Posted on 01/18/2015 11:31:25 AM PST by SeekAndFind
In his State of The Union address this week, President Obama will propose congress lower taxes on the middle class and close loopholes that the rich often use. A press release from the White House says Obama has a strategy that will “simplify our complex tax code, make it fairer by eliminating some of the biggest loopholes, and use the savings to responsibly pay for the investments we need to help middle class families get ahead and grow the economy.”
According to a release from the White House Press Secretary, the changes President Obama will propose include:
Closing One of the Biggest Tax Loopholes – the Trust Fund Loophole: The President will propose to close the single largest capital gains loophole, which lets hundreds of billions of dollars escape taxation each year, to ensure the wealthiest Americans pay their fair share on inherited assets.
Raising the Total Top Capital Gains and Dividends Rate Back to the Level Under President Reagan: The President will propose to raise the top capital gains rate to 28 percent – the rate under President Reagan.
Making the Biggest Financial Firms Pay Their Fair Share: The President will continue to reform the way the largest financial firms do business by proposing a fee on the biggest financial firms, making it more costly for them to borrow heavily.
The press release details who will benefit under President Obama’s proposal:
The President proposes to use the savings produced by these measures to reinvest in the middle class, helping millions of families each year and strengthening their standing in the 21st century economy:
Helping Working Families: The President will lay out a new $500 second earner credit to help cover the additional costs faced by families where both spouses work – benefiting 24 million couples.
Tripling the Child Care Tax Credit: The President’s proposal would streamline and dramatically expand child care tax benefits, providing up to $3,000 per child under 5, and helping 5.1 million families cover child care costs for 6.7 million children.
Making College Accessible and Affordable: The President’s plan reforms the education tax system by consolidating six overlapping education provisions into just two and providing students up to $2,500 a year toward completing a college degree. His plan cuts taxes for 8.5 million families and students and simplifies taxes for the more than 25 million families and students that claim education tax benefits. The President has also proposed to make the first two years of community college free to any hardworking student.
Saving for Retirement: The President’s plan makes it easy and automatic for workers to save for retirement – giving 30 million more workers the opportunity to easily save for retirement through their employer.
The President’s proposals to take these and other steps to make the tax system more fair will also finance the his plan to make community college free for responsible students and additional investments in improving child care quality, access, and affordability for working families.
Meanwhile, he has overseen the largest transfer of wealth from the poor and middle-classes, to the Democrat-connected Oligarch’s, IN THE HISTORY OF THE HUMAN RACE. (endless QE).
On TV he is going to claim The Free Schit Fairy is going to make it rain, but in reality, this has been the most criminally corrupt administration in this nation’s history.
This deduction(tax credit) already phases out at 110K.
Go to the flat tax and ABOLISH THE IRS.
“his policies will have a very different effect. They always do.”
Yes.
This will raise the taxes on the people who PAY the middle class.
Obviously that will result in less money for the middle class and more money for the government.
Obvious, but unsaid by the media.
Most middle income families make over the threshold for being able to claim college education expenses already. That deduction phases out entirely at $63,000 for single filers and $107,000 for married filers. That is the heart of the middle class. I have never been able to claim one dime.
I know that you’ll never hear any politician say this, but your ‘typical’ middle-class family already doesn’t really pay taxes after you factor in all of the deductions. As a matter of fact, they probably GET money from the Treasury.
If anything, 0bama is probably just talking about expanding giveaways to various interest groups, at the expense of others.
“Meanwhile, he has overseen the largest transfer of wealth from the poor and middle-classes, to the Democrat-connected Oligarch’s, IN THE HISTORY OF THE HUMAN RACE. (endless QE).”
true
Now one needs to know what he considers rich. Anything over 50K a year is rich in his book and will see a tax increase to pay for the illegals getting earned income tax credits.
Please change title. obama plans to eliminate Middle Class and Reduce the Wealthy Class. more of the same transfer the wealth of middle class and now the wealthy. He is doubling down on his agenda - steamrolling to the end. Unfortunately the Repuglicians will enable him to do what he wishes.
Liar in chief at it again.
He thinks about talking and he lies.
Fraud, lie and cheat is all he knows or understands
I’d like to hear President 0bama’s definition of the “middle class”.
eliminate the middle class
next
I thought he had already solved that problem.
Yep. As if to say, "Reagan did it so Obama can do it too."
Ok. Then Obama can lower the top tax rate from 39.6% to 28%. Just like Reagan did.
One of the most vocally liberal people I’ve known so far in life has lived off of a trust fund (supposedly a target of Obama’s plan). Although I think this ploy by Obama is just another road to the ‘redistribution’ he erroneously thinks is ‘fair’, I am very interested in seeing the reaction of those liberal children of well-off families who have been living off of trust funds.
None of this will come even close to overcoming the impact of Ozero’s NUMEROUS increases in the federal income tax, which have caused many middle-class families paying triple what they paid under Bush.
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