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 ...
Obama wants everyone to be middle class
Including the “ wealthy”
Hmmm, if his friends and donors all turn middle class, whose beach house and ski chalet will his wife and daughters park at for free vacay?
If you don’t sell your stocks and properties you don’t generate capital gains, so no tax. Personally I find high tax rates to be a disincentive
to sell my investments and buy others . So I sit on them . The net effect is reduced economic activity and no taxes incurred. I’m sure I am among millions making similar decisions to forego taking gains att
Obama seeking tax increases on wealthy for more spending money more like it his loans are tapped out.
Average American income is down under Obama - no more help, please.
“will also include calls for lawmakers to make community college free for many students”
Read: No white or Asian males included.
That was the point I was trying to make. A capital gain is not a gain, until the equity is sold. The prior poster did not understand or was not clear on that matter.
Not only is the potential revised rule detrimental to selling equities, but is will be a dis-incentive to purchase new ones.
Obolo and his band of dumbasses are masters of the law of unintended consequences.
I believe the restaurant will be successful through event sales.
I hsve several friends who have restaurants and the most successful ones have a good number of events each week in the restaurant and catered.
My goal is to put a brass plaque at the end of the bar signifying that is my spot.
I don’t have a problem with people getting assistance.
I do have a problem with those who live off the rest of us, when they really are capable of supporting themselves.
Same tired old class warfare BS. The guy’s an agitator through and through.
There is no capital gain tax when there is no sale.
That is exactly what I have been saying. The original poster alluded otherwise.
One huge problem is, that it is unconstitutional.
Cynic....
I'm so sick of his sorry a$$ and we have two more years to endure his treasonous b.s.
Well, if Congress performs their constitutional duty and votes for Obama’s initiatives we’ll know the gig is up.
Yeah, well, it’s this nation that elected this jerkoff twice. So bluntly put, there are a lot of voters who in my view should experience EVERY BITTER DROP of Obama’s psychotic rule.
Amen!
If you’re able bodied, learn a trade and get on your feet that way.
And will be passed with the usual “bipartisan” “working together” compromise, and as usual hit the middle class right square in the jaw.
The Exempt Ones, strike again.
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.