President Barack Obama called for millionaires to shoulder a greater share of taxes, but also agreed to lower corporate taxes for companies that hire in the U.S., during his State of the Union address on Tuesday night.
Obama urged Congress to finish the job of extending the payroll tax cut for the rest of the year to prevent an average tax hike of $40 per paycheck for the middle class. A congressional joint committee began meeting on Tuesday to do just that. But he also called for broader tax reforms, including an end to the 2001 and 2003 tax cuts for those earning more than $250,000 a year. He argued that the Tax Code should be reformed to abide by the so-called “Buffett rule.”
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