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  1. #1
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    Default Obama Will Propose Tax Hikes For The Rich And Tax Cuts For The Middle Class

    President Barack Obama will propose tax relief for middle class Americans and a series of tax hikes on upper earners and corporations in his State of the Union speech on Tuesday.

    U.S. President Barack Obama is turning to his biggest television audience of the year to pitch tax increases on the wealthiest Americans and put the new Republican Congress in the position of defending top income earners over the middle class.

    As Obama continues to signal what he will propose during Tuesday’s State of the Union address, senior administration officials said Saturday that he will call for raising the capital gains rate on top income earners and eliminating a tax break on inheritances. The revenue generated by those changes would fund new tax credits and other cost-saving measures for middle-class taxpayers, officials said.

    Tax increases are rarely welcomed by congressional Republicans, who now hold majorities in the House and the Senate for the first time in Obama’s presidency. Obama’s tax proposals will likely be dismissed, if not outright ignored, by lawmakers outside the Democratic Party’s liberal base.

    Obama is also expected to call for lawmakers to make community college free for many students, increase paid leave for workers and enact broad cybersecurity rules. Administration officials disclosed details on the tax proposals on the condition of anonymity because they were not authorized to discuss the proposals by name ahead of the president.

    The centrepiece of the president’s tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year to 28 per cent, the same level as under President Ronald Reagan. The top capital gains rate has already been raised from 15 per cent to 23.8 per cent during Obama’s presidency.

    Obama also wants to close what the administration is calling the “Trust Fund Loophole,” a change that would require estates to pay capital gains taxes on securities at the time they’re inherited. Officials said the overwhelming impact of the change would be on the top 1 per cent of income earners.

    While GOP leaders have said they share Obama’s desire to reform the nation’s complicated tax code, the party has long been opposed to many of the proposals the president will outline Tuesday. For example, most Republicans want to lower or eliminate the capital gains tax and similarly want to end taxes on estates, not expand them.

    Administration officials pointed to a third proposal from the president as one they hope Republicans would support: a fee on the roughly 100 U.S. financial firms with assets of more than $50 billion. Officials said the fee is similar to a proposal from former Republican Rep. Dave Camp of Michigan, who led the tax-writing Ways and Means Committee. Camp’s plan, however, was part of a larger proposal to lower the overall corporate income tax rate.

    Raising the capital gains rate, ending the inheritance loophole and tacking a fee on financial firms would generate $320 billion in revenue over a decade, according to administration estimates. Obama wants to put the bulk of that money into a series of measures aimed at helping middle-class Americans. Among them:

    —A credit of up to $500 for families in which both spouses work. The administration says 24 million couples would benefit from the proposal, which would apply to families with annual income up to $210,000.

    —Expanding the child care tax credit to up to $3,000 per child under age 5. The administration says the proposal would help more than 5 million families with the cost of child care.

    —Overhauling the education tax system by consolidating six provisions into two, a move that could cut taxes for 8.5 million families. Republicans have been open to the idea of consolidating education tax breaks.

    Obama’s call for higher taxes on the wealthy could further antagonize Republicans who are already angry with the president over his vows to veto several of the party’s priorities, including legislation to approve construction of the Keystone XL oil pipeline, make changes to the president’s signature health care legislation and block his executive actions on immigration.

    Beyond rolling out new proposals, Obama’s address is also expected to focus on making the case to the public that recent economic gains represent a real and lasting recovery. The approach reflects the White House’s belief that it has been too cautious in promoting economic gains out of fear of looking tone deaf to the continued struggles of many Americans.

    http://www.thestar.com/news/world/20...americans.html

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    05.16.15 @ 10:42 AM
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    It's overdue for the greedy to start paying a higher rate on everything from income to capital gains. And, the douche bags in Washington from both parties need to enforce the collection of those taxes by closing loopholes.

    The government also needs to hike the minimum wage and penalize the shit out of companies that cut hours and jobs to off-set their "losses" from paying workers a living wage. They need to freeze prices for awhile as well. This country is in dire need of an economic reset. Workers need high wages and moderate prices for goods and services. The rich need to pay up and realize that they still have it better than everyone else.

    Eat the rich--there is only one thing that they're good for...

  3. #3
    Eruption Arson's Avatar
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    Quote Originally Posted by Hot Sauce View Post

    The centrepiece of the president’s tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year to 28 per cent, the same level as under President Ronald Reagan. The top capital gains rate has already been raised from 15 per cent to 23.8 per cent during Obama’s presidency.
    But that couple that will be selling off their home they bought 30 years ago and plans on living off of that will be exempt right?


    Quote Originally Posted by Redfoot View Post
    Eat the rich--there is only one thing that they're good for...
    Paying most of the taxes?

    Just curious here... is a couple that pulls in 200K a year in combined salary and 500K in capital gains rich?
    Last edited by Arson; 01.18.15 at 10:18 PM.

  4. #4
    Forum Frontman It's Mike's Avatar
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    12.18.17 @ 10:16 AM
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    Quote Originally Posted by Redfoot View Post
    It's overdue for the greedy to start paying a higher rate on everything from income to capital gains. And, the douche bags in Washington from both parties need to enforce the collection of those taxes by closing loopholes.

    The government also needs to hike the minimum wage and penalize the shit out of companies that cut hours and jobs to off-set their "losses" from paying workers a living wage. They need to freeze prices for awhile as well. This country is in dire need of an economic reset. Workers need high wages and moderate prices for goods and services. The rich need to pay up and realize that they still have it better than everyone else.

    Eat the rich--there is only one thing that they're good for...
    Serious or a sarcastic post?

  5. #5
    Atomic Punk bklynboy68's Avatar
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    Quote Originally Posted by It's Mike View Post
    Serious or a sarcastic post?
    He's serious as a heart attack.

    Last edited by bklynboy68; 01.19.15 at 04:58 AM.
     "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

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    12.18.17 @ 03:56 AM
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    No matter what his intentions are the middle class will see a tax increase in some way. We always do.

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    Shit. All this is is last ditch effort shit to make him seem like he did something besides give hot sauce headlines.

  8. #8
    Atomic Punk Dave's Dreidel's Avatar
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    12.18.17 @ 03:51 AM
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    There are a lot of people writing in this thread who have no idea how the US tax code works.

    No man, no matter how much money he makes, should pay more than half his income in taxes. Everyone points to Warren Buffet and Mitt Romney and guys like that who make hundreds of millions a year in investment income and only pay 20% on that. You don't make the tax code for a handful of people. Most wealthy people make their money the old fashioned way, they earn it, and believe me, for that, they pay a shit load of taxes.

    The corporate tax code is what needs to be re-done, not the individual tax code. The idea that a small corporation can pay a 39% tax rate, and multi-nationals can pay zero just by the use of dummy corps and intercompany transfers and consulting fees is what needs to be looked at.

    But it won't be, because big multi-nationals have lobbyists and write checks to political candidates, and small companies do not.
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  10. #9
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    Quote Originally Posted by bklynboy68 View Post
    He's serious as a heart attack.

    that's quite scary. I've been called a communist here many a time, but calling for the govt to freeze prices? Even Fidel thinks that's a crazy idea.

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  12. #10
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    Obama already passed middle class tax cuts. This is about finally addressing the widening income gap.

    "In 2014, the richest 1% of people in the world owned 48% of global wealth,
    leaving just 52% to be shared between the other 99% of adults on the planet."

    These richest 1% have been able to generate and keep their vast wealth through their interests in a few economic sectors...through companies that spend millions upon millions of dollars to lobby for policies and an environment that protects their wealth or further increases it. They spend most of these dollars on budget and tax issues.

    We've seen wages stagnate while executive pay skyrockets. For at least 30 years the tax burden has been on LABOR and consumption rather than towards wealth and capital. The trickle down experiment has FAILED again.

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  14. #11
    Sinner's Swing! evhintexas's Avatar
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    12.09.17 @ 03:43 PM
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    Really
    Middle class tax cuts?
    Do you not remember the 2% payroll tax cut that was allowed to expire in 2012?
    "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."

    “A patriot must always be ready to defend his country against his government.”

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    12.18.17 @ 03:51 AM
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    From 2000 through 2013, our tax revenues have increased by a total of 37% on a per annum basis.

    For the same period, our total outlays have increased by 93%. That is just absolutely unsustainable.

    So, tell me, which one is the greater problem? - the amount of revenues we are receiving, or the amount we are spending? And this does not even count the unfathomable number of unfunded liabilities that we have. If we were forced to document our unfunded liabilities like corporations are, we would be a going concern.

    We need a long term, comprehensive plan that combines a restructuring of our tax code with long term belt tightening, nothing drastic, but we have to show the world that we mean business on getting our largesse under control.

    And we won't do it. I have zero faith in either the democrats or the republicans either separately or together to accomplish anything with a modicum of intelligent thought applied.
    Taylor Swift is nice to look at. Adele can sing.

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  16. #13
    Atomic Punk Dave's Dreidel's Avatar
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    12.18.17 @ 03:51 AM
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    Quote Originally Posted by evhintexas View Post
    Really
    Middle class tax cuts?
    Do you not remember the 2% payroll tax cut that was allowed to expire in 2012?
    My taxes went up, but hey, I'm "rich".
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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    You aren't rich and you never will be. That is the wool that is placed over our eyes to justify not taxing wealth.

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    Atomic Punk Dave's Dreidel's Avatar
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    12.18.17 @ 03:51 AM
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    We have somehow gone from "if you work real hard, you can be successful" to "it's that rich guys fault over there that you don't make more money".
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

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