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 ...
Barry's agenda is to destroy this country and until we recognize that a clear terrorist threat is squatting in the White House we haven't a chance. We can't look to the new HR or the Senate for remedy as they're part of the problem.
Obama, clearly, is America's Public Enemy #1.
In Obama’s ideal world, you wouldn’t have to do much for an adequate living—just be a favored group and obey the party.
There would be no legitimate economic way to get ahead. The only roads to success would either be politics or crime.
Free money for everyone who doesn’t earn it.
Here is the truth about capital gains during the Reagan years.
Reagan was elected in 1980.
He didn’t take office until Jan. of 1981.
In 1976, ‘77 and ‘78 the long term capital gains tax was 39.875%
In ‘79 and ‘80 it was 28%
In 1981- 1986 the capital gains tax WAS NOT 28%...
It was 20%
In 1987 through 1990 it went up to 28%
In 1991 and ‘92 it went to 28.93%
Here are some other facts.
In 1976, the realized taxes from capital gains was 39.5 billion (at 39.875)
In 1977 it was 45.3 billion (at 39.875)
In 1978 it was 50.5 billion (at 39.875%)
in 1979 it was 73.4 billion (at 28%)
in 1980 it was 74.1 (at 28%)
In 1981 it was 80.9 (at 20%)
1982 it was 90.1 (at 20%)
1983 it was 122.8 (at 20%)
1984 it was 140.5 (at 20%)
1985 it was 172.0 (at 20%)
1986 it was 327.8 (at 20%)
1987 it was 148.4 (at 28%)
1988 it was 162.6 (at 28%)
1989 it was 154.0 (at 28%)
1990 it was 123.8 (at 28%)
1991 it was 111.6 (at 28.93%)
1992 it was 126.7 (at 28.93%)
Nothing more than an attempt to stir class warfare.
The problem with socialism is that eventually you run out of other people's money.
Yep. Typical tax-the-rich demagoguery.
I hope Jodi Earnst sees that trend before her rebuttal.
I seek to be 25 years old again with all my present knowledge, but I know that’s not going to happen, either.
And a lot of people will buy and love it no questions asked.
Thus Obama will close small community banks while helping Goldman Sachs and J.P. Morgan. The Big Bank donors will show their appreciation in fat checks to the Democrats’ campaign coffers. That’s why millionaires and billionaires buy their influence through Democrats such as Dianne Feinstein.
1986. Nothing like an anticipated tax increase to spur LT gains.
Yes, and unfortunately for the small investor some of the best investments in the financial industry has been stock in smaller, well managed institutions.
If an American has a sane, common sense, brain at all....they will not be watching the Obama farce on Tuesday evening. Why? For six years I have tuned in to the POTUS, SOTU speech...and for six years, I have been lied to straight to my face!!! Obama is naught but a “serial lie teller”!!!
Anyone that believes a word Obama utters is a fool, buffoon and raging idiot!! Methinks, not too many Americans will be watching the Obama shyster gig, come next Tuesday evening!!! The Democrat Party sinks politically, some more!!! 2016 is beginning to look really promising for the Pubbies...if they keep their backbone up and do Obama and the Democrat Party in, politically.
The majority of the American people have had enough of Obama and his racist, anti-American ilk!!! End of story!!!
Hell his base would prefer that they just kill the 1% and split up whatever assets they have to the non working class.
The sad part is that it will be popular because its free money paid for by “the rich.”
2.3 million in prison (at a cost of $24k a year, each)
47 million on food stamps.
109 million collecting some form of federal welfare.
147 million currently employed.
True. Note also, though, that the revenue for all the years listed, AFTER the tax increase to 27% remained below what the revenue was at 20% the year before the rate increase anticipation year.
People clearly "turn over" their capital investments more when the rate is low. They just sit on them when the rates are high, resulting on no tax at all. It becomes cheaper to sit on a mediocre investment and incur no tax at all rather than sell it to buy a better investment and pay the high tax rate. This also results in the preservation of mediocre companies rather than having investment flow to better companies which further reduces ordinary tax revenue, too.
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