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.
I wonder if the barely wealthy have the time from working to figure out they are being fleeced by the American people.
Don't you imagine they are too uninformed to know that such is even being considered?
Why does he propose anything? He has his pen and his phone...he should simply act when congress fails to.
Two thirds of the American people are socialist: they see government as their “protector”.
There is no such thing as a “trust fund loophole”.
I googled all of the articles regarding this, thinking that they might be talking about ending the stepped up cost basis on appreciated stock.
Nothing.
Much like everything else, this is just agenda advancing by press release.
The only interesting thing about this year’s State of the Union address will be to see which Republicans are foolish enough to applaud anything Obama says.
The Democrats lost in a landslide in November because they had supported Obama’s proposals, so the last thing any Congress member — Republican or Democrat — should want is to be seen cheering him on on national television.
On the other hand, nothing the president says will be interesting, since he’s a lame duck whose party controls neither house of Congress, and the Democrats’ two Congressional leaders — Harry Reid and Nancy Pelosi — are too incapacitated by physical problems — Harry might lose an eye and Nancy has already lost much of her mind — to get anything done.
Indeed. But who in Congress can we trust to enact that?
hell pass one law, and enforce a completely different law that he makes up at one of his legislative press conferences from whence he promulgates new law.
Perhaps the people of the middle class should learn a trade/skill and wait until they go to college, to find out if they even NEED college to do what they want to do. After all, too many people are going to college and behaving like they’re heirs and heiresses. By that I mean they feel entitled to have a job waiting for them instead of learning something useful, practical, and working through their twenties and avoiding debt. If they learned something like welding or perhaps how to make cars, they would be able to go anywhere with that, see the world, enjoy the debt free existence and end up going to college/university in their early thirties and meeting a mate there.
In the past, being middle class meant learning a trade/skill and they would be able to end up making a real living. Being idle before, after school and a little while before marriage was reserved for the idle rich.
I’m kind of relieved it has been. Too many asinine trustafarians who have all the time in the world to mess around, mess with other people’s lives, then go back to their cushy life and enjoy their lifestyle while our lives go down in flames.
The democrat party- the party of chaos, division, hatred, and bitterness. The party of darkness and despair.
Upward mobility has only decreased under his Democrat Economic Policies.
Since they won’t we should go Galt and take our share of the freebies. Make the system collapse.
Taxes for the middle class are not the issue.
The issue is cronyism. A man made rich by a solyndra deal doesn’t care what his taxes are. The issue for him is what he keeps after the deal is done.
The federal and state governments have made ownership of stocks very expensive. What the GOP needs to do is show that and get the costs reversed. We need more capitalists.
The counter-argument that I’d make is Democrat policies have made labor very expensive. It’s a double squeeze: created a regulatory and tax environment that makes labor expensive e.g. the Davis Bacon Act, FICA, minimum wage laws, etc. and then allow low cost labor to pour across the border.
Will the GOP get it and explain it?
“Being idle before, after school and a little while before marriage was reserved for the idle rich.”
With children off the table for many young people, being idle is a way of life now. Many never aspire to own a home, and certainly wouldn’t be inconvenienced by the time, money, and effort to learn a marketable skill (though in fairness to them, if they did so the job would probably be overseas by the time they could start working). Many years ago a female friend described how many young men her friends weren’t working - and these weren’t ghetto folk.
Much of our working class (real workers, not the way that phrase is used by politicians and sociologists to describe non-working poor) is screwed, and they know it.
You are exactly right.
..."to help middle class families get ahead and grow the economy.”
Get ahead? Ahead of what? The poor? Say it ain't so, comrade.
This is more money ultimately for government indoctrination of children via payola to teachers (his former line of "work") and other unions.
We should be doing all we can to get back to one parent working in a two parent home. Instead the government is doing all it can to take children from their parents as soon as they possibly can in order to teach them to be dependant sheeple in thrall to the state and to sodomy.
This is all they EVER do.
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