OBAMA PUSHES HUNDREDS OF BILLIONS IN TAX HIKES

This does not make sense. The proper way to put this is "Class Envy" Make them "evil" Republicans and the rich look like the mean Anti Middle class people. If we look at this he wants to take from one and supposedly give to another. That is Socialism! I am not for Socialism. I would like to see TAX REFORM rather than this class warfare Crap!  One of the tax hikes is with Capital Gains. The video shows out of his own mouth that it will hurt the economy,but he thinks its fair. So thats one thing that wont help the economy. Another is the Inheritance tax. He wants to Put a 60% tax on property for the inheritors to pay when they get an inheritance. IT'S ALREADY BEEN TAXED. This is a double tax. Not good for the economy and like Glen States, its THEFT!

In the build up to President Obama’s State of the Union address, the White House has floated plans to raise hundreds of billions in new taxes. The plans have almost no chance of passing Congress but are designed to frame the upcoming debates and alter the landscape for the presidential election in 2016.

The new package of tax hikes, intended to target the wealthy, would raise $320 billion over the next ten years, according to the White House. Added to the already enacted $600 billion in higher taxes, the new plan would push recent tax hikes to around $1 trillion. The combination would represent the largest tax hike in US history, even as the economy struggles to break out of its stagnation.

The majority of Obama’s new tax revenue would come from increasing federal inheritance taxes, often referred to as “death taxes.” Currently, estates less than $1,000,000 are exempt from federal taxes, which can take 55% of an estate value. Obama’s plan would lower that exemption to around $700,000, subjecting many in the middle class to the “death tax.”

President Obama’s plan would also increase the capital gains and investment income tax rate on high-income individuals and couples. The top rate on investment earnings and income would increase from 20% to 38%. The plan would also impose new taxes on financial firms that issue debt.

Obama plans to use this increase in federal revenue to underwrite costly new programs. A portion of the increased taxes would fund his plan to provide free community college tuition to most Americans. He would also boost a host of tax credits, providing income support to families with children, families where both parents work, and new education tuition benefits.

The unveiled plan is a sign that Obama will double-down on progressive economic policies, increasing taxes on the “wealthy” to provide benefits to others. It would increase the flow of money through the government, attempting to steer it toward desired outcomes.

The plan also reveals a very stunted view of how the economy works. Income inequality has exploded during Obama’s tenure in the White House, largely due to the easy money policy of the Federal Reserve which has injected trillions of dollars into the financial markets. At the same time, Obama administration policies have imposed new tax and regulatory burdens on businesses of all sizes while dramatically increasing the costs of labor.

Obama’s economic policies have never matured beyond the centuries-old conviction to take money from those who have it and redistribute it to some of those who don’t. Its a system to manage a perceived finite amount of resources, rather than implementing policies to grow the economy.

The bulk of Obama’s new proposal actually rests on a debate of how much of someone’s savings and investments the government should seize when they die. This is not a debate for a growing, dynamic society.

Obama is planning to use the upcoming State of the Union Address to frame the final two years of his presidency. Even Obama must realize that his time to set a mark on the nation’s trajectory is expiring. He is returning to the left’s trusted, decades-old playbook.

With the world economy teetering on the edge of a great contraction, and threats to global peace and security on a vigorous march, it is not a playbook to inspire confidence.

http://www.breitbart.com/big-government/2015/01/18/obama-pushes-hundreds-of-billions-in-tax-hikes/

http://www.rushlimbaugh.com/daily/2015/01/19/how_republicans_should_combat_obama_s_bogus_robin_hood_act

http://www.rushlimbaugh.com/daily/2015/01/19/the_new_state_of_the_union

http://www.breitbart.com/video/2015/01/19/dave-brat-obama-tax-proposals-nowhere-in-the-relevant-economic-range/

Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings

As the old saying goes, there are two things that are certain in life, death and taxes. Tomorrow night during his 2015 State of the Union speech, President Obama will announce that people paying taxes their entire lives just isn't good enough. The President wants the current 40 percent death tax rate increased to 60 percent.Americans for Tax Reform breaks down the details: 

2. Stealth increase in the death tax rate from 40% to nearly 60%.

Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the time of death or the decedent's original basis. Almost always, the fair market value is higher.

Under the Obama proposal, when you inherit an asset your basis will simply be the decedent's original basis.

Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step up in basis of $100,000). Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000).

There are exemptions for most households, but this misses the larger point: the whole reason we have step up in basis is because we have a death tax. If you are going to hold an estate liable for tax, you can't then hold the estate liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It's a huge tax hike on family farms and small businesses.

It's like a second death tax (the first one has a top tax rate of 40% and a standard deduction of $5.3 million/$10.6 million for surviving spouses). Conceivably, an accumulated capital gain could face a 40% death tax levy and then a 28% capital gains tax on what is left. Do the math, and that's an integrated federal tax of just under 60% on inherited capital gains.

Just last week Obama announced he wants "free" community college for "those who work for it," but his latest tax actually punishes those who are saving to pay for college on their own without the government's help. 

4. Tax Increase on Families Saving for College

Under current law, 529 plans work like Roth IRAs: you put money in, and the money grows tax-free for college. Distributions are tax-free provided they are to pay for college.

Under the Obama plan, earnings growth in a 529 plan would no longer be tax-free. Instead, earnings would face taxation upon withdrawal, even if the withdrawal is to pay for college. This was the law prior to 2001.

Obama's plan totals $380 billion in new taxes and it isn't just "on the rich" or the "one percent" as the President and officials in his administration claim. The majority of his newly proposed taxes, including more taxes on hard earnedretirement plans, are a direct hit on the middle class and his big government spending will saddle all Americans with crushing debt for decades to come. 

Also as a reminder, the middle class has significantly shrunk since 2009 and the poverty rate has increased as a result of President Obama's "redistribution of wealth" economic policies. To make matters worse, the vast majority of Americans are living paycheck-to-paycheck. 

While the Obama administration has trumpeted job growth in recent months, the middle class is taking home a shrinking portion of the country's income. Deep job losses in occupations such as construction, information technology, manufacturing and insurance are not likely to recover. Middle-class families also saw nearly 30 percent of their wealth disappear over the past decade, while the cost of goods and services they rely upon steadily climbed.

The swift contraction of the middle class has left most Americans fearful they may be unable to maintain their standard of living. 

The silver lining in all of this is that Obama's latest tax hike proposals likely won't pass and neither will his budget. Republicans and Democrats have roundly rejected Obama's budgets since he came into office in 2009, not a single one has passed.

"Democrats are demanding, yet again, tax increases on America. This never ends," ATR President Grover Norquist released in a statement. "When it comes to tax hikes Democrats are like a teenage boy on a prom date: they keep asking the same question different ways but always to the same point." 

http://townhall.com/tipsheet/katiepavlich/2015/01/19/obama-wants-the-death-tax-increased-to-60-percent-n1945141

One of the President’s Latest Proposals Has Glenn Beck Fuming: ‘It’s Wrong, It’s Obscene, It’s Theft’

Glenn Beck was fuming on Monday after hearing that President Barack Obama will call for higher taxes during his State of the Union address on Tuesday. According to the New York Times, the president is specifically looking to raise the top capital gains tax rate from 23.8 percent to 28 percent, and eliminate what he calls the “trust-fund loophole,” which protects inherited assets.

Beck said raising the capital gains tax will “kill the economy,” and said the government’s attempt to take the money you have worked your entire life to leave to your children is “wrong, it’s obscene, it’s theft.”

“It’s not the government’s [money]!” Beck said on his radio program. “I’ve already paid you my 50 percent. My children have a right to the money I want to leave them.”

Beck said taxes are already so high that if he wanted to leave his children his property, they would “not be able to afford the taxes.”

Beck’s co-host Pat Gray added that it’s not just the “one percent” who will be affected by the president’s proposals. Aside from the impact on the economy, he noted that “there are a lot of middle class people who want to leave money to their kids.” He also reiterated that it is “not the government’s money” to take.

“It’s a double tax at the very least,” Gray said. “Or triple tax. It’s been taxed.”

“It is so wrong. I can’t take it anymore,” Beck said. “Who do these people think they are?”

Stu Burguiere noted that the Obama administration is often compared to Robin Hood, but said the story was actually one of “the government stealing from the poor, [and Robin Hood] takes it back from the government.”

Beck was also infuriated by the number of Democrats who voted for Obamacare, who now say it should have been done differently.

“These guys just hack me off. And what are the Republicans going to do?” Beck demanded. “Pat immediately [said], ‘Well the Republicans, they’re going to stop this because they’re Republicans. One thing they get right are taxes.’ Is it? That used to be true. Is it true now? What are they doing to stop Obamacare? Did you see the penalties are much higher than they thought they would be? The costs of Obamacare to you personally, much higher. What have the Republicans done? Have they defunded it? They had the opportunity.”

Burguiere responded: “They are saying they will oppose Obama’s [new taxation proposal]. How long that lasts, or what else they give up, or what version of it they decide to come to, who knows.”

http://www.theblaze.com/stories/2015/01/19/one-of-the-presidents-latest-proposals-has-glenn-beck-fuming-its-wrong-its-obscene-its-theft/