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Obama seeking tax increases on wealthy to help middle class
Houston Chronicle ^ | January 17, 2015 | JULIE PACE

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 ...


TOPICS: Government
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To: Graybeard58

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?


41 posted on 01/18/2015 7:36:33 AM PST by silverleaf (Age takes a toll: Please have exact change)
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To: catfish1957

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


42 posted on 01/18/2015 7:41:54 AM PST by silverleaf (Age takes a toll: Please have exact change)
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To: BradtotheBone

Obama seeking tax increases on wealthy for more spending money more like it his loans are tapped out.


43 posted on 01/18/2015 7:42:42 AM PST by Vaduz
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To: BradtotheBone

Average American income is down under Obama - no more help, please.


44 posted on 01/18/2015 7:43:15 AM PST by BookmanTheJanitor
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To: BradtotheBone

“will also include calls for lawmakers to make community college free for many students”

Read: No white or Asian males included.


45 posted on 01/18/2015 9:04:24 AM PST by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: silverleaf
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

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.

46 posted on 01/18/2015 10:08:15 AM PST by catfish1957 (Everything I needed to know about Islam was written on 11 Sep 2001)
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To: Kit cat

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.


47 posted on 01/18/2015 12:04:38 PM PST by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: Graybeard58

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.


48 posted on 01/18/2015 12:06:02 PM PST by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: BradtotheBone

Same tired old class warfare BS. The guy’s an agitator through and through.


49 posted on 01/18/2015 12:10:02 PM PST by Cementjungle
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To: catfish1957

There is no capital gain tax when there is no sale.


50 posted on 01/18/2015 1:56:59 PM PST by Raycpa
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To: Raycpa

That is exactly what I have been saying. The original poster alluded otherwise.


51 posted on 01/18/2015 1:59:38 PM PST by catfish1957 (Everything I needed to know about Islam was written on 11 Sep 2001)
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To: Vendome
I don’t have a problem with people getting assistance.

One huge problem is, that it is unconstitutional.

52 posted on 01/18/2015 3:25:29 PM PST by Graybeard58 (Much violence and crime can be explained by the Bell Curve (Bing it))
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To: Graybeard58

Cynic....


53 posted on 01/18/2015 4:06:52 PM PST by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: Vendome
Obama is not the father of "gimmes" but he's certainly the great enabler and increaser.

I'm so sick of his sorry a$$ and we have two more years to endure his treasonous b.s.

54 posted on 01/18/2015 4:25:55 PM PST by Graybeard58 (Much violence and crime can be explained by the Bell Curve (Bing it))
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To: Graybeard58

Well, if Congress performs their constitutional duty and votes for Obama’s initiatives we’ll know the gig is up.


55 posted on 01/18/2015 4:33:08 PM PST by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: txrefugee

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.


56 posted on 01/18/2015 11:36:58 PM PST by CorporateStepsister (I am NOT going to force a man to make my dreams come true)
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To: Vendome

Amen!

If you’re able bodied, learn a trade and get on your feet that way.


57 posted on 01/18/2015 11:37:34 PM PST by CorporateStepsister (I am NOT going to force a man to make my dreams come true)
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To: BradtotheBone

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.


58 posted on 01/18/2015 11:46:19 PM PST by Varsity Flight (Extortion-Care is is the Government Work-Camp: Arbeitsziehungslager)
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