The State of The Union is tonight.
It’ll be President Obama’s sixth time.
Of course The President will say, “The state of the union is strong.”
They always do, every President does.
However, in order for the state of our union to be stronger, The President will say he needs to infuse the middle class by raising taxes; mostly on the rich.
The administration is targeting capital gains taxes which are inheritance taxes and trust fund taxes.
The current rate is 15 percent.
They want to raise it to 28 percent, and use the bulk of the money to fund free community college educations to everyone.
The White House knows a lot of people won’t be receptive to the idea, Democrats and Republicans, but especially Republicans.
Republican Senator Marco Rubio on ‘Face the Nation’ this Sunday:
“This is a 20th century outdate model that the president is following. The notion first of all that in order for some people to do better some people have to do worse is just not true. Raising taxes on some people that are successful is not going to make some people that are struggling more successful. The good news about free enterprise is that everyone can succeed without punishing anyone.”
The President will say his piece about that during the speech.
His spokesperson Josh Earnest spoke for him on MSNBC.
“We need to decide what’s more important, a trust fund loophole that only benefits millionaires or ensuring that middle class kids can go to community college for free.”
His proposal will likely go nowhere in Congress.
The GOP shut down a similar idea called the “Buffett Tax” in 2011.
It’s going to be a hard sell for President Obama, in part because of the way he’s selling it, like Robin Hood, the rich needs to pay for the poor.
Just about everyone in Washington, Democrat and Republican, will agree the tax code needs to be rewritten.
The same proposal from that angle might have been a better approach.