During last night’s State of the Union address, President Obama laid out some relatively new proposals for boosting the economy.
A few of them deal directly with the experiences of young people, including work-study jobs, age requirements for dropping out of high school, and job training.
And of course, the most controversial of these new initiatives is the Buffet rule, which would require all millionaires to pay a minimum tax rate of 30%. The name is derived from the now-infamous revelation that Warren Buffet’s secretary pays a higher tax rate than he does. The Buffet Rule has many opponents, but the President seems determined to see this idea come to fruition.
“Opponents of the proposed legislation — known widely as the Buffet Rule — have called it unfair and accused Obama of being a socialist, all criticisms he shrugged off in his speech with aplomb.
‘You can call this class warfare all you want,’ Obama said in his speech Tuesday night. ‘But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.’
The president and First Lady hosted Warren Buffet’s secretary as a point of hammering home his point to the American people”
Check out five of President Obama’s newer proposals below, courtesy of TheGrio.com.
“1. Stay in School: Twenty states already require students to stay in school until they graduate or turn 18. The president called on the rest of the states to do the same, arguing it would increase high school graduation rates and therefore help the economy.
2. More Work-Study Jobs: Obama called for doubling the amount of “work-study” jobs that universities can offer students to help them pay for college. Millions of low and middle-income college students use work-study.
3. The Buffett rule: Obama called for requiring all millionaires to pay at least 30 percent in taxes. In the current tax code, investment income is taxed at a 15 percent, meaning some millionaires (like Warren Buffett and Mitt Romney) pay relatively low tax rates.
4. More job training: Obama proposed getting community colleges and businesses to join together to train two million American workers in new jobs.
5. No tax breaks for companies that outsource: Obama proposed tax credits for companies that keep jobs in the U.S. and provisions to increase taxes for companies that outsource jobs.”
What do you think of President Obama’s proposals?
Do you support his “Buffet Rule” idea?
Sound off below!