The boldest stroke in Obama’s speech, according to reports over the weekend, may be a proposal to raise $320 billion in new taxes, with increases for the wealthiest Americans and new fees charged to the top 100 financial firms. He’d use much of that money to provide middle-class tax relief. From a money in politics standpoint, that proposal is something of a no-brainer for Obama and most Democrats — when it comes to fundraising, the once-friendly relationship between Democrats and the financial services community has become strained. Conversely, the Republicans who dominate Congress, and who are key to enacting any new taxes or fees, have become even closer to the industry. Obama and his close allies may have nothing to lose by attacking the big banks and investment firms, but his opponents are bound to them more tightly than ever — a recipe for the plan to go nowhere fast.
Posted on: Sat, 24 Jan 2015 22:28:07 +0000
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