Martin Feeney, our guy in DC sent us this summary of the call, i.e. what’s on the president’s mind.
The Blueprint is broken into four major components, as outlined last night during the President’s remarks. Based on a viewing of the address, the briefing call, and a review of the Blueprint, here is a brief overview.
- President will focus on insourcing of jobs, by encouraging manufacturing in US.
- Proposed closing loopholes that encourage companies to outsource, and reducing tax rates to 20% for manufacturers and doubling the tax deduction for high-tech manufacturers.
- Make R&D credit permanent.
Skills & Training
- Increase partnerships with community colleges to teach new skills to 2 million Americans.
- Reform job training and unemployment services to better meet the needs of displaced workers (no specific mention of SEA or WIA, although WIA is implied.)
- Immigration reform/encourage vet-work programs/equal pay initiatives.
- Help start-ups and small businesses succeed and create jobs by reforming regulations and expanding tax relief, which includes:
- expand access to capital for small businesses by reforming regulations that prevent entrepreneurs from getting financing and by expanding tax relief to start-ups and small businesses
- streamlining government resources that help support small business (which equals his proposal to streamline 6 federal agencies announced two weeks ago)
Read CAMEO’s response to the President’s State of the Union.
- Expand exploration and production of natural gas in America in a clean manner.
- Focus on clean energy technology with the help of government investments.
- Make US leader in clean energy technology.
- Pay your fair share, for all to have a fair shot.
- Earners making more than $1 million would pay 30% in taxes and lose certain deductions.
- Called on Congress to pass payroll tax break through 2012.
- Proposed allowing all homeowners to be able to refinance.
- Investments in infrastructure to be paid for in part by reduced/savings on war costs.
On a side note, we have been hearing that the President plans to introduce a broad corporate tax reform proposal along with his Budget release on Feb. 13. No specifics, just that one is in the works.
Read the full 2012 State of the Union Address.
Read the“Blueprint for An America Built to Last.