Pres Obama will use State of the Union Address Tuesday to propose tax hikes on high earners & firms totaling $320-billion over 10 years.
— Mark Knoller (@markknoller) January 18, 2015
WH officials say the new tax hikes would cover costs of at least $235-billion over 10 years in new programs to aid middle class families.
— Mark Knoller (@markknoller) January 18, 2015
Pres Obama will call for a capital gains tax hike to 28% for those with incomes above $500,000.
— Mark Knoller (@markknoller) January 18, 2015
Pres Obama will also propose to eliminate Trust Fund Loophole, “to ensure wealthiest Americans pay their fair share on inherited assets.”
— Mark Knoller (@markknoller) January 18, 2015
Pres Obama wants to impose a 7 basis point fee on the liabilities of some 100 largest US financial firms with assets over $50 billion.
— Mark Knoller (@markknoller) January 18, 2015
Pres Obama wants to use the new tax revenue to fund new tax breaks for middle class families including child care and tuition.
— Mark Knoller (@markknoller) January 18, 2015
Pres Obama will propose streamlining and expanding child care tax credits to provide up to $3000 per child under 5.
— Mark Knoller (@markknoller) January 18, 2015
Pres will also propose a $500 tax credit for a second earner in families where both spouses work. WH says 24-million couples wud benefit.
— Mark Knoller (@markknoller) January 18, 2015
Pres will propose consolidation of tuition aid programs to provide students with up to $2500 a year toward a college degree.
— Mark Knoller (@markknoller) January 18, 2015
WH fact sheet tonight says Obama plan would cut taxes for 8.5 million families and students that claim education tax benefits.
— Mark Knoller (@markknoller) January 18, 2015
Pres Obama will argue he is trying to make the tax code more simple and fair by eliminating some of its biggest loopholes.
— Mark Knoller (@markknoller) January 18, 2015
By unveiling the new tax proposals on Saturday night, WH hopes it takes the edge and shock off his Tuesday night Address to Congress.
— Mark Knoller (@markknoller) January 18, 2015
WH has now posted its Fact Sheet on the tax hike and spending proposals Pres Obama will announce in his SOTU: http://t.co/mjueT1hnyN
— Mark Knoller (@markknoller) January 18, 2015
