U.S Pres. Obama To Call For Tax Increase On The Wealthy.

US President, Barack Obama is to use Tuesday’s State of the Union speech to call for tax increases on the wealthy in order to help the middle class, officials say. BBC reports: The proposals would raise $320 billion (£211 billion) over a decade, to fund benefits such as tax credits. The speech is the centrepiece of the US political diary and may shape both Mr Obama’s legacy and the 2016 election. But the president faces resistance to his proposals, with Republicans controlling both Houses of Congress. With the US economy growing, President Obama will stress that it is time for ordinary US families to feel the benefits. According to US officials, who spoke on condition of anonymity, the plans include: *.Closing a loophole allowing the wealthiest Americans to pass on certain assets tax free *.Raising capital gains tax on the richest earners from 23.8% to 28% *.New fees on US financial firms with more than $50 billion (£33 billion) in assets The revenues would raise more than enough to fund the proposed benefits for the middle class, according to the officials.