Market News – Obama’s State of the Union focuses on taxes,jobs to improve US economy

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The President of the United States, Barak Obama, gave his last State of the Union speech on Tuesday before the presidential election in November. The main focus of the speech was economic fairness by demanding higher taxes for millionaires and preventing fraud on Wall Street.

Obama proposed sweeping changes in the tax code and new remedies for the U.S. housing crisis, setting as a central campaign theme a populist call for greater economic fairness.

The US President also focused on jobs by establishing legislation intended to discourage companies from shipping jobs overseas.

Obama took the opportunity to make his case for re-election by painting himself as the champion of the middle class. He laid blame for many of the country’s economic problems on banks and what he called an “out-of-touch Congress”.

“Washington should stop subsiding millionaires,” Obama declared as he proposed a minimum 30 percent effective tax rate on those who earn a million dollars or more.

Obama said he would ask his attorney general to establish a special financial crimes unit to prosecute those parties charged with breaking the law, and whose fraud contributed to the 2007-2009 financial crisis that plunged the United States into recession.