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Wednesday, January 25, 2012

UK: Obama addresses inequitable tax rates--Update

Update: PJ: The Telegraph also provided the videos for Mitch Daniels GOP rebuttal to the speech and Mitt Romney's attack prior to the speech. You can find the links below.

The Telegraph

Barack Obama hits out at rich in his State of the Union address
President Barack Obama used his last State of the Union speech to paint himself as the champion of the middle class, by demanding higher taxes for millionaires and tight reins on Wall Street.

In annual speech to Congress, the President Obama defended his record after three years in office and laid out a vision for an America “where everybody gets a fair shot” as he made the case for reducing income inequality.

"We can either settle for a country where a shrinking number of people do really well, while a growing number of Americans barely get by," the President said.

"Or we can restore an economy where everyone gets a fair shot, everyone does their fair share."

He went on to propose corporate tax reforms, including a minimum rate on companies' overseas profits and a tax credit for moving jobs back home.

The President used the speech to revive his call to rewrite the tax code to adopt the so-called 'Buffett rule' named after the billionaire US investor Warren Buffett, who says it is unfair that he pays a lower tax rate than his secretary. To underscore his point, Buffett's secretary, Debbie Bosanek, was seated in the first lady's box in the House of Representatives for the address.

For video:
http://www.telegraph.co.uk/news/worldnews/barackobama/9037508/Barack-Obama-hits-out-at-rich-in-his-State-of-the-Union-address.html

Mitch Daniels rebuttal:

http://www.telegraph.co.uk/news/worldnews/republicans/9037459/Republicans-admonish-Barack-Obamas-State-of-Union-address-No-nation-can-thrive-with-debts-as-huge-as-ours.html

Mitt Romney's attack:
http://www.telegraph.co.uk/news/worldnews/us-election/9036863/US-election-2012-Mitt-Romney-attacks-divisive-Barack-Obama-ahead-of-State-of-the-Union-address.html

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