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.

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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