Big
news:
During his State of the Union address on Tuesday, President Barack Obama will lay out a plan to extend tax credits to the middle class by hiking taxes on wealthier Americans and big banks, according to senior administration officials.
Under the plan, the capital gains tax would be raised from its current level of 23.8 percent up to 28 percent for couples with incomes over $500,000 a year. [...]
The president's plan would use revenues from those tax code changes to finance credits aimed at the middle class, officials said. That includes extending the earned income tax credits to families without children, which would benefit an estimated 13 million low-income workers, while also tripling the maximum tax credits for child care in low- and middle-income homes.
Hiking taxes on the rich and helping the middle class? You know what that means:
The tax hikes on capital gains would run into heavy opposition from Republicans in the GOP-controlled Congress.