January 27, 2012 11:59 am

State of the Union and Taxes

The president’s State of the Union address on January 24, 2012, contained several tax mentions:

  • For tax “fairness”: A promise to enforce the so-called “Buffett rule” so that wealthy executives pay no less than their secretaries.
  • For job creation: An international minimum tax on corporations that take or keep U.S. jobs overseas. He also favors a lower tax rate for domestic manufacturers and the creation of additional tax breaks for high-tech manufacturing.

No details of proposals were mentioned. They should be included in the President’s 2013 budget, which will be sent to Congress in February.

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Tax Glossary

Real estate investment trust (REIT)

An entity that invests primarily in real estate and mortgages and passes through income to investors.

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