President Obama outlines tax policy agenda in State of the Union address

January 2012


President Obama in his State of the Union address to Congress last night called for an end to "tax breaks for companies that move jobs overseas" and reforms to a tax code under which "companies that choose to stay in America get hit with one of the highest tax rates in the world." President Obama also called for increased deductions for manufacturing in the United States, and stated that the tax deduction should be doubled for high-tech manufacturers making products in this country.

White House officials released an eight-page "Blueprint for an America Built to Last," which calls for "comprehensive tax reform that will close loopholes, lower rates, and eliminate incentives that make it more attractive to ship jobs overseas." The blueprint states that President Obama is proposing to "eliminate tax incentives to ship jobs offshore by ensuring that all American companies pay a minimum tax on their overseas profits, preventing other countries from attracting American business through unusually low tax rates."

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