Obama Looking to Stick the Wealthy With Even More Taxes
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.
Senate’s Tax Bill Would Raise Taxes on Stock Sales
Senate’s Tax Bill Would Raise Taxes on Stock Sales Capital gains have long been a controversy when it comes to taxes. Many high net worth individuals use capital gains to make the majority of their money. Because the tax rate on gains from stock sales are much lower than taxes on personal income, this is…
Five Helpful Tips to Be More Productive and Organized
Five Helpful Tips to Be More Productive and Organized You want to be more organized, right? Most people do. However, there are certain things you need to do in order to get more organized and become more productive. The problem is, many people spend way too much time on tasks of little or no consequence.…
How to Get A Charitable Tax Deduction for Remodeling Your Properties
How to Get A Charitable Tax Deduction for Remodeling Your Properties If your home or rental property needs remodeling, consider getting a charitable tax contribution by helping a worthwhile cause. Many charities build and renovate homes for the needy. The tax law allows you to take a charitable deduction for donating used building materials removed…
Five Tips to Identify Exceptional Employees
Five Tips to Identify Exceptional Employees Every company wants to hire the best people. After all, your employees are what make your company successful. There are many ways to search for exceptional employees, but if you follow a few keys tips you’re more likely to have the most success in your search. So what things…