST have a staff you can REALLY trust any theft behind the bar will put you under in no time flat food costs are VERY high today very little profit there any longer a crooked bartender can do REAL damage to you!!!!!! GOOD LUCK you will definitely need it!!!!
Tax the rich, feed the poor.
‘Til there are rich no more.
Alvin Lee said it in 1971, and he was eons late for the party on making it up, and now he’s dead.
But to folks like Nancy Pelosi, it’s “new and fresh”.
Hey a FReeper can dream can't he? :)
Well his highness can propose but with a GOP Senate and House, he is just generating campaign messages for 2016. Although it is arguable that we are having a recovery in our economy in his 6th year of reign, it is equally arguable that the Obama recovery is the slowest post-Great Depression EVER and comes as the rest of the world floods our markets in search of monetary safety. Add to this that our OIL production (which he has actively and continues to discourage) has driven the world price to lows unseen just a year ago, our overall economy almost has to go up!
Now he wants ever more money to redistribute that will, inevitably, be largely wasted in bloated welfare, education and government. There has been NO SUCCESSFUL redistribution of wealth EVER in world history, yet these libertards are CONVINCED that this time it will work! Best of intentions and the rosy path ...
THANK GOD for the 2010 and 2014 elections - imagine Obama with the 2008 Senate and House right now - SHUDDER!
Ping
That’s what the MSM’s hero FDR did in 1936 and plunged the US into a double Depression. We were just working our way out when FDR’s tax went into effect just like what 0bozo is wanting to do.
It's All, Part of the Plan.
Like you said SkyDancer.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.