Posted on 01/17/2015 5:49:17 PM PST by jazusamo
President wants capital gains rate, bank fees raised
Escalating his battle with congressional Republicans, President Obama will propose $320 billion in higher taxes in his State of the Union address, mostly by raising the rate on capital gains and closing tax loopholes for wealthier families, senior administration officials said Saturday.
Mr. Obama also will call on lawmakers to impose a new fee on big banks with more than $50 billion in assets to discourage risky financial investments, a holdover from the Wall Street crisis that is sure to appeal to the president’s liberal base.
The money raised would pay for a variety of the president’s domestic-spending proposals for the middle class, including an initiative for the government to pay all tuition for community-college students. A senior administration official said Mr. Obama intends to make a forceful case in his speech that the economy has recovered from the recession, and he wants “to make sure this prosperity is shared by the middle class.”
Previewing Mr. Obama’s State of the Union address to Congress on Tuesday night, aides said the president will propose raising the top tax rate on capital gains to 28 percent, from the current 23.8 percent (20 percent, plus a 3.8 percent tax on unearned income to fund Obamacare) for individual taxpayers with an adjusted gross income of $200,000 or more. A senior administration official said the move would bring the top rate for capital gains taxes to the same level it was “under President Reagan” in the 1980s.
(Excerpt) Read more at washingtontimes.com ...
“...........Mr. Obama intends to make a forceful case in his speech that the economy has recovered from the recession, and he wants “to make sure this prosperity is shared by the middle class.”
I had to look to see if this was intentional satire, or just Obama being Obama. Hard to tell all too often.
An interesting dynamic. Obama will shut gov. down to get his way, and turtle won’t let it happen, so he will.
I hear you...We’ve got grandkids that can testify this recession has not recovered, The Won is in lala land.
“I had to look to see if this was intentional satire, or just Obama being Obama. Hard to tell all too often.”
Yeah. I used to get mad when it was satire, now I’m mad that it’s not.
“...including an initiative for the government to pay all tuition for community-college students.”
Think about it for a minute. If you give free tuition for community college to new students, what are the 6-8 year BAs in Queer, Freak, and Pervert Gender Studies with $125,000 in student loans going to wail about. Yep, the next thing on the list will to be to cancel the student loans for them.
Undocumented Obola could demand a national lottery
to remove children for slavery by his buddies in ISIS,
or for injection with weaponized EV-D68 by his
narcoterrorist friends,
and the EXEMPT willingly-complicit Congress
would cheer and then gladly impose it with glee
for all others (except their families, and their staff,
and of course all Moslems, like ObamaCARE)
— if they could make money off it.
Just like they do with ObamaCARE/RomneyCARE/DeathCARE.
I doubt even Boehner will support this but you’re right, the turkey will try to use his pen and phone to decree it.
He is appealing to all of those voters who want the government to take care of them like daddy.
Basically the message: vote Democrat and get free stuff.
Actually I don’t see this going anywhere.
Zippy is just throwing red meat to his enemedia base. They’ll gobble it up and write their little stories about evil Republicans denying children a community college education. It’s just more Marxist crap.
It has recovered from the 2008 crash. But, it's been one of the worst recoveries in decades. Many of the jobs being created are low pay and more people are being shuffled in part time from full time work. No doubt he will make the economy seem more robust than it really is.
Gas prices dropping have given the public a sense the economy is improving. And it's given the POTUS a small boost in the polls. He will capitalize on that and promise more handouts. His JAR after the SOTU speech will climb. We conservatives will be depressed.
However, while he is glowing about the economy, many indicators are suggesting another downturn. It will be interesting to see what the Fed will do if current trends continue. If they continue, and there is no reason to believe they won't, the public, like their experience with the promises the President made with ObamaCare, will realize once again this president is full of it. Layoffs and downsizing are already taking place in the oil and gas industry. What happens when these folks start looking for jobs in a market that is already filled with low skilled workers? These oil and gas jobs have been the one bright spot in an anemic recovery. These are good paying jobs that are slowly in the process of being replaced with part time bartending jobs
F U Obozo, take your a$$ back to Africa or wherever the hell you come from. We don’t want your Marxist B.S. However, I don’t have any confidence in the Republicans developing a backbone to pushback. They are no different than the damn Marxist democrats.
Zippy is just throwing red meat to his enemedia base. They’ll gobble it up and write their little stories about evil Republicans denying children a community college education. It’s just more Marxist crap.”
This is true.
I hear alot of “Boehner and McConnell will help pass this” but what they forget is it isn't up to just those two
The King found out that some sneaky, racist whites still have money and bank accounts.
You totally nailed it.
Time to organize an American Nuremburg trial. Declare the democrat party a seditious, neo-fascist criminal organization.
Will it be a Ratings Flop again ?
In 1971 the entire budget was $200.8 billion:
Richard Nixon
Annual Budget Message to the Congress, Fiscal Year 1971.
February 2, 1970
To the Congress of the United States:
I have pledged to the American people that I would submit a balanced budget for 1971. This is particularly necessary because the cost of living has been rising rapidly for the past five years.
The budget I send to you today—the first for which I bear full responsibility as President—fulfills that pledge.
Outlays are estimated at $200.8 billion, with receipts at $202.1 billion, yielding a surplus of $1.3 billion.
This anti-inflationary budget begins the necessary process of reordering our national priorities.
For the first time in two full decades, the Federal Government will spend more money on human resource programs than on national defense. (snip)
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