Jan 26 2015
Senate Banking Committee Chairman Sen. Richard Shelby (R-AL) joined Maria Bartiromo on "Sunday Morning Futures" today to react to President Obama's State of the Union address and the economic course the president charted for his last two years in office.
"I think a lot of his proposals ... we've heard them before. Most of them don't work. I don't believe they're going anywhere," Shelby said.
He added that instead of helping the middle class, Obama is attacking the middle class with his economic proposals, such as raising the capital gains tax and taxing people's previously untaxed 529 college savings plans.
"This is an attack on the middle class. It's not helping the middle class. Most of the middle class want to be left alone, they want to not have to be overtaxed and over-regulated. He's doing quite the opposite," Shelby said. "A lot of those taxes ... they're dead on arrival. And I believe they're really dead."
"The president is saying one thing and doing another. I think most people will see through that. I know the Republican Senate and House will," Shelby said.
So what is the solution then for helping middle class families? Bartiromo asked.
"We need fundamental tax reform," Shelby stated. "America is crying out for real, fundamental tax reform."