Obama Looking to Stick the Wealthy With Even More Taxes

Barack,Obama,At,A,Public,Appearance,For,Barack,Obama,Campaign

His second term in office is winding down, but President Obama would still like to raise taxes on high net worth individuals before he checks out of the White House at the beginning of next year. Although the president has already taken several measures to raise the effective tax rate on the wealthy, he is calling for even higher taxes on high net worth individuals, as well as big banks.

The president’s proposal includes yet another hike on capital gains. He has already raised the capital gains tax rate to 20 percent, but now he would like to push it all the way to 28 percent. The plan also calls for millionaires to pay at the very least 30 percent of their income to the government. He’s also proposing a new fee “on the largest financial firms on the basis of their liabilities.”

The reasons for the proposed tax hikes include funding the fight against ISIS, as well as supporting the president’s healthcare and education initiatives. As is to be expected, republicans have already harshly criticized the president’s proposals. In fact the budget committees from both the Senate and the House said there would be no discussion with the president’s budget director about the president’s proposed budget.

Posted in

What Makes a Great Boss Unforgettable?

What Makes a Great Boss Unforgettable? Have you ever had one of “those” bosses? You know the type. The kind of person that walks around like a prison guard, always peering over your shoulder through his or her mirrored glasses, ready to pounce on you like a lion at the first sign of trouble. Of…

Habits to Ditch So You Can Retire by Your 40th Birthday

Habits to Ditch So You Can Retire by Your 40th Birthday

Habits to Ditch So You Can Retire by Your 40th Birthday Are your retirement plans set? Are you going to call it quits when you turn 65 and spend your goldenyears traveling the world, lavishing your grandkids with gifts and good times, and spending your down time relaxing in the sun by a crystal-clearpool? It…

What Things Do Successful People Do to Start Their Day?

What Things Do Successful People Do to Start Their Day? The old adage goes: the early bird gets the worm. Does that mean the birds that have been out late and decided to sleep in miss out? Surely there are enough worms to go around for all the birds, right? The fact is, worms would…

The Best Jobs for Work-Life Balance

The Best Jobs for Work-Life Balance Why do you work? Is it to achieve a sense of accomplishment? Perhaps you simply work for a paycheck. Of course, most people work out of necessity to provide for themselves and for their families. Just about anyone who works to provide for his or her family will face…