President Obama Will Call For $320 Billion In New Taxes In Tuesday’s State Of Union

President Barack Obama will give his annual State of the Union address tomorrow night, Tuesday, Jan. 20. The president is expected to talk about foreign policy, including new sanctions on Iran, call for an expansion of paid family leave and outline his plans for energy and the environment. Over the weekend, news broke that in his address the president will also request a $320 billion tax increase over the next 10 years. According to Time and The Washington Post, that plan will call for:

• Raising the top tax rate for personal capital gains from 23.8 percent to 28 percent;
• Ending the “step-up” for capital gains, a provision that exempts heirs who are family members of the deceased from capital gains taxes;
• Imposing a new 0.07 percent fee on the nation’s largest banks;
• Creating a new $500 tax credit for dual-income households; and
• Expanding the Earned Income tax credit and the child tax credit.

While the president is also expected to voice support for federal tax reform, his plans for reform will be “scaled back” The Post reported. MSCI plans to issue a statement after the president’s address, so be sure to check our website for it!