Obama aides previewing the president's State of the Union speech say that the administration plans to close "loopholes" in the tax system and charge a fee to big banks to curb risky borrowing. The tax increase package would total $320 billion over the next decade. The president then plans to take that money and give it to the "Middle Class" in the form of tax incentives and cuts. Here's the broad outline of the plan summarized by Reuters: In a conference call with reporters to preview the taxation aspect of Obama's address, one official said some of the ideas the president is outlining already have "clear congressional bipartisan support or are ideas that are actually bipartisan in their nature." Obama's proposals call for reforming tax rules on trust funds, which the administration called "the single largest capital gains tax loophole" because it allows assets to be passed down untaxed to heirs of the richest...(Read Full Post)