Janet Novack
President Barack Obama tonight called for millionaires to pay an effective minimum tax rate of at least 30%, more than twice the rate Republican Presidential Candidate Mitt Romney’s tax returns show he paid in 2010 on an income of nearly $22 million.
In a State of the Union Speech that served mainly as a preview of his populist reelection campaign themes, Obama laid out a “blueprint for an economy that’s built to last” including tougher enforcement against unfair trade practices by countries like China; stepped up spending on roads and alternative energy; expanded domestic oil and gas production; a doubling of work study grants for college students; a new tax credit for manufacturers who bring jobs home; a minimum tax on the profits that companies earn manufacturing overseas; tax relief for small business; and a new fee on big banks to help cover the cost of helping some Americans refinance their mortgages at today’s low rates.
Read more: http://www.forbes.com/sites/janetnovack/2012/01/25/obama-proposes-doubling-romneys-taxes-with-minimum-30-rate/
President Barack Obama tonight called for millionaires to pay an effective minimum tax rate of at least 30%, more than twice the rate Republican Presidential Candidate Mitt Romney’s tax returns show he paid in 2010 on an income of nearly $22 million.
In a State of the Union Speech that served mainly as a preview of his populist reelection campaign themes, Obama laid out a “blueprint for an economy that’s built to last” including tougher enforcement against unfair trade practices by countries like China; stepped up spending on roads and alternative energy; expanded domestic oil and gas production; a doubling of work study grants for college students; a new tax credit for manufacturers who bring jobs home; a minimum tax on the profits that companies earn manufacturing overseas; tax relief for small business; and a new fee on big banks to help cover the cost of helping some Americans refinance their mortgages at today’s low rates.
Read more: http://www.forbes.com/sites/janetnovack/2012/01/25/obama-proposes-doubling-romneys-taxes-with-minimum-30-rate/
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