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.
But his policies will have a very different effect. They always do.
Obama's whole approach has been to say things which sound somewhat appealing, and to do things which are very, very different.
RE: That’s what he will PROPOSE ...
Thank goodness we have a Republican Congress.... (or do we really?)
Cut taxes across the board and reduce government accordingly, a better idea.
He is a Commie. All of the extra taxes have been taxed already
Yes. If he lowered the tax rate that would be a bigger than his stupid $500.00 tax credit.
O is a LIAR.
Why he is just too powerful! We couldn't stop him. Obamacare brings in to much revenue to repeal, and we need the illegal immigrants to mow our grass and take out the trash, at least they are not Muslims and follow the Pope!
We are finished. The slim brown one has castrated America and the metrosexuals in the press were his facilitators.
That’s what the AMT (alternative minimum tax) was created to do. But it “trickled down” to bite the middle class entrepreneur on the @$$.
“to ensure the wealthiest Americans pay their fair share on inherited assets”
Only the wealthy pay inheritance taxes ...
Okay, I love how they mention Reagan.
During Reagan’s Presidency, the 28% Capital Gains Tax matched the 28% Top Income Tax Rate. Sort of a Flat Tax for the Rich, right?
That is the Bill they should send Obama.
Some people just won’t rest till they have squeezed
the magic goose so hard trying to get another golden
egg out of it that they finally kill it, then whine
about where the next golden egg will come from...
Talk about crazy.
Didn’t the cap gains tax go to 28% for 2015 under Obamacare?
Death tax (estate tax) is back to 55%.
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