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Obama to Propose Scaled-Back Tax Reform in State of the Union

President Obama will propose a scaled-back vision for tax reform and a new fee on the nation’s largest financial institutions in his State of the Union address Tuesday night, the White House said, in an effort to close loopholes for the wealthy to pay for credits for the middle class. Obama will call for the closing of the so-called trust fund loophole, which allows wealthy Americans to skirt some taxes when they pass on their earnings to heirs, as well as raising the capital gains tax rate to 28 percent for high-income households. The president plans to use the additional revenue to provide a new $500 tax credit for dual-earner families…Read More


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