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 ...
F U B O!
Obama will propose $320 billion Citizen Theft in higher taxes in his State of the Union address.
Yeah, the evil Rich. They’re just a drain on society and need to start paying their fair share.
Tammy Faye and Mitchie the Kid will salivate to go along with it.
Tell that to Al $harpton.
The GOP should say “DOA”.
Next.
In a nutshell there is absolutely nothing that this jackass says that I will entertain. Whatever it is...the answer is HELL NO.
This flaming faggot mulatto muslim is simply insane.
Bump
Why doesn’t he just increase the taxes? The POS thinks he has the authority to do anything else he wants.
It's to appeal to his base and the idiocracy that we call the electorate. Buying the middle class. None of his proposals will pass nor work.
Meanwhile, many indicators are pointing to another downturn and he must be aware of it.
Prepare for his JAR to go up in the 50’s after the SOTU speech, if only temporary
Stupid liberals want to tax “the rich” but they rarely understand just who they are talking about. The truly rich who have all the money don’t pay any taxes to speak of. They hire armies of accountants and lawyers and private bodyguards to make sure they don’t spend too much on taxes. They have lobbyists and bribes to make sure the tax laws aren’t too specific and include plenty of exemptions.
So when you get down to it, “the rich” are just what used to be called “the middle class”.
If the feckless GOP goes along with this, they deserve to be voted out of the majority in 2016.
Higher and higher taxes to further destroy America’s economy.
Well, half the people don't actually pay taxes, so it's $2000 more from me next year. That's Okay. I recall that Obama said I'd save $2500 when ObamaCare went through, so I'll just give that to the IRS, and still have $500 left over for myself.
Right?
What’s needed is a serious reduction in the tax burden. To help reverse obamas Great Recession and Let some people get back to work.
Plus a vast simplification !!
Yep...He’s still spending way too much time smoking the bong if he really believes the economy has recovered.
Criminal bastard does his dirty deeds and the GOP sits by quietly with it’s finger up its a##. Dont you feel good that we voted these Traitors in to help the commie do his bidding. Does anyone think that the GOP will give him thier back like the NYC police did to the other a hole deblowjob at the state of the union, or maybe do even more like oppose it and do something to stop the bleeding
Not likely.
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.