1\/31\/2014<\/p>\n
President Obama made only a brief mention of taxes in his State of the Union address January 28, using the speech to\u00a0repeat his prior calls for corporate tax reform to create jobs in the United States and fund infrastructure projects.<\/p>\n
Obama noted bipartisan criticisms of the current code for being too complex, stifling domestic investment, and creating\u00a0incentives for keeping profits offshore. He said that instead, tax reform should end \u201cincentives to ship jobs overseas, and\u00a0lower tax rates for businesses that create jobs right here at home.\u201d The call for reform is similar to the one Obama made in\u00a0his 2013 State of the Union message, but details were even more sparse than last year when the White House released a\u00a0post-speech fact sheet that called for a 25 percent tax rate for domestic manufacturing and an \u201coffshoring tax\u201d that would\u00a0set a minimum tax on offshore earnings. (For prior coverage, see Tax News & Views, Vol. 14, No. 9, Feb. 15, 2013.)\u00a0URL: http:\/\/newsletters.usdbriefs.com\/2013\/Tax\/TNV\/130215_2.html<\/p>\n
Echoing a speech he made at an Amazon facility in Tennessee in late July, Obama also called for using \u201cthe money we save\u00a0with [the] transition to tax reform\u201d to create jobs on infrastructure projects. (For coverage of the president\u2019s Tennessee\u00a0speech, see Tax News & Views, Vol. 14, No. 32, Aug. 2, 2013.)\u00a0URL: http:\/\/newsletters.usdbriefs.com\/2013\/Tax\/TNV\/130802_2.html<\/p>\n
As he has done in the past, the president also made a call for repealing tax benefits for fossil fuels and steering those\u00a0incentives toward green energy, although he did not identify specific proposals.\u00a0\u00a0Consistent with prior statements from the administration that the corporate and individual tax rules need not be revamped\u00a0simultaneously, the president made no mention of individual tax reform. The president did offer a few smaller proposals on\u00a0the individual side when he called for an increase in the earned income tax credit for low-income workers without children,\u00a0the creation of a \u201cMyRA\u201d retirement savings plan that would be invested in Treasury bonds for certain employees, and the\u00a0establishment of automatic enrollment in IRAs for employees without access to a workplace savings plan (a proposal he has\u00a0put forward in every budget since he took office).<\/p>\n
In a fact sheet released in conjunction with the speech, the White House also listed, largely without elaboration, certain\u00a0issues that were not directly mentioned in the president\u2019s remarks but will be addressed in his fiscal year 2015 budget. In an\u00a0apparent allusion to prior budget proposals that called for limiting the amounts that certain higher-income individuals may\u00a0accumulate in tax-preferred retirement savings accounts, the fact sheet notes that \u201cthe president wants to work with\u00a0Congress to make sure that when we take steps to reform our tax code that we also reform upside-down retirement tax\u00a0incentives.\u201d\u00a0URL: http:\/\/www.whitehouse.gov\/sites\/default\/files\/sotu_2014_main_fact_sheet.pdf<\/p>\n
Courtesy of Deloitte Touche<\/p>\n","protected":false},"excerpt":{"rendered":"
1\/31\/2014 President Obama made only a brief mention of taxes in his State of the Union address January 28, using the speech to\u00a0repeat his prior calls for corporate tax reform to create jobs in the United States and fund infrastructure projects. Obama noted bipartisan criticisms of the current code for being too complex, stifling domestic […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/863"}],"collection":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=863"}],"version-history":[{"count":4,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/863\/revisions"}],"predecessor-version":[{"id":1633,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/863\/revisions\/1633"}],"wp:attachment":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}