Getting ready for the State of the Union
“It is hard to predict what will be in the State of the Union because the administration has been absent from the tax reform debate; I mean really absent,” David Kautter, partner in charge of the Washington national tax practice at McGladrey, said before the White House provided tax highlights Saturday.
The White House previewed its tax messaging coming in the State of the Union on Tuesday — heavy on tax breaks for children and middle-class families, paid for by steeper taxes on investments, cutting a loophole benefiting the uber-wealthy, and a new fee on big banks.
Republicans did not see it as an olive branch.
“Slapping American small businesses, savers and investors with more tax hikes only negates the benefits of the tax policies that have been successful in helping to expand the economy, promote savings, and create jobs,” Sen. Orrin Hatch (R-Utah), the new chairman of the Senate Finance Committee, said in a statement.
Absent in the highlights provided by White House officials is one big area the parties agree on — a cut in the corporate tax rate.
President Barack Obama could still announce a detailed tax reform proposal, plans for negotiations with Congress and a deadline to get it done. But tax watchers are prepared to be disappointed.
You know, it is right here where I think the only good policy — is the policy of truth. And what I have pulled from Politico to all a keen oversight of what Obama has planned for his next two years. So here it is on taxation, ready?
Three hundred twenty billion dollars (320,000,000,000) is what he wants to involve himself in. Now where does he plan to get these funds from, of course, the U.S. taxpayer! Barack Obama want to initiate a marginal tax increase to the upper 1 percent of wage earners. From there he looks forward to initiating a earned tax income credit for those who make lesser wages. So every January one could forward to receiving a check if they do not make in excess of $100,000 per year.
I make no qualms with this insofar the major benefits and who they will be paid to and for what are completely out of my purview. When anyone takes on the challenge of placing new regulations on our taxes we pay we should all be prepared to be treated to the truth and nothing but the truth.
Here is some truth for you. The middle classes will never come into that stage of having more expendable cash to go out and buy what they want by taxing the rich. So get ready for your Karl Marx primer tomorrow because Obama will term this transaction a “Redistribution of Wealth.” Lest we forget to mention read, read, and re-read paragraph #3.
Earned income credits for what and whom? Wake up people these funds will be going to the newly 5 million illegal immigrants we have in our country. And for sure let us not fail to mention that this also includes free Community College. Oh yes, the children receive money in the notion of paying your tax funds as extended day care facilities.