WASHINGTON D.C. (WTAQ) – Wisconsin Republicans are grumbling about one of the major items President Obama will lay out in his State of the Union address tonight.
The White House says the Democrat Obama will propose a series of tax hikes on the wealthy to give tax breaks to middle income families. They include a $500 credit for families in which both spouses work — and expanding a child care tax credit to a maximum of $3,000 for kids under 5.
Senate Republican Ron Johnson of Wisconsin says the chances of getting the measures through the GOP Congress are “virtually zero.” Johnson said taxing one group to help another is a “zero-sum gain that accomplishes nothing.”
House Republican Reid Ribble of Sherwood says it’s not a bad goal to help families with children get more money — but redistributing it through Washington is not an efficient way to do it.
Senate Democrat Tammy Baldwin of Wisconsin said Obama should be applauded for drafting a plan which she says would make “those at the top pay their fair share, so we can cut taxes for the middle class and strengthen their economic security.”
The White House says the top capital gains’ tax rate would rise from 23.8 to 28 percent for those making over a half-million dollars a year. Tax breaks on inheritances would be eliminated, and Obama wants a new fee on some of the country’s largest financial firms.
(Story courtesy of Wheeler News Service)
