President Barack Obama will be using his State of the Union Address this evening to renew his case to overhaul the tax reform. The tax reform is comprised of “common sense” ideas to help the American economy fight the growing deficit.
The State of the Union comes in the midst of Obama asking for another four years in the White House. President Obama is calling for “tax fairness.” The former Massachusetts’s governor, Mitt Romney’s detailed income and tax burden for 2010 and estimate for 2011 was used to illustrate the need for a tax reform. Romney had an effective tax rate of $13.9% in 2010 and $15.9% in 2011 with an income of over $10 million each year.
On NBC’s “Today” show, Senior White House advisor David Plouffe states, “We want to reward wealth and prosperity and success. But if we’re going to move forward as a country, reduce our deficit, invest in things like manufacturing and education, how are we going to pay for it?” He continued to say, “Theres no question that we have a tax code that’s far too complicated, far too complex. And when the middle class, the average middle-class worker is paying more in taxes than other people who are making $50 [million], $60 million a year, we’ve got to change that.”
Obama calls this notion the “Buffett Rule,” meaning that Warren Buffet should not pay fewer taxes than his secretary. Buffett’s secretary, Debbie Bosanek will be in the House gallery this evening as a guest of the first lady.
President Obama’s State of the Union will be featured on ABC at 9 pm EST. The address will be followed with the Republican response. CBS will be running a special edition of Washington Unplugged at 8 pm EST and follow up with the State of the Union. The follow up will be hosted by Katie Couric. CNN will also be presenting Wolf Blitzer at 8pm EST to discuss the issues President Obama will address during his state of the union. The Republican Response will also air on CNN at 10 pm EST later this evening.
By Pete Iodice