Obama to call for raising capital gains, inheritance taxes to pay for middle-class tax relief

[PeterJoe]

http://news.yahoo.com/obama-seeking-tax-increases-wealthy-010041353.html

 

Obama seeking tax increases on wealthy to help middle class Obama to call for raising capital gains, inheritance taxes to pay for middle-class tax relief

 

By Julie Pace, AP White House Correspondent1 hour ago

 

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FILE - In this Jan. 28, 2014 file photo, Vice President Joe Biden and House Speaker John Boehner of Ohio listens as President Barack Obama gives his State of the Union address on Capitol Hill in Washington. For the first time in his presidency, Obama stands before a Republican dominated Congress angry over his growing list of veto threats and opposed to the agenda he presents to them. (AP Photo/Charles Dharapak, File)

 

 

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3. The Democrats Call Dibs on the Middle Class The Atlantic
4. Obama starts 2015 on the upswing, but can it last? Associated Press
5. Why Democrats Are Pushing a $1.2 Trillion Redistribution of Wealth The Fiscal Times

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.

Obama also wants to close what the administration is calling the "Trust Fund Loophole," a change that would require estates to pay capital gains taxes on securities at the time they're inherited. Officials said the overwhelming impact of the change would be on the top 1 percent of income earners.

While GOP leaders have said they share Obama's desire to reform the nation's complicated tax code, the party has long been opposed to many of the proposals the president will outline Tuesday. For example, most Republicans want to lower or eliminate the capital gains tax and similarly want to end taxes on estates, not expand them.

Administration officials pointed to a third proposal from the president as one they hope Republicans would support: a fee on the roughly 100 U.S. financial firms with assets of more than $50 billion. Officials said the fee is similar to a proposal from former Republican Rep. Dave Camp of Michigan, who led the tax-writing Ways and Means Committee. Camp's plan, however, was part of a larger proposal to lower the overall corporate income tax rate.

Raising the capital gains rate, ending the inheritance loophole and tacking a fee on financial firms would generate $320 billion in revenue over a decade, according to administration estimates. Obama wants to put the bulk of that money into a series of measures aimed at helping middle-class Americans. Among them:

—A credit of up to $500 for families in which both spouses work. The administration says 24 million couples would benefit from the proposal, which would apply to families with annual income up to $210,000.

—Expanding the child care tax credit to up to $3,000 per child under age 5. The administration says the proposal would help more than 5 million families with the cost of child care.

—Overhauling the education tax system by consolidating six provisions into two, a move that could cut taxes for 8.5 million families. Republicans have been open to the idea of consolidating education tax breaks.

Obama's call for higher taxes on the wealthy could further antagonize Republicans who are already angry with the president over his vows to veto several of the party's priorities, including legislation to approve construction of the Keystone XL oil pipeline, make changes to the president's signature health care legislation and block his executive actions on immigration.

Republicans say Obama's veto threats are a sign of a president who didn't get the message from voters who relegated his party to minority status in the November election. New Senate Majority Leader Mitch McConnell, R-Ky., said the president still has a chance to change his tone.

"Tuesday can be a new day," McConnell said. "This can be the moment the president pivots to a positive posture. This can be a day when he promotes serious realistic reforms that focus on economic growth and don't just spend more money we don't have. We're eager for him to do so."

Beyond rolling out new proposals, Obama's address is also expected to focus on making the case to the public that recent economic gains represent a real and lasting recovery. The approach reflects the White House's belief that it has been too cautious in promoting economic gains out of fear of looking tone deaf to the continued struggles of many Americans.

White House advisers have suggested that their restraint hindered Democrats in the November elections and helped Republicans take full control of Congress for the first time in eight years. But with hiring up and unemployment down, the president has been more assertive about the improving state of the economy in the new year. Tuesday's prime-time address will be his most high-profile platform for making that case.

"America's resurgence is real, and we're better positioned than any country on Earth to succeed in the 21st century," Obama said Wednesday in Iowa, one of several trips he has made this month to preview the speech.

Obama isn't expected to make any major foreign policy announcements. He is likely to urge lawmakers to stop the pursuit of new penalties against Iran while the U.S. and others are in the midst of nuclear negotiations with Tehran. In a news conference Friday, Obama said legislation threatening additional penalties could upend the delicate diplomacy.

"Congress should be aware that if this diplomatic solution fails, then the risks and likelihood that this ends up being at some point a military confrontation is heightened — and Congress will have to own that as well," he said.

The president also is expected to cite his recent decision to normalize relations with Cuba, as well as defend the effectiveness of U.S. efforts to stop Russia's provocations in Ukraine and conduct air strikes against Islamic State fighters in Iraq and Syria.

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Associated Press writers Stephen Ohlemacher and Laurie Kellman contributed to this report.

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Follow Julie Pace at http://twitter.com/jpaceDC

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[10 YEARS LATER]

What a Fascist Pig !!!!!!!!!!!!!!!!!! 

[easy]

obama is a dipstick!

[aliciadogz]

Obummer days our counting down.

[yota691]

 

Washington: "State of the Union" will call to fill tax loopholes

 

      Sunday   18   January   2015 | 09:05

 

 

 

 

The most prominent in the news

 

 

 

 

Also raise proposals gains rates and returns of capital to 28 percent

 

 

 

 

 

"State of the Union speech" represents an annual opportunity for the president to review his plans

 

 

 

Senior administration officials said the "State of the Union" speech to be delivered by President Barack Obama, Tuesday night, will propose to fill tax loopholes exploited by the Americans wealthy, and is estimated at billions of dollars, and a levy on large financial firms, and then used for the benefit of the middle class. 
It will continue speech Annual Obama before a joint session of Congress his idea not to income inequality, and feel Administration optimistic they will find some support from the two major parties in the House and Senate, which controlled by the Republican Party. 
In a conference call with reporters to review the tax aspects of Obama's speech, an official said that some of the ideas that will present President has already given a "clear bipartisan support in Congress, or it on the table from both parties effectively in nature ideas."  
It calls Obama's proposals to reform tax laws to credit funds, which she described management as "the single largest gap in the capital gains tax." , because it allows the transfer of assets to the heirs of wealthy Americans without taxes. 
and raise proposals also gains rates and returns of capital to 28 percent, a level that was present during the presidency of Ronald Reagan in the eighties. 
and a means to manage the financial risk that could threaten the US economy, Obama wants also impose a fee of seven basis points on the obligations of US financial firms that its assets exceed $ 50 billion, to make borrowing operations more cost-intensive. 
The official said the amendments on funds for credit and capital gains as well as drawing, which would be imposed on the financial companies will save about $ 320 billion over the ten years, which will increase the amounts that Obama wants to provide social welfare for the middle class. 
and will include benefits for the middle class a loan of $ 500 to the families of the spouses of employees, and increase the tax credit for child care to three times what it is, to become three thousand dollars per child, and increase incentives tax for education, and facilitating the workers savings automatically age pension if the employer did not submit a plan for it. 
The "State of the Union speech," an annual opportunity for the president to review the plans.With Republican control of the House and Senate after achieving significant gains in the midterm elections last November, Obama Democrat faces a difficult task in turning many of his ideas into laws.

[captl1]

So if a middle class parent dies there will be a different tax rate. Or when one sells his middle class home there will be a different tax rate? What a fool!

[keylime]

http://www.huffingtonpost.com/2015/01/17/obama-sotu-taxes_n_6493144.html

[Luigi1]

from other sources...

 

Obama Proposes New Tax Hikes on Wealthy to Aid Middle Class

 

17-01-2015-President Barack Obama is proposing new taxes on the wealthiest Americans that would limit their profits from investments and make it harder for them to pass assets to heirs.

Obama, who will promote the plan during his Jan. 20 State of the Union Address, will use much of the proceeds -- $320 billion over 10 years -- to expand tax credits for higher education and child care and create a new break for two-earner couples. The White House released details of the plan Saturday.

 

read full article...http://www.bloomberg.com/news/2015-01-18/obama-tries-tax-cuts-on-rich-again-offset-by-new-breaks.html

[nstoolman1]

Rob from the rich (Which congress will be exempt) and give to the poor. Wealth redistribution at its finest. 

[tileman1814]

Here is more that most people didn't even know about. 

Semper Fi !!! 

A reminder for those who forgot or for the many that didn't know. 


Here is what happened on January 1, 2015 : 

· Top Medicare tax went from 1.45% to 2.35% 

· Top Income tax bracket went from 35% to 39.6% 

· Top Income payroll tax went from 37.4% to 52.2% (now the so-called rich work for the government, for sure.) 

· Capital Gains tax went from 15% to 28% 

· Dividends tax went from 15% to 39.6% 

· Estate tax went from 0% to 55% OUCH!! 

Remember this fact: 

These taxes were all passed only with democrat votes, no republicans voted for these taxes (the ones who said pass it, then read it!!). 

These taxes were all passed under the Affordable Care Act, aka Obamacare. 

 

[dontlop]

Democrats want it so no transaction goes untaxed in the USA

They feel they are owed something for being homos welefare bums baby killers and union thugs

They aren't satisfied with sales tax , income tax , property tax , death tax , state tax , local tax , gasoline tax , tobacco tax, being alive tax ( obama care ), they want to tax us because of the weather

What's next air tax

I think the laws need changed so we can say out loud what we really want to do to these bags of you know what

[Lutie]

Obama knew exactly what he was doing ! waiting for the Dinarian's to put more money in the corrupt governments pocket.

They are so evil. Let us take care of those that need help at least most of the money will get to where it was supposed to go. GRRRRRRRRRR

[Artitech]

Obummer days our counting down.

Not before the damage is done though! 

[Shabibilicious]

What's next air tax

 

Obsessively angry loud mouth tax perhaps?       

 

GO RV, and NO BV

[dog53]

Taxation without representation .

 

Sounds somehow familiar. 

[TBomb]

SOTU Preview: The President’s Tax Plan Will Make the Poor Poorer

POSTED BY Ron Paul January 20, 2015

In tonight’s State of the Union message, the President will tell the American people that the rich should be taxed more to help the middle class. To do this, President Obama will raise inheritance and capital gains taxes. But in a free market, this is where investment money comes from. His tax plan will destroy capital – the life-blood of a free market. By reducing capital savings, the President’s move will place additional pressure on the Fed to create "capital" out of thin air. That means the Fed will accelerate the (virtual) printing presses and thus reduce the value of the dollar for everyone. The politicians love this approach, because they will then claim responsibility, along with the Fed, to distribute all of the newly created dollars. In the process, the market rate of interest is eliminated which is the source of malinvestment and bubbles.

Ironically, the President’s plan will actually worsen the problem of the rich getting richer and the poor poorer. When the purchasing power of the dollar is reduced by too many Fed-created dollars flooding the market, the poor are hit much harder.

If the President gets his way, his tax plan will only make our economic problems much worse. Unfortunately, long ago I discovered that economic knowledge is a rare commodity in Washington, D.C. – especially when politicians believe they have an endless supply of other people’s money at their disposal.

 

http://www.campaignforliberty.org/national-blog/sotu-preview-presidents-tax-plan-will-make-poor-poorer/

 

WORDS CANNOT EXPRESS THE DISDAIN I FEEL FOR OUR GOVT

[gymrat76541]

Why propose something you KNOW will never pass? To make the Republican's look bad in the public eye!

 

The game is afoot! LOL

[Deb45]

I'm not wasting my time or energy on watching it.  I usually watch them but I just get mad and sick listening to him.

[pattyangel]

We are in a heap of trouble!!! 

 

Saddens me to know that the grandchildren, great grandchildren and generations to come will have their job cut out for them.  Hope they have God at their side. 

[adam14]

Another reason for a Name Reserve

[Cynthia AH]

Prepare yourself and your wealth....OSI....

[dontlop]

So a millionare should invest a million dollars to make 8% and then give 28% of the 8% to the govt

Well maybe the govt shoukd guarentee their investments and bail them out if they lose money

The govt isn't doing anything for the investors

So what obama is doing is making investing less attractive to the rich so the rich will continue to sit on their money until obama is gone

We not see any recovery under obama

Two more years of decline for obama

His numbers are hiding the truth from America

I could see the lies in his eyes

Can't trust him

The rich will wait him out and the poor will suffer longer because of obama

Obama said last night the rich corporations want to return to America and bring jobs home

Well why haven't they ?

Obama thinks they must be waiting for higher taxes before they return

He's an absolute ignorant fool