“During his State of the Union address on Tuesday, President Barack Obama will lay out a plan to extend tax credits to the middle class by hiking taxes on wealthier Americans and big banks, according to senior administration officials.
Under the plan, the capital gains tax for couples with income over $500,000 per year would be raised from its current level of 23.8 percent up to 28. The plan would also strip a tax break, known as a “step-up,” that allows heirs to avoid capital gains taxes on large inheritances.
In addition, the plan would institute a new tax on the biggest financial institutions, basing the fee on liabilities in order to discourage risky borrowing. The administration says the fee would hit the roughly 100 banks that have assets of $50 billion or more.”
Read more here: http://www.huffingtonpost.com/2015/01/17/obama-sotu-taxes_n_6493144.html
John Iadarola (http://www.twitter.com/jiadarola) and Ben Mankiewicz (http://www.twitter.com/benmank77) of The Young Turks discuss. Do you think President Obama’s plan goes far enough? Tell us what you think in the comment section below.