Obama Announces New Capital Loss Tax Plan

Obama announces bold new plan

President Obama unveiled a dramatic plan to ensure the tax system is fairer during the State of the Union Address .  He proposed strong steps to eliminate capital losses,  a major tax loophole currently enjoyed by the wealthiest of Americans.

Not only do the wealthy avoid tax on their losses but they are able to deduct them from their gains.  The President’s plan will eliminate this double dip benefit unavailable to working Americans.

Under the plan investors will pay a 35% surcharge on investment losses.  The announcement was met with strong approval of the Occupy Movement, Union Leaders and Social Activists.

A spokesman for Occupy America said, “The Privileged class will now have to pay a significantly higher portion of the Federal Budget enabling us to expand social programs and level the playing field for the 99%.

The President said, “We need to make sure all have a fair shot at the American Dream and by significantly reducing the wealth held among a small group we will finally move closer to that dream.”

The Administration also expects the move to significantly increase revenues and reduce the debt.

The President dismissed complaints from the Right that the plan will discourage investors and negatively impact employment and the US economy.  Democratic spokesman pointed out that the more the Stock Market drops the greater the tax revenues under this ingenious plan.

He went on to say that he hopes to eliminate wealth during his second term and put everyone on the same level.  He expressed hope that America will soon see a day when all Americans share in the absence of prosperity and wealth.

Harry Reid was confident that most investors will lose virtually all their wealth as the market drops generating massive new tax revenues.