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Sunday, January 18, 2015

Will Media Bash Obama For A Tax Plan That Wont Pass?

The plan President Obama is going to lay out in the State of the Union Address is nothing more than additional redistribution of income, and a plan that has one purpose to embarrass the GOP.  Funny the same media that blasts the GOP for voting to repeal Obamacare is silent now the President is proposing taxes which thankfully have no chance of passing.

He contends the taxes will help the middle class but all they do is take money away from the job creators and grow the number of Americans who rely on the federal govt. to make a living.

Below are the economic programs Obama is proposing, in the White House's words:
  • Closing One of the Biggest Tax Loopholes – the Trust Fund Loophole: The President will propose to close the single largest capital gains loophole, which lets hundreds of billions of dollars escape taxation each year, to ensure the wealthiest Americans pay their fair share on inherited assets.
My will sets up trust funds, and I am nowhere near the "one percent (no where near the 30% either)." In terms of "fair share" taxes have already been paid on the money called "capital gains" in the form of corporate taxes, therefore Obama is looking to expand the unfair capital gains taxes.
  • Raising the Total Top Capital Gains and Dividends Rate Back to the Level Under President Reagan: The President will propose to raise the top capital gains rate to 28 percent – the rate under President Reagan. 
Besides the above Obama this tax will serve to depress investment in corporations serving to slow down the economy. Face it if more is taxed on a risky investment such as stocks, investors will be less likely to place their money there. Also he is hurting the retired seniors who count on investment income for money to live on.
  • Making the Biggest Financial Firms Pay Their Fair Share: The President will continue to reform the way the largest financial firms do business by proposing a fee on the biggest financial firms, making it more costly for them to borrow heavily. 
These programs sound nice to the uninformed who follow the progressive line without investigation, but not only will these programs hurt rather than help the middle class but they will slow down the economy. Especially when one considers the reason for the recent growth has more to do with fracking oil on private lands which lowered the price of oil, than anything he did.

So is the media going to tell the truth? Will it criticize the President for a plan that is nothing more than an anti-GOP ploy, the same way they are criticizing the GOP for a Keystone Vote that will be vetoed, or the anti-Obamcare votes, or bills trying to overturn the Presidential overreach on immigration? Sadly the answer is probably no.

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