state of the union address

Remaking the Tax Code to Help the Working Poor

Through the removal of financial restrictions tacked onto certain marriage policies, President Barack Obama brings hope to low-income couples by acknowledging the financial and moral benefits marriage can have on America's society. Politico reports:

Most benefits for low-income families phase out as income rises. Taken separately, these reductions are understandable and reasonable. But combined, they effectively act as high tax rates — reducing take-home pay for low-income workers — and create a disincentive to work harder. Low-income families can thus find themselves in a situation where receiving a raise or promotion results in losing more in benefits than they receive in additional earnings.

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2012 State of the Union Address: The Complete Text

President Obama Addresses The Nation During State Of The Union Address via Getty

President Obama Addresses The Nation During State Of The Union Address via Getty Images

From President Obama's 2012 State of the Union Address:

The defining issue of our time is how to keep that promise alive. No challenge is more urgent. No debate is more important. We can either settle for a country where a shrinking number of people do really well while a growing number of Americans barely get by, or we can restore an economy where everyone gets a fair shot, and everyone does their fair share, and everyone plays by the same set of rules. (Applause.) What’s at stake aren’t Democratic values or Republican values, but American values. And we have to reclaim them.

Let’s remember how we got here. Long before the recession, jobs and manufacturing began leaving our shores. Technology made businesses more efficient, but also made some jobs obsolete. Folks at the top saw their incomes rise like never before, but most hardworking Americans struggled with costs that were growing, paychecks that weren’t, and personal debt that kept piling up.

Read the full text of the SOTU Address inside the blog...