President Barack Obama will propose tax relief for middle class Americans and a series of tax hikes on upper earners and corporations in his State of the Union speech on Tuesday.
The cornerstone of Obama’s proposal will be a $500 “second earner” tax credit to boost the fortunes of families where both spouses work, a substantial expansion of the Child Tax Credit to $3,000 per child under five, the White House said on Saturday night ahead of his seventh annual address to the nation.
The president’s plan will also call for closing the trust fund loophole and raising the top capital gains tax rate to 28 percent.
Below is a fact sheet circulated by the White House to reporters on Saturday.
His proposal is fair and equitable. That’s why it will be soundly rejected by the GOP controlled Congress.
Sadly, I suspect this proposal will go about as far as the President’s last couple of offered budgets.
I never understand why President Obama releases key information about his SOTU address ahead of time. It only serves to give the GOP and the media time to attack and belittle it before the SOTU is even given. Why give them an opening? Undoubtedly the GOP and the Sunday talk shows will be foaming at the mouth about this today. To pre-release statements like this seems put the President on the defensive before he is out of the gate.
A proposal that will go nowhere except RWNJ sites talking about ‘Dimmycrats raising taxes again!!!1’
Yes. It is devastating. I expect Joni Ernst’s rebuttal to be every bit as powerful as those of Marco Rubio and Bobby Jindal.