In preparation for the State of the Union address, President Obama released his tax proposal for middle class families. This proposal seeks to provide relief for middle class families with more childcare, education, and retirement tax benefits and other credits. President Obama plans to increase capital gains and dividend tax rates to 28% and impose fees on large U.S. financial firms in order to pay for this reform.
See McGuire Woods, “State of the Union Surprise: President Targets Inherited Assets In Middle Class Tax Reform,” McGuire Woods Legal Alert (Jan. 21, 2015).
Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal