And like clockwork, this is no surprise reaction by the banks and Congress…
The banking industry and Republicans have criticized a White House proposal to increase taxes on Wall Street and the wealthy as President Barack Obama steps up efforts to seize the initiative on economic policy.
Seeking to exploit a rising tide of populism in the U.S., he will unveil proposals in his State of the Union address on Tuesday that would pump funds raised from banks and rich families into policies likely to bepopular with the middle class.
Mr Obama aims to raise more than $300 billion by imposing a new levy on the US’s largest financial institutions, raising the top rate of capital gains tax to 28 per cent, and closing a loophole that lets wealthy families pass down assets without paying tax.
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