President Barack Obama Speech 2012 State Of The Union Address

WASHINGTON—President Barack Obama, in what amounts to a nationally televised kickoff to his re-election campaign, used his State of the Union address to present a sharply populist economic vision designed to draw contrast with his eventual Republican rival this November.

Mr. Obama's third State of the Union address hit themes Americans will hear throughout the year as he works to convince voters to give him a second term. Mr. Obama called for a steep tax increase on the wealthy, offer a new potential fix for homeowners struggling to refinance and propose legislation intended to discourage companies from shipping jobs overseas.

Besides a call to extend a temporary payroll-tax cut through the end of the year, most of Mr. Obama's other ideas will have a slim chance of passing in a polarized Congress ahead of the election. Others he can enact unilaterally, such as the creation of a government task force designed to crack down on China by enforcing trade laws.

The president's goal is to cast himself as a leader working to revive a struggling middle class, while painting Republicans as defenders of Wall Street and wealthy Americans. Republicans call that class warfare and say their goal is to free the economy from the shackles imposed by his administration.

"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, everyone does their fair share, and everyone plays by the same set of rules," Mr. Obama said. "What's at stake are not Democratic values or Republican values, but American values. We have to reclaim them."

The differences between the two sides was stark, and pointed. Unlike Mr. Obama's 2011 State of the Union address, which he began with a call for unity in the wake of the Tucson, Ariz., shooting that gravely wounded Rep. Gabrielle Giffords (D., Ariz.),

In an unusually political gesture for such a speech, Mr. Obama invited billionaire Warren Buffett's personal assistant, Debbie Bosanek, to sit with first lady Michelle Obama in the House visitor gallery to underscore his tax proposal that sparked a bitter fight between him and congressional Republicans last year.

Mr. Buffett made a national figure out of Ms. Bosanek after noting that her effective tax rate is higher than his, largely because of his relatively low tax rate for capital gains compared with hers for regular salaried income. Mr. Obama then proposed the so-called Buffett Rule, which would require a minimum tax rate for Americans making more than $1 million a year.

Republicans countered by saying House Speaker John Boehner (R., Ohio) would host elected officials and business executives involved in the construction of the planned Keystone XL pipeline, which Mr. Obama recently delayed over Republican objections.

The president fleshed out his "Buffett rule" Tuesday night in ways that would lead to a dramatic tax increase for many wealthy families, aides said. Households earning more than $1 million a year would face a minimum 30% federal income tax, with no deductions allowed for mortgage interest, health care, retirement savings or child-care benefits. Charitable contributions would still qualify for tax breaks. Few Americans pay an effective tax rate that high. The proposal harks back to the original Alternative Minimum Tax, which was crafted in 1969 to crack down on the use of deductions and other tax benefits employed by just 155 households.

Republicans criticized Mr. Obama's planned speech as nothing more than an election-year blueprint. The Republican National Committee launched an ad Tuesday in three battleground states—North Carolina, Virginia and Michigan—attacking Mr. Obama on the economy and jobs.

Gov. Mitch Daniels was prepared to accuse Democrats of "extremism" in the Republican response, saying the party's position on energy issues is "pro-poverty." "We do not accept that ours will ever be a nation of haves and have nots; we must always be a nation of haves and soon to haves," Mr. Daniels was to say, according to his prepared remarks.

The White House's goal is to tap widespread anti-Wall Street sentiment and voter anger about economic disparity. With the economy still struggling and the unemployment rate at 8.5%, the president's re-election campaign is aiming to define the 2012 election as a choice between two visions, rather than a referendum on Mr. Obama, which the Republicans would prefer.

To buttress that message, in addition to his call for higher taxes, Mr. Obama called on Congress to pass legislation to toughen antifraud laws governing the financial industry.

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[jamaalknight]

$10,000 fine from federal agent milk and oil. Farmers have it tough

[jamaalknight]

Obama state of union speech is focus on employment, economic