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Obama Still Wants To Kill Wall Street's Favorite Tax Loophole

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President Barack Obama is releasing his budget for fiscal year 2015 Tuesday and there's one part Wall Street won't like. The White House sent out a preview of the budget Monday that reveals Obama is still trying to kill the "Carried Interest" tax loophole, which allows hedge fund and private equity profits to be taxed at a lower rate. According to the White House preview, this and other changes in the budget are designed to help the middle class.

"The President's budget will show in real terms the choices we can make to expand economic opportunity and strengthen the middle class, like closing unfair tax loopholes so we can invest in the things we need to help the middle class and those striving to get into it, grow our economy, and provide economic opportunity for every American," the preview said. "It invests in infrastructure, job training, and preschool; cuts taxes for working Americans while closing tax loopholes enjoyed by the wealthy and well-connected; and reduces the deficit."...

... Last week, Rep. Dave Camp, the Republican chairman of the House Ways and Means Committee, released a tax reform plan that included ending the loophole. Additionally, Camp's plan included a proposal to raise taxes on firms holding over $500 billion in assets. Camp's plan sparked reports of a possible Wall Street revolt against the Republican Party. An industry insider later told Business Insider those rumors were exagerrated, but only because financial firms knew Camp's proposal had little chance of reaching a vote on the House floor...

... The president would also expand the Earned Income Tax Credit and Child Tax Credit. Obama's plan to grow the EITC focuses on childless workers. Currently, the EITC largely benefits people who are married and have children. The White House said these changes would be funded by "closing tax loopholes that let high-income professionals avoid the income and payroll taxes everyone else has to pay."...

Read more: http://www.businessinsider.com/obama-fiscal-year-2015-budget-2014-3#ixzz2v7Z0gk8V

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We already know how Congressional Republicans will respond to the POTUS' budget. They support little to nothing that originates with Obama and this will be no different. What will be interesting is what language they use to oppose the proposals.

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OPINION

I only listed the headings. The explanations and sources are in the opinion piece.

A Healthy Economy Requires Fewer People Working on Wall Street, Making Much Less Money

The financial industry is a parasite on our society.

All of us suspect the obvious-that Wall Street not only is too big to fail, but also just too d*** big. But where's our evidence?

1. Explosion in Financial Sector Incomes But No Rise in Economic Growth

2: The Decline of Workers' Share of the Economy

3. Wall Street Costs Too Much

 

http://www.alternet.org/economy/american-economy-recover-we-need-fewer-people-working-wall-st-making-much-less-money

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We already know how Congressional Republicans will respond to the POTUS' budget. They support little to nothing that originates with Obama and this will be no different. What will be interesting is what language they use to oppose the proposals.

With his approval ratings tanking, and dems running for office abandoning ship, I don't think the republicans need to worry much about what language they will use.

He couldn't even get his Civil Rights Division appointee throught the senate. His influence and power is waning by the day.

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With his approval ratings tanking, and dems running for office abandoning ship, I don't think the republicans need to worry much about what language they will use.

He couldn't even get his Civil Rights Division appointee throught the senate. His influence and power is waning by the day.

Quite correct, many Republicans won't worry in the least about their language as they go about business as usual. It should be interesting.

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