Posted by: mulrickillion | January 26, 2012

State of the Union 2012: Barack Obama draws election battle lines in State of the Union address

1-26-2012 6-36-01 AM

President Barack Obama laid out a blueprint for a “fairer America” in his annual State of the Union speech last night, pledging to make millionaires pay higher taxes and setting out his stall for one of the most divisive US elections in living memory.

By Peter Foster, Washington, Telegraph, 25 Jan 2012 —

In an intensely political and populist speech, Mr Obama contrasted his vision for an Americawhere everybody gets a fair shot” with a country run for the benefit of a monied elite, drawing the key battle-lines with his Republican opponents this November.

Focusing on economic issues, Mr Obama set the scene for an election that will be fought over jobs and restoring the national finances, with US unemployment still running at 8.5 per cent and a soaring $15 trillion national debt that continues to rise.

Mr Obama pledged to increase spending on education, infrastructure and job creation and help pay for it by asking millionaires to pay at least 30 per cent in taxes.

The call to increase taxes on the rich came hours after Mitt Romney, the multi-millionaire Republican presidential hopeful, released tax returns showing that he paid just 14 per cent on earnings of more than $21m.

Citing the example of Warren Buffett, the billionaire investor who admitted last year that he paid lower tax rates than his secretary, Mr Obama called on Washington to “stop subsidising millionaires” and rescind a trillion dollars of tax breaks for the wealthiest 2 per cent. . . .

State of the Union 2012: Barack Obama draws election battle lines in State of the Union address – Telegraph

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