One of the many controversial parts of President Obama’s budget for 2016 is the increase of capital gains taxes. If President Obama gets his way, all Americans will have the sliding scale of 15%-23.8% raised to a flat 28% capital gains tax. This tax increase is not just proposed for rich Americans but on all Americans, and it basically increases the current taxpayer responsibility by as much as 80%.
“More Washington tax hikes and spending is the same, old top-down approach we’ve come to expect from President Obama that hasn’t worked,” said House Speaker spokesman Michael Steel. Republicans have vowed to fight the 2016 proposed budget tax hikes and most believe they will not pass with a Republican-controlled House.
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