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2015 SOTU: The Robin-Hood Distribution Plan
Submitted by Lance Roberts via STA Wealth Management,
Tonight the President will give his annual State of the Union address to a joint session of Congress. To be honest, this isn't a speech about the current state of the economy but more of a promotional platform for the President's agenda for the next year. The reality is that the majority of the suggestions made by the President never see the light of day since they need Congressional approval and bill passage. You might remember last year's speech discussed the new saving vehicle called "MyIRA" which never saw the light of day.
This year's SOTU address will be a continuation of the Administration's desire to redistribute wealth in America using what the administration calls “middle-class economics.” The proposals aim to eliminate loopholes that - in the administration’s words -
“let the wealthiest and big corporations avoid paying their fair share in taxes, and invest those savings to help middle-class families strengthen their standing in the 21st-century economy.”
The proposals would generate tax revenues that the administration intends to deploy into middle-class-friendly initiatives. These initiatives would impact retirement savings programs, second-earner credits for married couples, child care tax credits and tax incentives for education. It is a modern variation of a take-from-the-rich-and-give-to-the-poor agenda.
For some context, the chart below shows the historical top tax rates including the proposed changes for the 2015 tax year.
The following is a breakdown of some of the President's planned "Robin Hood Wealth Redistribution Plan."
Trust Fund Loop Hole
The President is set to go after what the administration calls the "trust fund loop hole" or the "single largest capital gains tax loophole" in current tax law which shields hundreds of billions of dollars from taxation each year.
Under current tax law, individuals can pass assets down to their heirs free of capital gain tax as the heir receives a "step up in basis". The President's focus is specifically targeting these "bequests and gifts," other than to charitable organizations, to start treating them as "realization events."
This would mean that an individual receiving an inheritance would be required to pay capital gains tax on the assets just as if they had been sold by the previous owner prior to transfer. For people who have spent a life-time building wealth, and paying their share of taxes along the way, this would substantially decrease the value of the estate as it transfers to their heirs.
One issue brought up by my friend and collegue Scott Bishop, CPA was:
"There is no apparent exemption for small businesses or family farms. This tax on illiquid assets can have very bad consequences and even potentially force companies to be liquidated with the loss of jobs. The very rich plan for this...many small businesses don't."
Considering that roughly 90% (5.4 million of the 6 million businesses in America that are active) have less than 20 employees but create the majority of employment in the economy, the long-term ramifications could be disastrous.
This proposal is not likely to sit well with the mega-rich donors that fund the Administrations campaigns, however, it will ring home with the roughly 80% of the "voters" that are functionally living paycheck-to-paycheck and have no assets to transfer anyway.
Capital Gains Tax Increase
In 2013, the capital gains tax increased from 15% to 20%. In 2014, that rate increased again by the addition of the Medicare Tax of 3.8%, a by-product of the Affordable Care Act, to a total of 23.8%
This year the President will request that the capital gains tax be raised once again to 28% for couples with incomes above $500,000 annually. (I am assuming that includes the 3.8% Medicare Tax)
History is replete with evidence that increasing taxes slows economic growth. As shown in the chart below, sharp increases in taxes as a percent of GDP has led to much slower economic growth and recessions. With the economy already extremely weak, there is little "wiggle" room for a policy error at this juncture.
With debt issuance by the government continuing to explode higher, the increase in capital gains taxes will eventually lead to larger deficits down the road. This will also push the "wealthy" to engage in more extensive offshore sheltering and tax planning to avoid additional taxation.
Senator Orrin Hatch, Chairman of the Finance Committee, summed it up well:
"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. 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.”
Tax The Banks
One of the more interesting proposals is a fee on banks with assets over $50 billion. The President's plan will call for a fee imposed on the largest and most highly leveraged financial firms. That proposal, administration officials suggest, was designed to make “risky activity” more costly for the roughly 100 such companies in the nation with assets more than $50 billion. Those companies would be assessed a fee based on the amount of debt they hold.
While I am all for reducing the "too big to fail" risks of large institutions, this will not impede the financial institutions from their ongoing activity but only lead to increasing costs to the banks customers. If you haven't noticed, the costs of banking have already been on the rise as banks increase revenue to offset the fines and penalties they have had to payout over the last few years. Taxing the banks will only lead to a pass-through of those costs to middle class Americans.
Where To Spend It All
Of course, all the money raised from these new taxes must be used to bolster the sea of individuals that are economically "boot-strapped."
The President's list of benefits to be paid out ($320 billion over the next decade) include the following:
Two Years of Tuition Free Community College (cost $60 Billion).
Can we just agree this is a bad idea all the way around. First, with a roughly 30% of 4-year college graduates sleeping on parents couches, a bunch of kids with junior college degrees are unlikely to fair much better. Particularly, junior college grads with a "C" average in some area of study that has a relatively low applicability to the economy's current needs. Maybe assisting in paying for technical and trade schools might be a better course of action.
Secondly, while the President suggests that this is only a $60 billion cost, that is based on today's tuition rates. Once colleges find out the government is paying for anything the costs will rise exponentially. All you have to do is look at current 4-year college tuition rates once the Federal government took over the student loan program.
$500 tax credit for child care where both spouses work AND Increased Child Care
There are already benefits in this area such as Dependent Care savings accounts. However, these two increases, while being of minimal actual benefit to the economy, will play well with the lower income voters.
Incentives to Save for Retirement
If at first you don't succeed, try again. Given that the Presidents "MyIRA" fell flat last year, this year he intends to propose an auto IRA enrollment for workers of companies that don't offer retirement plans like 401(k)'s.
This has been proposed in the past...with no effect. Why, because when 62% of the population is living paycheck-to-paycheck there is no excess income to "save." The "economic recovery" story is extremely fragmented when looking at median household before-tax incomes which have fallen from near $52,000 annually to roughly $47,000 currently.
I agreed with Scott when he stated:
"Forcing an employee to enroll without education, or funding the accounts for them (such as no 401k match), will have little or no effect to the employee, but will be just one more regulation small businesses will have to deal with. Large companies have plans, small companies (with little help in HR) don't."
Reality Check
However, whether you agree or disagree with my points, or the President's "wealth redistribution agenda" in tonight's SOTU address is of little matter. With both houses of Congress controlled by conservatives, the likelihood of any of these proposals actually passing into law nears "zero." This will leave the President with his nuclear option of "excutive orders" to move his agenda down the field, but even that is likely to be viciously contested in the months ahead.
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Libya’s OPEC Governor Samir Kamal kidnapped
http://www.wsj.com/articles/libyas-opec-governor-kidnapped-1421772959?mo...
I watched Putin’s address to the Federation.. I watched his news conference which was open to the world press.
I can’t be bothered with the bullshit from this clown tonight and the state news media propaganda regurgitation.
>>> going to see American Sniper tonite instead
>>> watching SOTU
Saw Sniper yesterday but will not watch the clown tonight. That movie is more real than anything Obozo has to say.
sorry very OT here, but is there any way to get rid of all these annoying pop-up ads on ZH ? Do i need to use a different browser and/or get a particular spyware program ? Thanx in advance for advice on this !
https://www.ghostery.com/en/download
https://adblockplus.org/
Who remebers Clinterd's Middle Class Tax Cuts?
You know, the 'cuts' that raised the tax rates on the middle class by the highest margin ever?
"IF Democrats could not tell lies of call names, they would be silent"
A very smart guy once said that.
This is a big whatever. Only doing this to make the (R)etards look like the bad guys when it doesn't pass.
Wait a minute...Didn't Robin Hood steal from the tax collector and give to the people?
Yep, the “steal from the rich, give to the poor” was a class envy perversion of the tale.
Robin Hood stole from the Prince (governor/taxes) to give back to the people.
God forbid the rabble should ever extol the taking of anything away from an abusive state.
With the federal reserve act still in effect it's obvious that redistribution is still skewed towards rhe few.
Sing it with me...
Santa Claus is coming to town...
FORWARD SOVIET!
Get rid of them? Dude, "Fitness Singles" and "Latina Lovers" are some of the best soft pron going!
Saw it too. Probably the best propaganda piece ever made. How can any patriotic young man not sign up to fight for the empire in our endless wars on everything after seeing that? None of our freedoms are being fought for in any of this. Those illusions should have been put to rest in any person who claims to be paying attention years ago.
"retirement savings programs"
anytime I hear this phrase I immediately interpret as a "subsidize Wall Street" program.
I pulled up some old "Gunsmoke" TV seruies with James Arness. He's wonderful...they don't men [actors] like that anymore.
>>> taking a big dump
>>> watching SOTU
A man of total honesty, candor and truth, I, at this very moment, am in the process of consuming an entire 250 count bottle of Rite Aide Colace stool softeners, each with 250mg of ducosate sodium and have standing by, 6 Fleet enemas so as not to miss the party
needledick, you mean ... "taking a big OBAMA" !!
< Watch something else
< Drink and have sex. Preferably w somebody other than myself.
Things just keep on getting stranger. Gold and silver is getting stronger and Marc Faber is getting bullish...
When did Mitt change his name to Lance Roberts?
The proposals aim to eliminate loopholes that - in the administration’s words -
“let the wealthiest and big corporations avoid paying their fair share in taxes
ROFL, never happen, LOL Ha ha......
Ever notice how legitimate tax code becomes a loophole when it's something they want to get rid of? The mortgage interest deduction was the same way, it was fine until someone targetted it for elimination, then it became a loophole...
How is retreiving money taken from me under threat of imprisonment by using the laws available considered a "loophole"??
Isn't the original theft of my income the actual "loophole"?
There is no such thing as "paying your fair share" of protection money, unless you're literally an enforcer of mob rule.
I have noticed that. I am in favor of anything that keeps money out of these people's hands. All they do with it is cause destruction. And I wish they would stop calling the welfare/ warfare statists of the Republican Party 'conservatives'. The only thing these people care about conserving is that status quo.
And they told us Charlie Manson was dangerous.
Ils sont Charlie Manson
It won't happen until big money is taken out of politics - or in other wirds - Never!
Corporations should not be taxed
Not many people understand that corporations do not pay taxes. Individuals pay tax.
Having corporations "pay taxes" merely hides the actual burden of taxes for the indvidual.
Raise corporate taxes and either prices will rise to accomodate for the tax or profit falls to the detriment of the stockholder.
Either way, it is an individual that shoulders the burden.
pods
pods,
Stop using common sense, man!
Stockholders are bagholders at this point anyway.
Only if the revenue is generated in the jurisdicton of the tax collector. A corporation which exports to a different tax rate (ie country) will not have pass the tax onto the individuals of the country of origin. Works great for bermuda and cayman islands.
the price of oil has tax loophole benefits not widely known, aside from tax CPAs / lawyers.
Wealthy oil families tend to gift or execute generation skipping trusts to keep their estate value below certain taxable ceilings.
An Oil reserve valued at $100/bbl inflates the estate and triggers higher potential estate taxes. By transferring or "selling" the oil interest to a younger generation, the estate tax risk is removed, although the new lower basis generates higher taxable income once the production resumes. Wealth stays in the family.
This trick has been played many times over the last few decades.
Eliminate the estate tax
All I expect to leave my wife and son is a piece of stainless steel engraved with the GPS location of my boating accident.
So, Obama has gone full circle retard lying bastard.
2008: "Main Street (Middle Class) first; trickle up economics"
2009: "We must save Wall Street (Upper Classes) in order to save Main Street"
2010 2011, 2012, 2013, 2014: "Wall Street has been saved!"
2015: "middle-class-friendly initiatives; trickle up economics"
When he has all the power in the world to institute "trickle up economics", the SOB throws us under the bus...and now, with the Right in charge of the Congress, he proposes "trickle up economics" which has NO CHANCE IN HELL OF PASSING.
Who cares what he says? His agenda is to destroy America, the American middle class, and any vestiges of Western Civilization. I'd say he's been rather successful thus far.
And who's going to oppose him? Certainly not the Boehner/McConnell puppets. How in the world did the author come to the conclusion that Congress was now controlled by 'conservatives'? Methinks he's been inhaling too much hopium.
Yawn,
Here's a list of Obama's 112 Broken Promises from prior SOTU Addresses:
https://grabien.com/story.php?id=20735
"You DICK!"
~Spicoli [4 Prez]
Mr Hand,
since I'm here and your here, doesn't that make it OUR TIME -
to Spicoli, your right. The same with the pizza!
have a slice [on me] my good friend! :-)
One mans "broken promise" is another Lobbyist, Crony Capitalists, promise kept.
Would have been nice to try reverting to this tax structure and maintaining a "mark to market" (i.e. mark to reality) economy. Far too late nowas those who have committed and benefitted from the massive and ongoing fraud are not going to indict themselves. Nor will they give up power and control. They willkeep threatening with "tanks in the streets" to keep the ZIRP and mark to fantasy going.
I personally, see the coming reset as a time of great opportunity.
They will not indict themselves, but the amount of rope that they're taking tells you that when they finally do hang themselves, the drop is going to be so great that their heads will pop clean off.
That's one reality series I'd like to watch.
The HNIC is conversatin' tonight. Who here thinks stocks will close red today? LOL. Me either.
Mark to fantasy forever!!!
Hey, we're green. Whaddaya know? What do I win?
Both Houses of Congress are not controlled by Conservatives they are controlled by Republicans - there is a BIG difference.
It will take a strong conservative president to move the moderate republicans - and Rumney and Bush III are NOT it.
Chistie - Rubio.
The Next Republican Axis!
Both Houses of Congress are not controlled by Conservatives they are controlled by Corporations and special Interests - there is a BIG difference.
FIFY!
Kill K Street!
Saying that both houses of Congress are controlled by corporations would hide the fact that a different political party is in charge. Congress was controlled by corporations before the 2014 elections. It was controlled by corporations before the 2010 elections. And on and on I could go back in time, but you get the point. The puppets have changed, not the puppet masters.
Conservatives campaign as Conservatives; then govern like Republicans...
I view it more as Republicans (RINOs actually) campaigning as conservatives and then reverting to their true nature if/when elected. Some may start as conservatives and 'evolve' into RINOs, but not all. What the Constitution lacks is a way to allow ordinary citizens to force (beyond mere removal from office via the voting booth) elected officials to live up to the oath of office.
Your epiphany will be the realization that there is only one party now.
Bingo.
Not Robin Hood.
A fucking communist pig packaged up to look like Robin Hood.
FUCK YOU BARRY!!!
Not like Robin Hood at all, if I remember the story correctly. RH was opposed to the actions of the state (represented by the Sheriff of Nottingham) that imposed onerous taxes on the serfs to the benefit of the oligarchs. RH was, by that understanding, doing what he could to reduce the tax burden and oppose over-taxation.
I really do not have any problems increasing taxes on the 1% if there are two conditions attached - one is to remove the loopholes that Warren Buffett uses, and two would be to cut spending an equal or greater amount (rather than redistributing the tax revenue). I doubt my idea will pass any vote,
The only thing that raising taxes on the 1% does is to keep rich people from becoming wealthy.
You could try and take all of Buffet's money through taxation, and you know what, he will buy everyone off. That is what the wealthy do.
High marginal rates are a shield to keep most high income earners from becoming wealthy.
pods
That is why social/economic systems should be designed to minimize the number of super wealthy....5 billionairs and 300,000,000 poor is not a recipe for peace and prosperity.
Follow the Right and you get the 5 Billionairs...Follow the Left and you get 300,000,005 poor...time for something different.
As so often happens, I do not understand your definitions of Right and Left. Are you suggesting the Right is populated by fascists who manipulate the government to enrich themselves? I don't.
I prefer free markets to manipulated ones. If an athlete or entertainer becomes a billionaire because people are willing to pay to see his performance, so what? And Bill Gates didn't get rich by manipulating the government, but by convinicing people they needed his products. That can occur under limited government. But if a banker or CEO of some corporation becomes a billionaire by controlling the way government operates/distributes money, that's something different. That requires big government, because it has to be big enough to bestow those sorts of benefits on the favored few.
It's all moot since none of it will pass, but honestly, I don't give a fuck about rich people. Fuck 'em. They "earn" all of their money in a corrupt system of cronyism, graft, and financial fraud. Maybe if they fix that I'll change my tune about their taxes.
What an ignorant statement, if I ever heard one.
I have worked my entire life to build some wealth and opportunity. I earned it. No one gave it to me.
Fuck you for being a populist loser and a drain on society. Go troll another forum. Asshole!
"Fuck you for being a populist loser and a drain on society."
It's likely that I make more money than you do.
.gov job?
No, fucking Renov8's wife.
My wife, your sister, Bitch!
It's likely I MADE more money than you did.
Unlikely, but not provable regardless.
The difference is that you think you're a part of the "rich". You're not. And I'm not. Real rich people make you think you are a part of their group so that you defend their 10% effective rates, while paying 30%. They laugh at people like you, because you enable them to call all of this bullshit "redistributive". But they'll raise your taxes in a second and call it par for the course.
In other words, you're a sucker and a mark.
Whatever floats your boat Bubba.
Neophyte!
I quit reading after he poo-poo'ed tax the big banks. The Author dismisses the concept since it is pass-through. In his own words, it only applies to big banks with $50B in assests. My local credit union will not be subject and therefore no "pass through" The Author is a shill for the banks.
Lame duck banker whore talking to a room full of banker whores.
If citizens believe anything they hear about being represented or getting a fair shake they're dopes.
Too soon old, too late smart.
Robin the white man, to pay for the Hood !!!
Fantastic observation... The hood being D.C. ~ Kstreet
Anyone know what happened to the BILL CLINTON PRINCE ANDREW ALAN DERSHOWITZ Pedophile Island Story? It's now like it never happened....Did Obama go there too? I mean for underage boys.
Prince Andrew should be decapitated by " butter knife".
The SNB was encouraged to create a diversion. Nothing damaging to the oligarchs lasts more than a day or two. Something else always comes up, be it a terrorist (yeah, right...) attack, a financial semi-black swan, or whatever. The truth may come out, but quickly gets swept into the dustbin of history. Thanks, MSM.
If you paid taxes on your wealth, it shouldn't be taxed again if it is inherited. But right now it is middle class people who get screwed since everything counts as income and taxed that way.
I got screwed on a $5000 reimbursement payment and had to pay additional taxes because of it. It wasn't income, it was a repayment for invome I had to spend. Sorry, the IRS saw it as income and said I didn't withhold enough taxes because of it.
Then you have the marriage penalty causing withholding problems. $500 doesn't go anywhere to pay for child care if both parents work decent jobs. Low income people will already be getting government aid anyway, plus EIC, SNAP, etc that add up to a whole lot more than $500.
you get taxed twice, when you make the money and when you transmit it...
Only the richest have the mean to hide their wealth from the cleptocrates claws.
Don't overlook Social Security. Not only are you taxed on what is withheld as FICA when you get paid, but up to 85% is subject to taxation once you start collecting SS if you have other income. For 2014 I ended up paying a marginal rate of 30% for each subsequent dollar I withdrew from an IRA. More taxable dollars withdrawn results in more SS income being taxed. Great system we have there. People saving in an IRA should be aware that they may be in a lower tax bracket upon retirement, but their marginal tax rates my be significantly higher.
What nothing about rebuilding Ferguson......you have to do something about the uneducated asphalt apes......
KOKO the Gorilla has an IQ of 82.5....NAPAs= 78...Perhaps Americans elected the wrong lesser primate?
Well, Obama did propose sending them to community college for free, didn't he? They can spend two years taking remedial math, remedial ebonics, Entitlements 101, Justifiable Rage For Beginners, etc.
The richest person in the UK is the Duke of Westminster he inherited it.
His father probably inherited it and so it goes back generations.
An inheritance cap seems to be a good idea.
It doesn't hit many but whacks the 0.1% and helps to alleviate the taxes on everyone else.
To ba FAIR if we are going to whack the top %.1 we should do the same to the bottom %.1
Just to be FAIR
This approach has destroyed global demand.
Too few people with too much and the vast majority with too little is a demand killer.
may you be right, I'm scare there could be a more radical approach to 'killing' demand coming.
Yeah, well Mr Bean is the wealthiest actor in the uk. The good side he gives tons of it away to fairly good causes.
Hum... that is when various form of NGO comes into play to hide one's family wealth... and also prevent 'black sheeps' in a family to dillapidate the aforementioned wealth.
One good start is to prevent the state to grant benefit to special interest groups be them rich... or poor and to focus on the real purpose of law.
There are no conservatives in Congress. Only progressives of varying degrees.
Remember this?
This middle class income tax increase is a clear violation of President Obama's “firm pledge” against “any form of tax increase” on any family making less than $250,000. This promise to the American people is documented below:
Speaking in Dover, New Hampshire on Sept. 12, 2008, candidate Obama said:
“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.” [Video]
During a nationally televised Vice-Presidential debate in St. Louis on Oct. 3, 2008, candidate Joe Biden said:
“No one making less than $250,000 under Barack Obama’s plan will see one single penny of their tax raised whether it’s their capital gains tax, their income tax, investment tax, any tax.” [Transcript]
In an address to a joint session of Congress on Feb. 24, 2009, President Obama restated the promise in forceful terms:
“If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.” [Transcript] [Video]
https://www.atr.org/obama-tax-hike-college-savings-plans-breaks-middle-c...
Progressives cheer for moar......
Grimaldus
I guess the minus you got was from a government pensioner.
All of this theater and drama over raising taxes on some folks, helping the middle class, creating opportunity, making education available, strong defense, terrorist threats.....
None of it matters - it's all just forced air moving over vocal chords. The only thing that matters is that the Federal Reserve keeps printing money to buy just a little more time. Because the productive people in this country have lost their life capacity to fund this government, and without issuance of unimagineable amounts of new debt, the empire will crumble.
The empire crumbled a long time ago.
China (our biggest creditor) is borrowing against those Treasuries they own and are completing the great U.S. asset grab as we speak.
Even the Fed's printing of fiat is all theater: No money fiat velocity and trade is increasingly being settled outside the $.
Robin Hood didn't steal from the rich - read the damn book! Robin Hood took back wealth taken by force by corrupt government and returned it to the people it was stolen from.
Instead of SOTU, how about STFU?
Hey Lance, are you one of the 1%ers ? Either we get some of your money via the IRS or via a pitchfork, take your choice!
I welcome all the parasites & thieves like you trying to come get some of the money that I earned. All your troubles will be ended. Make my day !
I'll take this proposed "Robin Hood distribution plan" over the massive Reverse-Robin-Hood plan we have in action right now.
The State Of The Union Show... ~Uh,uh you know what I'm gonna do? I'm gonna keep taking stuff from some folks and givin it to others~
I'd sooner snip off my little toe with a dull pair of rusty nail clippers than listen to or watch the Obozo Buffoon flap his gums and ears in a litany of horse shit. Doing so woud be a huge waste of time in ones life.
So let me get this straight--I get money to give a stranger to watch my kids while I work, but the government won't pay me to watch my own kids?
Government job creation. :-P
You seem confused in the simplest of ways.
I guess nobody wants to die at Yorktown anymore. Especially the 1% who run government.
"With both houses of Congress controlled by conservatives, the likelihood of any of these proposals actually passing into law nears "zero." This will leave the President with his nuclear option of "excutive orders" to move his agenda down the field, but even that is likely to be viciously contested in the months ahead."...
Which Congress fuly endorsed when they authorized the 2011 NDAA through both House(s) which the Presdient signed on the last day of that year December 31, 2011 which he previously declared unconstitutional with the part of that document that says he has the authority to be "judge", "jury" and "executioner" to any U.S. citizen inside or outside the United States if "he alone" declares them a threat!...
Fixed it!
With both houses of Congress controlled by conservatives, the likelihood of any of these proposals actually passing into law nears "zero.
That sentence of his is laughable. Conservatives in Congress? WHERE???? Vast majority of Republicans aren't conservatives - basically democrat lite.
Maybe this was supposed to be a comedic post aby the author.
Beat me to it.
Laughable that anybody thinks conservatives control anything in Mos Isley, aka DC
So, there has been a massive transfer of wealth from lower 99% to the wealthist 1% over last 8 or 10 years, so the solution is to redistribute some from the 50-99%'ers to the 0-49%ers.
Brilliant fucking plan Einstein! Hows about you go after that 1%? Oh yeah, forgot THEY OWN YOU.
The only pro taxation I care to state is financial transaction tax, aka HFT tax. Otherwise shrink the gov and reduce taxes all around. They are the issue, not who or where to tax.
They don't need to put a transaction tax on frequent trades.
Just require that all of the offers on the Bid or Ask be maintained for 10 seconds.
I can't parse what you said - this WILL or WON'T go after the "trust fund" loophole? There was some mumble that it *would* have exemptions for small business, but of course no details.
The BIG loophole is the one Warren Buffet and Bill Gates use, the FOUNDATION loophole. If Obama wants to close that one, and make it retroactive by about 100 years, I'm all for it.
What is actually being proposed has no chance of getting through a Republican Congress, and is actually too small to matter if it did. OTOH I have no reason to believe the Republicans are going to attempt anything worthwhile, and no reason to think that if they did, Obama would sign it or the Democrats would join in to override the veto.
The US is basically closed for business for the next two years, except for more Obama executive orders, unless and until Obama is impeached and removed from office. And with the Congress we have, in both parties, I doubt even that would change much.
Sometimes I think the only reason they don't just confiscate everything is that someone would have to run the businesses that produce tax revenue, and they don't know how to do that. They only know how to take away what productive people in business produce.
There are already estate taxes imposed upon large estates. Those estates are valued using market value of assets.
The only people who escape some of this are the relatively middle class heirs. Two, three, or four people splitting up the $4.5 million estate can use the step up basis and pay no tax. Of course, people with a moderate size home and some investments can easily have several million in estate size without being anywhere near being considered wealthy. Those people in NYC who have owned that bed bug and rat infested apartment for 25 years or so will really be coughing up the cash.
Also consider that Social Security began as 1% on employer and employee. Now the combined rate is 12.5% and is not considered a deduction from income before Income Tax calculation. Where did the money once available for savings go? O'Bumbles and the pols already got that.
As additional remedy to help the middle class, he is proposing to tax those 529 college savings plans. All to make sure that the children are required to go the community college and be thankful for his handouts.
BTW, O'Bumble has called for tax increases in every one of his SOTU lie sessions.
it's all BS. he hasn't done anything in the last 6+ years.
it's all going to happen now.
he's not only a lame duck, he's a mentally challenged lame duck. lol
I really wish that, instead of delivering the SOTU, this POS POTUS would just STFU.
Robin hood stole from gov't not the rich. He was an anti tax guy...get your story right
What about the 'Argentina Plan' don't you understand?
No one actually thinks this is good for the country.
The plan's supporters just think it will be good for them personally.
Most of them are wrong.
"With both houses of Congress controlled by conservatives,"
What? When did Boehner, McConnel, McCain, et al, resign for conservatives to win?