The President started last year forcing through sweeping tax increases. The top marginal income tax rate rose by nearly 20%, to punish the most successful for the anti-social acts of working too hard and producing too much. The capital gains tax rate was increased by nearly 60%, as was the tax on corporate dividends. America’s top marginal corporate income tax rate remains the highest among all developed world economies, close to 40% on average, given state corporate tax rates as well.
But those punitive tax burdens are just not enough for President Obama — who should go down in history as the Taxation President. In Tuesday night’s State of the Union, Obama started his proposals with the promising pro-growth concept of corporate tax reform, saying: