So, putting the high-rollers in the back seat President Obama can do what he does best. Represent the American people and restore the country back to what it's Founding Fathers intended; a democratic republic.
1. a government by the people; a form of government in which the supreme power is vested in the people and exercised directly by them or by their elected agents under a free electoral system.
2. a state of society characterized by formal equality of rights and privileges.
3. the common people of a community as distinguished from any privileged class; the common people with respect to their political power.
President Obama plans to propose raising $320 billion over the next 10 years in new taxes targeting wealthy individuals and big financial institutions to pay for new programs designed to help lower- and middle-income families, senior administration officials said Saturday.
In his State of the Union address Tuesday night, Obama will propose raising the capital gains and dividend tax rates to 28 percent for high earners; imposing a fee on the liabilities of about 100 big financial institutions; and greatly broadening the amount of inherited money subject to taxes.
Obama will also seek to boost private retirement savings by requiring employers without 401(k) plans to make it easier for full-time and part-time workers to save in individual retirement accounts, which could assist as many as 30 million people. The administration would provide small employers tax credits to cover costs.
Senior administration officials said that the package would highlight the president’s desire to boost taxes on the nation’s wealthy households and help lower- and middle-class families. New tax credits would help those in need of child care and households with two earners, they said, while other proposals — such as covering community college tuition — would help students.
The moves would “eliminate the biggest tax loopholes and use the savings to let the middle class get ahead,” said one of the senior administration officials who spoke on the condition of anonymity during a conference call with reporters to describe the plan before the president’s speech. This person also said that 99 percent of the impact of the tax increases would fall on the top 1 percent of earners.