As reported on The Hill, The White House has released details about the President’s new tax plan in advance of the upcoming State of the Union Address.
His plan would generate $320 billion over 10 years by raising the capital gains and dividends rate to 28 percent — the same rate under President Reagan, White House officials point out — on inherited assets, such as trust funds. The proposal calls for raising the base capital gains rate to 24.2 percent from 20 percent. The 3.8 percent Medicare surcharge pushes that level to 28 percent total, White House officials said, up from 23.8 percent. The plan would affect couples with incomes of at least $500,000 a year.