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State of the Union

Address will set expectations [Editorial]

It will be a familiar refrain tonight when President Barack Obama in his State of the Union address pitches his plan to increase taxes on the wealthy as a way to help the middle class, but similar proposals have not fared well and, facing a Republican-controlled Congress, likely won't go far this year either. Obama wants to eliminate the tax break on inheritances and increase the top capital gains rate to 28 percent on couples making more than $500,000. Raising the capital gains tax has worked in previous years. According to AP, Obama has raised the rate from 15 percent to 23.8 percent, but it is still below the 28 percent that it was under the presidency of Ronald Reagan. Obama...