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| Champ's State of the Union speech to include $320B tax hike proposal |
| 2015-01-18 |
| [Wash Times] 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 presidentÂ’s liberal base. The money raised would pay for a variety of the presidentÂ’s domestic-spending proposals for the middle class, including an initiative for the Champ knows this will go nowhere in the Congress, but it will provide him a petulance booster shot and an opportunity to blame "greedy republicans." |
| Posted by:Besoeker |
| #11 I don't suppose the Trunks will deliver a standing boo when he proposes this nonsense. It all sounds fine until he defines what rich is and every time the Dems do it, it includes a lot of the middle class. |
| Posted by: Bill Clinton 2015-01-18 22:11 |
| #10 Richard Fernandez (Belmont Club) writes about this being President Obama's "Picketty moment" here. A useful way to think about it (Mr. Fernandez properly credits the originator), especially when one remembers that France's Hollande just gave up on his version of the idea. |
| Posted by: trailing wife 2015-01-18 20:44 |
| #9 Raj knows too much, I'd watch him. |
| Posted by: Shipman 2015-01-18 17:06 |
| #8 |
| Posted by: Blinky Shert3914 2015-01-18 16:58 |
| #7 First abolish the Dept. of Education and fire the bunny inspectors - no pensions for them either. After that we can talk about taxes. |
| Posted by: Anguper Hupomosing9418 2015-01-18 16:25 |
| #6 Remember when the Clinton Administration proposed a tax the rich scheme. Then when the details were known it turned out that a taxable income of $150,000 made you rich and oh by the way, if you have a mortgage, you were expected to pay a tax on the estimated rental value of the home. |
| Posted by: Bill Clinton 2015-01-18 14:16 |
| #5 Even if the proposal goes through, every time taxes are raised on the "Wealthy", enough loopholes are put in to keep congress and their holders from paying too much (since they are all wealthy) and the lion's share of the taxes hit the upper middle class and medium-small businesses. Exactly according to progressive plans. |
| Posted by: DarthVader 2015-01-18 13:33 |
| #4 The 30 Year U.S. Treasury bond yield hitting 2.35% means no-one's convinced the economy's going anywhere. |
| Posted by: Bright Pebbles 2015-01-18 12:07 |
| #3 Ditto Raj. I can remember the day when banks actually COMPETED for your deposits and accounts. No longer, they're getting all the cheap money they need pushed to them by the giverment. Giverment now owns the banks, the hospitals, the doctors, the trains, Chrysler, GM, and the schools. |
| Posted by: Besoeker 2015-01-18 11:39 |
| #2 ...mostly by raising the rate on capital gains Which he's done already; this is the Dem. Pavlov reaction to raising taxes. ...and closing tax loopholes for wealthier families. "Loopholes" = tax laws passed by Congress. He doesn't even have to do that. Just keep the AMT where it is, lower the threshhold for the NIIT and a few other such tweaks, and there you go. Six years of the deadest economy I can recall since the early '70's, and he's proposing more. Why not just add in ARRA II and just go completely over the top? |
| Posted by: Raj 2015-01-18 10:27 |
| #1 Cause it worked so well at the state level and in France. Pathetic regurgitation of class warfare card, over used like the race card. Orthodoxy over reality, works so well in Venezuela these days. Maybe if you proposed, say, a three tier flat tax with the only deduction for (future tax payers) children, maybe you can get the same effect of the 'rich' paying. Where's the graft and political theater in that? |
| Posted by: Procopius2k 2015-01-18 10:00 |