It appears that Obama's upcoming State of the Union will propose tax hikes on wealth investors to expand tax credits for higher education and child care for the US middle class.
"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.
“'What you’re seeing here is really dedicated middle-class tax relief to really get at that problem of middle-class wage stagnation,' said Harry Stein, director of fiscal policy at the Center for American Progress, a Washington group aligned with Democrats."
"Obama’s tax plan faces opposition in the Republican-controlled Congress, where lawmakers want to cut tax rates and curtail targeted breaks. The two parties agree more on business tax changes, though an accord on that isn’t close."
Obama Proposes New Tax Hikes on Wealthy to Aid Middle Class - Bloomberg
"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.
“'What you’re seeing here is really dedicated middle-class tax relief to really get at that problem of middle-class wage stagnation,' said Harry Stein, director of fiscal policy at the Center for American Progress, a Washington group aligned with Democrats."
"Obama’s tax plan faces opposition in the Republican-controlled Congress, where lawmakers want to cut tax rates and curtail targeted breaks. The two parties agree more on business tax changes, though an accord on that isn’t close."
Obama Proposes New Tax Hikes on Wealthy to Aid Middle Class - Bloomberg