State of the Union: What Obama proposed
President Obama outlined a number of new proposals, specifically on the economy. Here’s a look at a few key ones:
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.
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