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[Trojita]

President Obama will use his State of the Union address to call on Congress to raise taxes and fees on the wealthiest taxpayers and the largest financial firms to finance an array of tax cuts for the middle class, pressing to reshape the tax code to help working families, administration officials said on Saturday.

The proposal faces long odds in the Republican-controlled Congress, led by lawmakers who have long opposed raising taxes and who argue that doing so would hamper economic growth at a time the country cannot afford it. And it was quickly dismissed by leading Republicans as a nonstarter.

But the decision to present the plan during Tuesday’s speech marks the start of a debate over taxes and the economy that will shape both Mr. Obama’s legacy and the 2016 presidential campaign.

It is also the latest indication that the president, untethered from political constraints after Democratic losses in the midterm elections, is moving aggressively to set the terms of that discussion, even as he pushes audacious moves in other areas, like immigration and relations with Cuba.

The president’s plan would raise $320 billion over the next decade, while adding new provisions cutting taxes by $175 billion over the same period. The revenue generated would also cover an initiative Mr. Obama announced this month, offering some students two years of tuition-free community college, which the White House has said would cost $60 billion over 10 years.

The centerpiece of the plan, described by administration officials on the condition of anonymity ahead of the president’s speech, would eliminate what Mr. Obama’s advisers call the “trust-fund loophole,” a provision governing inherited assets that shields hundreds of billions of dollars from taxation each year. The plan would also increase the top capital-gains tax rate, to 28 percent from 23.8 percent, for couples with incomes above $500,000 annually.

Those changes and a new fee on banks with assets over $50 billion would be used to finance a set of tax breaks for middle-income earners, including a $500 credit for families in which both spouses work; increased child care and education credits; and incentives to save for retirement.

The initiative signals a turnabout for Mr. Obama, who has spoken repeatedly about the potential for a deal with Republicans on business tax reform but little about individual taxation, an area fraught with disagreements.

http://www.nytimes.com/2015/01/18/u...ek-to-reduce-taxes-for-middle-class.html?_r=0

 

[Casimir]

Obama should mention Reagan did the exact thing he is proposing by raising the tax.

 

[Savitar]

Tax the rich?!

But they don't have enough money.

Do we want them to take one less vacation per month?

 

[Karsticles]

Ugh. Daycare is not the option this country should move toward. Let people be with their children.

 

[Prologue]

23.8 to 28 is a steep jump, jeez. How about lessen up that military spending?

 

[Vicetrailia]

People need help to obtain self sufficiency. I just don't get why the U.S. being as rich as it is does as little as possible to help those in need. Like shit, get maternity leave already.

 

[Jarmel]

So yea that's doubly bad for me. Ugh.

 

[Tesseract]

Ugh. Daycare is not the option this country should move toward. Let people be with their children.

daycare is awesome, i learned the alphabet there.

 

[Future]

How about we just close all the loopholes

 

[thepotatoman]

Is the trust fund loophole able to be addressed through executive action?

Clearly he needs congress to do things like up the capital gains tax, but it seems like loophole fixing might be within his power.

 

[BearFlexington]

Whatever.

 

[watershed]

He is proposing it, but his proposal will go nowhere.

 

[tkscz]

How about we just close all the loopholes

That would take 5 more terms to finish.

 

[terrene]

He's not getting rid of anything. "Calling on congress" to raise taxes on the rich while the Republicans are in power couldn't be more ineffective. It's probably more about branding Democrats as defenders of the populist left.

 

[PAULINK]

Ugh. Daycare is not the option this country should move toward. Let people be with their children.

Daycare's a great place for kids to interact with others, though I guess it may not be for all children.

 

[TekGryphon]

23.8 to 28 is a steep jump, jeez. How about lessen up that military spending?

Not really. High taxes during the Golden Age of Prosperity weren't a coincidence, they were a causation.

 

[Oblivion]

"If you tax something you get less of it." - Art Laffer

Pretty basic economics, guys.

 

[sfedai0]

He sure is proposing a lot of things these days with the Republicans in control.

 

[SolarPowered]

He's not getting rid of anything. "Calling on congress" to raise taxes on the rich while the Republicans are in power couldn't be more ineffective. It's probably more about branding Democrats as defenders of the populist left.

Yeah, the title made it sound like a sure thing. The moment I saw the mention of congress in the opening lines I wondered why the title was worded with such assurance.

I guess this is another one of those agendas Obama is setting up for the next possible Democratic administration.

 

[sangreal]

Stop cutting taxes ffs. That includes the middle class- we already know how to survive with what we have

Middle class tax cud are never anything but an excuse for other tax cuts. If rather the money just be spent directly. $1000 or whatever this might get me would be amazing, but not as amazing as functioning infrastructure or healthcare

I hope this deadend shit isn't the focus of his SOTU

 

[obin_gam]

People need help to obtain self sufficiency. I just don't get why the U.S. being as rich as it is does as little as possible to help those in need. Like shit, get maternity leave already.

Because they have this (retarded) idea that poor people are just temporarily embarrassed millionaires.

 

[Prototype]

I hope Obama can do this. I believe.

 

[Couleurs]

He's not getting rid of anything. "Calling on congress" to raise taxes on the rich while the Republicans are in power couldn't be more ineffective. It's probably more about branding Democrats as defenders of the populist left.

Yep, there's absolutely 0 chance taxes on the rich will go up with Republicans in control.

 

[AMUSIX]

This will never happen.

 

[Rocket Scientist]

Yaaaaaaaawn. Boooooooooriiiiiiiiiing. Obama's state of the union's have been jizzfests of nice ideas that will never pass Congress so whatever. The American people voted. Come back in two years.

 

[Blues1990]

So, is there a reason why Barack Obama has been given the distinction of being called "King Obama"? I'm not sure if that is supposed to be an insult.

 

[Daedardus]

"If you tax something you get less of it." - Art Laffer

Pretty basic economics, guys.

Pretty sure that taxing nothing doesn't net you anything.

 

[Kallor]

How will the mega rich afford Islands for their douche bag kids now?

 

[Trojita]

Stop cutting taxes ffs. That includes the middle class- we already know how to survive with what we have

Middle class tax cud are never anything but an excuse for other tax cuts. If rather the money just be spent directly. $1000 or whatever this might get me would be amazing, but not as amazing as functioning infrastructure or healthcare

I hope this deadend shit isn't the focus of his SOTU

Middle Class Taxcuts help the economy. People end up spending that money.

 

[numble]

So, is there a reason why Barack Obama has been given the distinction of being called "King Obama"? I'm not sure if that is supposed to be an insult.

Usually he is called that for executive actions he can take without Congress. I don't know why he's being called that here since he will need Congressional approval for these actions.

 

[sangreal]

So, is there a reason why Barack Obama has been given the distinction of being called "King Obama"? I'm not sure if that is supposed to be an insult.

It started as an insult from the right trying to claim that he is acting like a monarch by issuing executive orders and so it's used by everyone else as sarcastic joke

 

[Tablo]

I hope this happens, probably won't...But cutting middle class taxes...idk I feel it might be better in the whole to not drop them, but just tax the ultra rich more.

 

[sangreal]

Middle Class Taxcuts help the economy. People end up spending that money.

This is the same logic as trickle down economics. I'm in favor of direct spending instead, as I mentioned

I mean sure, you cut middle class taxes so people can go blow their refunds at Walmart and stimulate the gdp and finance some minimum wage jobs while funneling most that money back to the rich. Is it good for the economy? Probably, but I don't think its good for the country

 

[Phoenician_Viking]

Obama is going hyperdrive. Make it happen King Obama

 

[pa22word]

Mr. Obama? Given the op I question whether or not it's part of the joke, but damn that just feels scummy to even think much less write or say out loud....

 

[Feep]

This is the same logic as trickle down economics.

[citation needed]

 

[CatPee]

Fox News and friends will rage about how this proposal literally undermines democracy and will pave the way for a Moose-lem takeover of America. Then Democrats get to point out that Republicans hate the middle class in 2016.

In short, a political strategy and nothing more.

 

[sangreal]

Mr. Obama? Given the op I question whether or not it's part of the joke, but damn that just feels scummy to even think much less write or say out loud....

If Mr Obama stands out to you, I take it you never read the New York Times

 

[Rocket Scientist]

Back on planet earth though. When are Republicans going to reveal and start implementing their own plans? Obama is going to have to veto a lot of bullshit that's probably going to sound 'reasonable' and 'common sense' like tax cuts.

 

[Kieli]

"If you tax something you get less of it." - Art Laffer

Pretty basic economics, guys.

I agree. The Canadian government should stop taxing me. I don't want no property tax or income tax or sales tax.

Spoiler

Even if the Bams closes all loopholes, rich people will still find a way to not pay taxes. I appreciate the effort, tho.

 

[Casimir]

Mr. Obama? Given the op I question whether or not it's part of the joke, but damn that just feels scummy to even think much less write or say out loud....

There's no link but that's probably NPR. Their editorial guidelines for presidents drop the title after the first use and use a standard honorific in its place. It's a standard policy they've had for decades.

If it was a standard person they would lead with an honorific then switch to using only the surname.

 

[numble]

[citation needed]

Explain the logic of trickle down economics, given that Republican tax cuts have also been described as tax cuts for the middle class.

 

[fanboi]

This is the same logic as trickle down economics. I'm in favor of direct spending instead, as I mentioned

I mean sure, you cut middle class taxes so people can go blow their refunds at Walmart and stimulate the gdp and finance some minimum wage jobs while funneling most that money back to the rich. Is it good for the economy? Probably, but I don't think its good for the country

Wait, how can it be good for the economy but bad for the country? Or do you believe the rich will not invest as much now?

 

[pa22word]

If Mr Obama stands out to you, I take it you never read the New York Times

Nope. I don't think I've ever purchased a single newspaper in my life, and probably haven't read one since I was in elementary school and was using them as reading practice.

Maybe it's something common and I usually glance over in articles, but given the king joke I took notice or something. Just weird, because I would never refer or think of any president with any other title but president.

 

[sangreal]

[citation needed]

http://en.m.wikipedia.org/wiki/Trickle-down_economics

 

[Odrion]

uh, so is he just asking congress?

then lol.

isn't this just the equivalent of the republicans constantly trying to repeal obamacare?

 

[Trojita]

http://en.m.wikipedia.org/wiki/Trickle-down_economics

He wants proof on how the two could be similar in affect at all.

One helps middle class and poor families. One doesn't.

 

[pa22word]

There's no link but that's probably NPR. Their editorial guidelines for presidents drop the title after the first use and use a standard honorific in its place. It's a standard policy they've had for decades.

If it was a standard person they would lead with an honorific then switch to using only the surname.

Ah, okay. Like I said in my last post it's probably something I've seen used a lot but just filter out, and it only really stuck out this time because of the King obama header in the op.

Human mind is a weird thing sometimes, lol

 

[thepotatoman]

Republicans have just as bad of a shot at getting what they want as Obama does. I don't see what's so bad about Obama finally staking out these good positions.

I mean, it's not like he just now lost all chance to do anything meaningful. Hell, congress didn't even give him much leeway in the 2 years democrats had congress.

I'm just happy to see anyone start working on the overton window. It's especially needed now that republicans apparently have to govern and might be open to actually making a deal to get what they want.

 

[Spineker]

The Republicans are all about those tax cuts. Lets see if they don't backflip on that long held stance now