Posted on 01/29/2015 2:41:22 PM PST by ThethoughtsofGreg
During his seventh State of the Union Address, President Obama outlined his vision for an economic plan he claims will help the middle class. And for the seventh year in a row, President Obama has advocated for tax increases that will likely end up hurting those that he claims to help.
The weekend before the annual address, the president released the full details of his tax plan, but the major components include raising the capital gains tax, increasing the death tax and taxing 529 college savings accounts, which represent a combined tax increase of $320 billion over ten years. These tax increases would, at least in part, be used to pay for new tax credits aimed at the middle class.
The most egregious piece of the president’s economic plan is his proposed hike in the capital gains tax, under which most investment income is taxed. The tax is assessed when an individual holds an asset for a year or longer (long-term capital gains) and sells it for more than it cost to buy it. If the asset is held for less than a year, it will not be taxed under the capital gains rate, but instead as regular income. When President Obama took office, the capital gains tax rate was 15 percent. In January of 2013, the fiscal cliff agreement increased the capital gains rate to 20 percent. Then, a 3.8 percent surtax on investment income was included as part of Obamacare. Now President Obama proposes to increase it to a top rate of 28 percent, nearly double what the rate was when he took office.
(Excerpt) Read more at americanlegislator.org ...
No kidding.
That is clearly the point.
THe left thinks it wins either way. They think the middle class will beg for govt help/programs as they become poor. If they don’t beg they thik they will go anarchic and become a whipping boy for govt false flag martial law scenarios.
It’s so predictable.
Fighting liberals is like fighting communists. Back in the 1980s when we really fought communists.
“Destroy the middle class, while pretending to be for them.”
Saul Alinsky
But of course!
I would not expect anything less.
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