Obama's New Tax Hikes Aid the Middle Class?

[georgephillip]

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

 

[JakeStarkey]

Pubs are dedicated to lower taxes for all taxpayers.

There's room for bipartisan agreement.

 

[HenryBHough]

Hard to square His attack on inheritance with his Royal Dynastic ambitions........

 

[Mr. H.]

Why doesn't He just keep printing $58 billion/month to pay for middle-class benefits?

Oh wait- that money's already accounted for...

 

[georgephillip]

Pubs are dedicated to lower taxes for all taxpayers.

There's room for bipartisan agreement.

Obama appears to be calling for investors to pay a little more in order to jump start middle class wage stagnation, and set up his party for 2016.

"The president’s address is intended to lay out an agenda for his final two years in office and help the Democratic Party retain the White House in the 2016 election with a legacy of policies that appeal to middle- and lower-income voters, who continued to lose ground as the economy rebounded from the recession.

"He would increase the top tax rate on capital gains and dividends to 28 percent from 23.8 percent.

"The rate was 15 percent when Obama took office in 2009, meaning that he’s proposing to almost double it over his two terms in office.

"He would also impose capital-gains taxes on asset transfers at death, ending what the White House calls 'the largest capital gains loophole.'

"Under current law, assets held until death aren’t subject to those levies, creating an incentive for wealthy people to hold onto them.

"Heirs only have to pay capital-gains taxes when they sell and only on the value above what the assets were worth at death."

Obama Proposes New Tax Increases on Wealthy to Help Middle Class - Bloomberg

 

[Stephanie]

Obama=sees himself as Robin Hood

Steal from some to give to others

I hope people see through this little gimmick and just remember how he LIED when he sold you, OscamCare

 

[georgephillip]

Hard to square His attack on inheritance with his Royal Dynastic ambitions........

"According to the White House, 99 percent of the tax burden from the capital-gains proposals would be paid by the top 1 percent of households, and more than 80 percent would be paid by the top 0.1 percent."
Obama's top ambition is to join the top 0.1% as soon as possible after leaving "public service."

 

[Stephanie]

WHO CARES what his Ambitions are. the man is dangerous joke to us

Obama's top ambition is to join the top 0.1% as soon as possible after leaving "public service."

 

[hortysir]

Pretty insulting to hear my President tell me that the only way I can succeed is if he takes some of that success away from someone else

 

[georgephillip]

Why doesn't He just keep printing $58 billion/month to pay for middle-class benefits?

Oh wait- that money's already accounted for...

By the top 10% of earners

"Through the 1975-1979 expansion, more income gains went to the vast majority of the public than to the top 10 percent of households, but the opposite has been true since then. Inequality has grown with each subsequent expansion."

Smart Charts An Economic Recovery for the 1 BillMoyers.com

 

[Stephanie]

And look how they speak of someone's "inheritance" .

"He would also impose capital-gains taxes on asset transfers at death, ending what the White House calls 'the largest capital gains loophole.'

"Under current law, assets held until death aren’t subject to those levies, creating an incentive for wealthy people to hold onto them.

"Heirs only have to pay capital-gains taxes when they sell and only on the value above what the assets were worth at death."

 

[Steven_R]

"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.

1) If I'm going to be punished for my success in investing, why would I want to invest again? Who is Obama to put his hands in my pocket?
2) If I make a fortune, why shouldn't be able to give the fruits of my labor to my kids? Who is Obama to rob my grave?

 

[georgephillip]

WHO CARES what his Ambitions are. the man is dangerous joke to us

You're right.
So were Democrats and others who said the same about Bush.
Both parties serve the richest 1% of Americans first and foremost.

 

[Stephanie]

WHO CARES what his Ambitions are. the man is dangerous joke to us

You're right.
So were Democrats and others who said the same about Bush.
Both parties serve the richest 1% of Americans first and foremost.

Bush is gone. We are talking about that ugly man in there now. who never saw a tax he didn't love and is nothing but a bald faced LIAR now playing games with our lives again.

 

[Stephanie]

another opinion :

snip:
As Economy Recovers, Obama Calls For $320 Billion in New Taxes
1.18.2015



Just as the U.S. economy is beginning to recover, President Obama is hoping to hit Americans with $320 billion in new taxes -- but Republicans call his plan a non-starter in the newly GOP-controlled Congress.

Seeking a battle with Republicans, Obama will propose the higher taxes in his State of the Union address. The massive haul would come from raising the rate on capital gains taxes and changing the death tax laws to seize more wealth from widows and heirs.

In addition to the new taxes, Obama will call on lawmakers to impose a new fee on big banks with more than $50 billion in assets to discourage risky financial investments (what are the odds those charges get passed on to bank customers?)

Republicans said the proposals likely won't go anywhere -- and for good reason, said Sen. Orrin Hatch.

"Slapping American small businesses, savers and investors with more tax hikes only negates the benefits of the tax policies that have been successful in helping to expand the economy, promote savings and create jobs," said the Utah Republican, chairman of the Finance Committee. "The president needs to stop listening to his liberal allies who want to raise taxes at all costs and start working with Congress to fix our broken tax code."

Liberal mainstream media sources like the New York Times, Associated Press and ABC News, painted the move as a boon for average Americans. "OBAMA'S ADDRESS TO PITCH TAX PROPOSALS TO HELP MIDDLE CLASS," yelled the AP. "Obama Will Seek to Raise Taxes on Wealthy to Finance Cuts for Middle Class," said the Times. "Obama to Propose Capital Gains Tax Hikes to Benefit Middle Class," wrote ABC.

But the new taxes would hit people in the middle class -- and perhaps even lower. According to the death tax plan, the administration’s proposal would exempt the first $200,000 in capital gains per couple plus $500,000 for a home. The rest would be treated for income-tax purposes as if it had been sold.

all of it here:
As Economy Recovers Obama Calls For 320 Billion in New Taxes Truth Revolt

 

[georgephillip]

Pretty insulting to hear my President tell me that the only way I can succeed is if he takes some of that success away from someone else

That would be true if all those in the "someone else" category earned their incomes without resorting to bribing politicians for favorable tax and trade policies. Obama is rolling back capital gains tax rates to about where they were under Reagan. What could be more Fair?

 

[georgephillip]

Bush is gone. We are talking about that ugly man in there now. who never saw a tax he didn't love and is nothing but a bald faced LIAR now playing games with our lives again.

Two years from now Obama will be gone, and whoever takes his place will be just as committed to the welfare of the 1% as he and Bush and Clinton (Bill) were; will you finally wake up?

 

[Stephanie]

Remember Democrats games. You kicked them out of Power in Congress for it.

Snip:



Obama is expected to beat the drum on his new plan to soak the rich and shower his constituents with government handouts in his State of the Union address on Tuesday. Don’t torture yourself watching it, just come to the Right Scoop for the highlights and derisive snarky analysis!


all of it here:
Read more: http://therightscoop.com/marco-rubio-slaps-down-obamas-out-dated-plan-to-raise-taxes/#ixzz3PHKJ3q4Z

 

[georgephillip]

And look how they speak of someone's "inheritance" .

How many inheritances would be subject to this tax?

 

[Skull Pilot]

The economy is finally starting to get better so let's raise taxes

Sounds like Pelosi saying it's a good time to raise gas taxes because the price of oil is low.

What a bunch of morons