(wire)
Investment fund managers face increased taxes
President Obama used a portion of his State of the Union address to call for increased taxes on investment fund managers, oil companies and those making more than $250,000 a year.
"I know Wall Street isn't keen on this idea, but if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need," he said.
In addition, he said the U.S. is in need of financial reform and must protect itself against the actions that led to the recent recession.
A small-business tax credit would go to one million businesses that hire new employees or raise wages, while the proposal would also eliminate capital gains taxes for investment in small business and tax incentives for those businesses that purchase new plans and equipment.
He also said that he would end tax breaks for companies that send jobs overseas, while proving them for those companies that create jobs in the U.S.
"I know Wall Street isn't keen on this idea, but if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need," he said.
In addition, he said the U.S. is in need of financial reform and must protect itself against the actions that led to the recent recession.
A small-business tax credit would go to one million businesses that hire new employees or raise wages, while the proposal would also eliminate capital gains taxes for investment in small business and tax incentives for those businesses that purchase new plans and equipment.
He also said that he would end tax breaks for companies that send jobs overseas, while proving them for those companies that create jobs in the U.S.
