Proposed tax hikes on capital gains and banks will be included in President Obama’s State of the Union address Tuesday, according to a White House announcement Saturday. The announcement continues Obama’s tradition of proposing tax hikes in his six previous State of the Union addresses dating back to 2009. Here’s a list detailing Obama’s proposed tax hikes:
Obama will call for a capital gains tax hike on high-earners from 23.8 percent to 28 percent, nearly double the 15.35 percent rate when he took office. He also wants to change the treatment of inherited capital gains so that inheritors end up paying more to the government. Banks with assets over $50 billion would also be hit with a new 0.07 percent tax on their liabilities, raising $100 billion over 10 years. These changes combine for a $300 billion tax increase over 10 years.
Obama proposed closing tax loopholes to raise effective tax rates and using the revenue for infrastructure spending. He also wanted to close tax breaks that he said give "$4 billion a year to fossil fuel industries." The 2014 State of the Union had the fewest references to taxes of Obama's addresses so far.