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 ...
Boehner and McConnell will ignore it. No bill for it will get out of committee. It’s DOA. Obama knows this, he just wants the issue as a distraction and an election year talking point.
Absolutely, he’s grandstanding for his true believers and there are fewer of them now, the narcissist-in-chief can’t handle that.
If the GOPe keeps on thier current path, the RATS will have the WH and Congress in 2016. No one is impressed with their performance so far.
You ever hear of AMT?
Those "tax loopholes" include eliminating tax breaks for inheritances. Inheritances were taxed under capital gains before 2010 but Obama changed that in 2010 to a separate inheritance tax as a 35 percent tax after exemptions. Capital gains taxes have already gone up from 15 percent to 23.5 percent under Obama (3.5 percent just for Obamacare), now he wants to further increase it to 28 percent. It's all a shell game with broken promises, to strip money from families who earned it, and give it away to miscreants who don't deserve it. If you have money to give to your children as an inheritance, give it while you're alive; after you're dead the government is taking more of it away and your kids won't see much of it. Double and triple taxation going on with that money.
What would Harry Reid have said to a 320b tax cut proposed by Bush? DOA
This is like Carter’s dumb ass 90% tax rate on successful folk. Whose going to create jobs?
Exactly. repeating my post #41...
“Boehner and McConnell will ignore it. No bill for it will get out of committee. It’s DOA. Obama knows this, he just wants the issue as a distraction and an election year talking point.”
Yeah. I already pay 6 figures a year in federal tax, not to mention state tax, and I don’t make THAT much..... I’m really excited to fork over another couple thousand a year so I can start paying my “fair share” I wouldn’t mind so much if everyone paid the same rate I do. But if everyone paid the same rate I do, the second American revolution would have started years ago....
I literally can’t stand seeing the man on television. I’m certainly not going to watch and hour or two.
This is certainly the most divisive leader (and I use the term “leader” loosely) that the country has ever had. FREE STUFF, and we will fund it from by taking away from others. This, of course, will sell very well to the base and make the GOP look like meanies...
“He is appealing to all of those voters who want the government to take care of them like daddy.”
...that they never had, unfortunately.
Ayn Rand knew this was coming. It’s the fight between the makers and the takers, the people who make things and those who take things, the government moochers and the looters. But just as guilty are the victims of these crimes because they allowed them to happen.
I'd like to play that game and offer this in response to his State of You'n Us speech. It's long but it attempts to bring together numerous federal gov't sources.
The data are annualized except when noted otherwise. All are monthly or quarterly. I use the last month / quarter of the year.
Much of the size of this is taken up by instructions on how to get the sources of the data and much, much more data!
I tire of "sources" like "government figures show", "Gallop poll numbers..", "the Washington Post.."; and I tire of clicking on a link to find it's only the home page of the site.. so I did some research in preparation for Obama State of You'n Us Speech. Not all of this is meant to compare to Reagan, however. The data I copied and formatted for display here date back to the '40s in some cases. The percentages have the extra decimals to make the computation more accurate.
Taking into account the year preceding the administrations, compare the first six years of Reagan and Obama. Examples: using these spread sheet formulas:
(1986 value - 1980 value) / 1980 value and
(2014 value - 2008 value) / 2008 value
I get
If you take into account the 2007 number of Employed full time 121621 [thousands] Obama's number would be negative. About all that happened is despite Obama most of the jobs lost in the first few years of his admnistration were recovered by the end of 2014.
Gee. How come Obama had such big decreases in (Col 9.) Unemployed and (Col 10) Unemployed looking for full-time work? Guess.
Col 11 and Col 12 are the Unemployment rate and Unemployment rate of the full-time labor force, respectively. The rest of the columns are:
| Year |
|---|
| 1980 |
| 1981 |
| 1982 |
| 1983 |
| 1984 |
| 1985 |
| 1986 |
| 1987 |
| 1988 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
| Year |
| 2. |
|---|
| 168693 |
| 170990 |
| 173046 |
| 174950 |
| 177133 |
| 178941 |
| 181365 |
| 183467 |
| 185253 |
| 232937 |
| 234825 |
| 236739 |
| 238712 |
| 240431 |
| 244169 |
| 246564 |
| 248843 |
| 2. |
| 3. |
|---|
| 107442 |
| 109057 |
| 110959 |
| 112160 |
| 114257 |
| 116211 |
| 118587 |
| 120593 |
| 122488 |
| 153645 |
| 154723 |
| 153591 |
| 153803 |
| 153995 |
| 155450 |
| 154989 |
| 156258 |
| 3. |
| 4. |
|---|
| 63.7 |
| 63.8 |
| 64.1 |
| 64.1 |
| 64.5 |
| 64.9 |
| 65.4 |
| 65.7 |
| 66.1 |
| 66.0 |
| 65.9 |
| 64.9 |
| 64.4 |
| 64.0 |
| 63.7 |
| 62.9 |
| 62.8 |
| 4. |
| 5. |
|---|
| 99499 |
| 100077 |
| 99120 |
| 102588 |
| 105944 |
| 108023 |
| 110492 |
| 113527 |
| 115947 |
| 146272 |
| 144091 |
| 138368 |
| 139155 |
| 140669 |
| 143303 |
| 144205 |
| 147344 |
| 5. |
| 6. |
|---|
| 59.0 |
| 58.5 |
| 57.3 |
| 58.6 |
| 59.8 |
| 60.4 |
| 60.9 |
| 61.9 |
| 62.6 |
| 62.8 |
| 61.4 |
| 58.4 |
| 58.3 |
| 58.5 |
| 58.7 |
| 58.5 |
| 59.2 |
| 6. |
| 7. |
|---|
| 82648 |
| 82799 |
| 80606 |
| 83997 |
| 87458 |
| 89259 |
| 91297 |
| 93914 |
| 95927 |
| 121621 |
| 118281 |
| 110906 |
| 111655 |
| 113269 |
| 115610 |
| 116826 |
| 119707 |
| 7. |
| 8. |
|---|
| 16843 |
| 17262 |
| 18409 |
| 18556 |
| 18487 |
| 18778 |
| 19194 |
| 19660 |
| 20053 |
| 24727 |
| 25836 |
| 27423 |
| 27444 |
| 27355 |
| 27684 |
| 27378 |
| 27657 |
| 8. |
| 9. |
|---|
| 7943 |
| 8981 |
| 11839 |
| 9572 |
| 8312 |
| 8188 |
| 8095 |
| 7066 |
| 6541 |
| 7374 |
| 10633 |
| 15223 |
| 14649 |
| 13326 |
| 12146 |
| 10784 |
| 8914 |
| 9. |
| 10. |
|---|
| 6612 |
| 7491 |
| 10111 |
| 8017 |
| 6891 |
| 6697 |
| 6586 |
| 5635 |
| 5236 |
| 6009 |
| 9009 |
| 13444 |
| 12867 |
| 11521 |
| 10338 |
| 9171 |
| 7478 |
| 10. |
| 11. |
|---|
| 7.4 |
| 8.2 |
| 10.7 |
| 8.5 |
| 7.3 |
| 7.0 |
| 6.8 |
| 5.9 |
| 5.3 |
| 4.8 |
| 6.9 |
| 9.9 |
| 9.5 |
| 8.7 |
| 7.8 |
| 7.0 |
| 5.7 |
| 11. |
| 12. |
|---|
| 7.4 |
| 8.3 |
| 11.1 |
| 8.7 |
| 7.3 |
| 7.0 |
| 6.7 |
| 5.7 |
| 5.2 |
| 4.7 |
| 7.1 |
| 10.8 |
| 10.3 |
| 9.2 |
| 8.2 |
| 7.3 |
| 5.9 |
| 12. |
| 13. |
|---|
| 61252 |
| 61933 |
| 62087 |
| 62790 |
| 62876 |
| 62730 |
| 62778 |
| 62874 |
| 62765 |
| 79291 |
| 80102 |
| 83148 |
| 84908 |
| 86436 |
| 88719 |
| 91575 |
| 92584 |
| 13. |
| pop. |
|---|
| 227220 |
| 229470 |
| 231660 |
| 233790 |
| 235820 |
| 237920 |
| 240130 |
| 242290 |
| 244500 |
| 301230 |
| 304090 |
| 306770 |
| 309330 |
| 311590 |
| 313910 |
| 316160 |
| 319470 |
| pop. |
| labor1 | labor1 | |
|---|---|---|
| N | N | |
| N | N | |
| N | N | |
| N | N | |
| N | N | |
| N | N | |
| N | N | |
| N | N | |
| N | N | |
| 123524 | 22810 | |
| 121211 | 22138 | |
| 116663 | 21290 | |
| 117006 | 22153 | |
| 118033 | 22647 | |
| 119844 | 23216 | |
| 120636 | 23787 | |
| 122558 | 24890 | |
| labor1 | labor1 | |
| force | force | |
| domestic | foreign | |
| born | born | |
| [1000s] | [1000s] |
| PR2 |
|---|
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| 68.2 |
| 67.9 |
| 67.2 |
| 67.8 |
| 67.4 |
| 66.4 |
| 66.1 |
| 65.9 |
| PR2 |
| UR2 |
|---|
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| 4.7 |
| 7.6 |
| 11.0 |
| 10.6 |
| 8.8 |
| 8.0 |
| 6.5 |
| 5.3 |
| UR2 |
| income3 |
|---|
| 47,668 |
| 46,877 |
| 46,751 |
| 46,425 |
| 47,866 |
| 48,761 |
| 50,488 |
| 51,121 |
| 51,514 |
| 56,436 |
| 54,423 |
| 54,059 |
| 52,646 |
| 51,842 |
| 51,759 |
| 51,939 |
| N |
| income3 |
| median income |
| Recession |
|---|
| Jan to Jul '80 |
| Jul 1981 to |
| Nov 1982 |
| - |
| - |
| - |
| - |
| - |
| - |
| Dec 2007 |
| to |
| Jun 2009 |
| - |
| - |
| - |
| - |
| - |
| Year |
|---|
| 1980 |
| 1981 |
| 1982 |
| 1983 |
| 1984 |
| 1985 |
| 1986 |
| 1987 |
| 1988 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
| Year |
| GDP |
|---|
| -0.2 |
| 2.6 |
| -1.9 |
| 4.6 |
| 7.3 |
| 4.2 |
| 3.5 |
| 3.5 |
| 4.2 |
| 1.8 |
| -0.3 |
| -2.8 |
| 2.5 |
| 1.6 |
| 2.3 |
| 2.2 |
| 5 |
| GDP |
| % chg |
| PCE |
|---|
| 3.32 |
| -1.8 |
| 4.51 |
| 4.06 |
| 3.29 |
| 0.62 |
| 1.62 |
| 0.57 |
| 2.93 |
| 0.34 |
| -3.16 |
| -0.01 |
| 2.79 |
| 0.94 |
| 1.32 |
| 2.51 |
| 2.21 |
| PCE |
| U-6 |
|---|
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| 8.8 |
| 13.6 |
| 17.1 |
| 16.6 |
| 15.2 |
| 14.4 |
| 13.1 |
| 11.2 |
| U-6 |
| U-2 |
|---|
| 3.9 |
| 4.8 |
| 6.4 |
| 4.5 |
| 3.7 |
| 3.4 |
| 3.3 |
| 2.6 |
| 2.5 |
| 2.5 |
| 4.3 |
| 6.3 |
| 5.7 |
| 4.9 |
| 4.2 |
| 3.5 |
| 2.8 |
| U-2 |
| SSDI |
|---|
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| N |
| 823,106 |
| 895,011 |
| 985,940 |
| 1,052,551 |
| 1,025,003 |
| 979,973 |
| 884,894 |
| 810,973 |
| SSDI |
1labor: If second labor column (foreign born) is not shown hover the labor (domestic numbers) for foreign born numbers.
Source: to find the tables go here Data Retrieval: Labor Force Statistics (CPS)
HOUSEHOLD DATA Table A-7. Employment status of the civilian population by nativity and sex, not seasonally adjusted [Numbers in thousands]
Employment status and nativity. Then
Scroll down to "Retrieve Data"
The data that I include above are from the month of December except for 2014 where November is the last month with data available.
2 PR Civilian labor force participation rate, foreign born and UR unemployment rate, foreign born. See 1 for source.
3income: For the Census Bureau income data go here. Choose "Consumer Income Reports (P60)" then choose "P60-249 Income and Poverty in the United States: 2013" (pdf file).
|
The numbered column headings are for:
The rest of the columns are:
Some columns are combined / omitted to fit desired columns on a PC screen. Use hover to view combined columns.
All values in the numbered-columns are from annualized quarterly sources. The value displayed is for the fourth quarter.
| Table Information |
|---|
| Column headings 1 to 13 |
| I've combined several tables into one. Most of the tables were obtained here: go to Bureau of Labor Statistics (BLS) Labor Force Statisics from the Current Population Survey (CPS). Make your selections. I chose quarterly data. I took the fourth quarter data from each table and combined them into the main part of the table above. For the year 2014 I took the third quarter data. |
| pop. Population data |
|---|
| Go here U.S. population and US Census clock, Dec 22, 2014 319.47 million |
| Recession |
|---|
| CENSUS BUREAU, BUREAU OF LABOR STATISTICS SOURCES |
| National Bureau of Economic Research, Inc. Cambridge MA 02138 US Business Cycle Expansions and Contractions Link from BLS SPOTLIGHT ON STATISTICS THE RECESSION OF 2007 – 2009 |
| GDP - Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product (annual rates) |
|---|
| see PCE |
| PCE Personal consumption expenditures |
|---|
| The GDP Personal consumption expenditures percentage US Department of Commerce, Bureau of Economic Analysis (BEA) Gross Domestic Product (GDP) If you are not at Gross Domestic Product (GDP) search for it. It should be on page http://www.bea.gov/national/index.htm. Then click on
I did not know which tables to look for so I chose to download them all in csv format. I clicked on Section 1 (2852.7k) I used Table 1.1.2. Contributions to Percent Change in Real Gross Domestic Product |
| U-6 |
|---|
| Hover column for U-2 data. |
| U-1 to U-6 unemployment rates. We know how the "official unemployment rate" is manipulated so I won't include it here. These are annualized monthly data for December. For 2014 I used November. |
| Series Id: LNS13327709 Seasonally Adjusted Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers Labor force status: Aggregated totals unemployed Type of data: Percent or rate Age: 16 years and over Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached. |
| U-2 |
|---|
| U-1 to U-6 unemployment rates. These are annualized monthly data for December. For 2014 I used November. |
| Series Id: LNS14023621 Seasonally Adjusted Series title: (Seas) Unemployment Rate - Job Losers Type of data: Percent or rate Age: 16 years and over Reasons looking for work: Job losers and persons who completed temporary jobs U-2 |
| SSDI |
|---|
| Selected Data from Social Security's Disability Program |
| The following table presents unedited data (including corrections, if any) on disabled worker beneficiaries paid from Social Security's Disability Insurance Trust Fund. In particular, unedited award data may contain duplicate cases. |
| 2014 data are the sum of first three quarters |
Footnotes
N Not available.
Z Represents or rounds to zero.
Hide your wallet! Here comes the Kenyan thief again!
People forget that the Tea Party is really the TEA Party (Taxed Enough Already).
Not many Americans will be watcing other then”the Obamabot Dummies”. Why? Obama lies...all the time!!!
The sound of his voice, the whistling S’s are like ningernails on a chalkboard. I literally refuse to look at him, or his wife, or anyone else in this criminal enterprise known as the government.
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