Why Are so Many People Opposed to Obama's Proposed Tax Plan?


Quick Answer

Many people are opposed to the President Obama’s 2015 tax plan because they claim that it increases government spending, hurts small businesses and unfairly penalizes success. They claim that increasing taxes paid by small businesses leads to higher unemployment, discourages investment and ultimately hurts the economy.

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Full Answer

Under the plan outlined in Obama’s 2015 State of the Union address, the capital gains tax paid by those with annual incomes exceeding $500,000 increases from 23.5 to 28 percent. Obama plans to use this revenue to increase tax credits for higher education, extend the earned income credit for families without children, and increase the tax credits for child care given to families with low and medium incomes.

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