State of the Union: Obama to push tax hikes for rich
Last year's speech was watched by about 30 million Americans
US President Barack Obama will propose tax hikes on the rich to fund benefits to working families, in his annual agenda-setting speech to Congress.
Mr Obama will espouse what he calls "middle-class economics" - that everyone gains from a growing economy.
Much of what will be in his televised State of the Union address at 2100 EST (0200 GMT) has already been announced.
But the plans are unlikely to make it past a Republican-controlled Congress.
The speech will include proposals on tax, community college, internet access, cybersecurity and sick leave.
In excerpts released ahead of time, Mr Obama said emerging from recession provided an opportunity for "rising incomes and chances" for everyone.
The president will liken the decisions facing the country to when welfare programmes like social security were set up, and the internet conceived.
"That's what middle-class economics is - the idea that this country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules."
His $320bn (£211bn) tax-raising plan, over 10 years, includes:
- closing a tax loophole on large inheritances
- raising capital gains tax on richest earners from 23.8% to 28%
- new fees on US financial firms with assets above $50bn
- tripling child tax credits and help for working parents
His tax and spending package is unlikely to get Republican approval, however, with some senior members of the party dismissing it as "class warfare".
Their response to the president's 6,000-word speech will come from rising star Joni Ernst, the Iowa senator who shot to fame by burnishing her hog-castrating credentials in a campaign television advert.
No comments:
Post a Comment