and their staff, remain UNTAXED and above the Laws they pass for all others.
Posted on 01/18/2015 4:54:38 AM PST by bestintxas
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 president’s liberal base.The money raised would pay for a variety of the president’s domestic-spending proposals for the middle class, including an initiative for the government to pay all tuition for community-college students. A senior administration official said Mr. Obama intends to make a forceful case in his speech that the economy has recovered from the recession, and he wants “to make sure this prosperity is shared by the middle class.” Previewing Mr. Obama’s State of the Union address to Congress on Tuesday night, aides said the president will propose raising the top tax rate on capital gains to 28 percent, from the current 23.8 percent (20 percent, plus a 3.8 percent tax on unearned income to fund Obamacare) for individual taxpayers with an adjusted gross income of $200,000 or more. A senior administration official said the move would bring the top rate for capital gains taxes to the same level it was “under President Reagan” in the 1980s.
The administration officials, speaking to reporters on condition of anonymity, said Mr. Obama also will urge Congress to close the so-called “trust-fund loophole” that allows wealthy individuals to pass along certain investment gains to heirs without being taxed.
“Hundreds of billions [worth] of capital gains go untaxed every year,” one official said.
(Excerpt) Read more at washingtontimes.com ...
It is the hallmark of socialists to think that all wealth belongs to the state.
Dear Lord:
The last few years have been very tough. You have taken my favorite actor - Paul Newman; my favorite actress - Elizabeth Taylor; my favorite singer - Andy Williams; my favorite author -Tom Clancy; and now, my favorite comedians - “ Robin Williams and Joan Rivers.
I just wanted you to know that my favorite politicians are Barack Obama, Joe Biden, Hillary Clinton, Nancy Pelosi and Harry Reid, and I have a special place in my heart for Jessie Jackson and Al Sharpton.
Amen
So make Sharpton pay up.
America has witnessed the tragic consequences of a generation inculcated with moral relativity and situation ethics. The ghost of Saul Alinsky lurks behind the Progressive Poison spewed by Obama, Hillary Clinton, and the rest of their ilk.
The Dumbos clearly see themselves as "deconstructionists"----savagely committed to tearing down America's traditions. Every maniacal official govt act is dedicated to chipping away at the bulwark of American freedoms.
Obama put cadres of self-absorbed punks who are squatting in govt---imbedded in the Civil Service system. They are clearly disturbed and dysfunctional---obsessed with religious cleansing and kicking religionists to the curb.
Their motto: "Everything For Us--Nothing For You."
That same generation inculcated with moral relativity and situation ethics has segued into The Entitlement Generation---better known as "Pay Me--I'm a Victim.
The Obamas, The Clintons, the De Blasios, and the rest of the savages, are ruthless predators w/ no empathy for others and no remorse. They are anti-social psychopaths who recognize no moral boundaries--aggressively going after what they want, irregardless of the consequences to others.
Watch as the GOP gladly raises taxes. They’ve already told everyone that tax increases save the economy with their fiscal cliff votes
Why is it that when dealing with social “justice” issues, 320 billion is just chump change to this a$$hat, but it’s absolutely necessary for a tax increase?
CASE IN POINT: Obama has made “it a lot more difficult for all Democrats to get into power again” because of his inability to confront the threat of radical Islam".....(not to mention the Ceausescu-esque Obamacre and amnesty atrocities).
It should be remembered that while the Muslim Brotherhood was in charge in Egypt via Morsi, Obama and Hillary showered them with praise and provided billions of dollars in aid, arms, tanks and planes.
Egypt is now under the brilliant leadership of Gen al Sisi....he is revered in Egypt b/c he unceremoniously threw the Muslim Brotherhood out of Egyptian politics.
al Sisi hasn’t forgotten the support Hillary and Obama offered the savage Muslim Brotherhood.
Egypt has now charged Obama and Hillary Clinton for conspiring and collaborating with the M/B and advancing their terrorist activities.
Bill and Hillary's Muslim Brotherhood employee at the Clinton Foundation---who conducted Muslim Brotherhood conspiracies while at the Foundation----is also sitting in an Egyptian jail. (reported by H/T Western Journalism).
More money for the shiftless do nothings who are his minnions under the guise of the middleclass
“Fat chance any income tax hike like what Obama proposed will ever happen, given that all tax bills MUST be introduced and passed in the House of Representatives. “
Uh, ,we had Obamacare, declared a tax by the Supreme Court, originate its taxes in the Senate.
What MUST they originate in the House?
“Hundreds of billions [worth] of capital gains go untaxed every year,” one official said.
Where to start? Responsible people caring for themselves and family, are dependent on their capital gains, because they can get sick, they reach a point in life where they may not be able to work, unlike government, the people know that preparation, is an important factor in remaining solvent for a lifetime.
Unlike government they don’t spend thoughtlessly, they save for the rainy day and if they are so fortunate that they reach the end of their days not having had to spend themselves into bankruptcy to preserve life due to illness or some other tragedy, then perhaps they will have some to pass on to their offspring to aid them in their future life.
Unfortunately Government actions make it very difficult for we the people to retain what we have acquired over a lifetime. Government expressing socialist ideas for the benefit of government who doesn’t get sick, and never runs out of money until we the people don’t have any, is a very scary situation, and indicative of how far removed government is from the principles the Founders embraced.
The larger tax amount taken from the private sector, the smaller the private sector.
Upward mobility is decreasing under the Democrats.
“given that all tax bills MUST be introduced and passed in the House of Representatives”
Given that the House of Representatives is controlled by the GOPe and on record there are only 25 conservatives there, I suspect his tax increase will be forwarded to the Senate by Mothers Day.
Yep, the tax increase on those who earn over $400k should have been rescinded when Democrats didn’t keep their end of the bargain. But then again, it should have never been agreed to, unless Republicans wanted to go along with shrinking the economy.
Good point. So let's all vote for the Disgronificator Party candidates in the next election, so Nancy and Harry can regain their positions of power to preserve this great condition.
I'll make this personal to me: I was stupid enough to go through my working life saving a good percentage of my small income for my pension years. I arrived in them with the notion I had a decent pension income when augmented by interest on my savings...not a princely sum but none the less enough to live comfortably. Since the government decided to blast interest rates apart I am now “earning” less on my savings then the official inflation rate and far below what the actual inflation rate is. So, I am not treading water, I am drowning. At this rate, I will be back to work before five years go by, assuming I live that long.
So, now comes the most vile detestable anti American way jerk I can think of proposing tax ideas which will further increase my problems. If anymore of his, and his cohorts, proposals even are considered, IMO we have gone beyond the point where this system can take care of itself and you know what that means without me saying it....although Tom Jefferson did.
That’s the night we will be going to see “American Sniper.” It would be great if people would choose Tuesday night to see the story of a true American hero instead of seeing a liar perform in D. C.
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