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.
How the Internet Became Commercial
What’s Behind the Commercial movement of the Internet? Believe it or not the Internet was not originally created to share your life on social media sites like Facebook and Instagram or to watch movies, play games or follow your favorite pastime. When it was first invented, the military and research universities were the primary…
Critical Decisions When Launching a Startup
There are countless aspects to launching a startup company. To do it successfully a founder has to make many critical decisions and be right on most of them. Many entrepreneurs have a great idea or product with great plans to make it successful. However, they don’t make the right business decisions, which leads to their…
How to Keep the Wealthy From Fleeing Connecticut
When it comes to saving on taxes the wealthy have to continually consider all their options because lawmakers never seem to stop pushing for more legislation aimed at making the wealthy pay more taxes. Lately, it seems that there are more and more reports of the nation’s wealthiest individuals living in high-tax locations deciding…
Finding Value Investments in Private Equity
Finding Value Investments in Private Equity Private investors and venture capitalists are always looking for the next great company, idea or product to put their money into, in order to reap great financial rewards down the road. However, how do private investors know where to find the true value investments that exist? Experienced Investor Jonathan…