Obama Proposes Tax Reform, Cybersecurity, Broadband in State of the Union Address

United States President Barack Obama appeared Tuesday night before a joint session of Congress to deliver his State of the Union address, GMA News Online reported.

The following are some of the initiatives he is proposing:

TAX REFORM. Obama calls for increasing taxes on the wealthy to help the middle class. His plan would raise the tax rate for capital gains to 28 percent from 23.8 percent, and close a loophole so that the rich must pay “their fair share” on their inheritance.

Other plans to help the middle class include: * Tripling the maximum child care tax credit to $3,000. * Creating a federal-state partnership to provide 4-year-olds with quality preschools, and paying for it through a tobacco tax hike. * Cutting taxes for middle-class families with two working spouses.

ISLAMIC STATE. Obama asks lawmakers to pass a new authorization of military force against Islamic State militants to replace powers that were given to President George W. Bush for the Iraq war.

TRADE. Obama proposes support for two trade agreements: the Trans-Pacific Partnership with a group of countries in Asia and the Transatlantic Trade and Investment Partnership, or TTIP, with Europe. He will also push for a bipartisan “fast-track” bill to speed trade agreements through Congress, and wants to see the reauthorization of the Export-Import Bank.

CYBERSECURITY. In the wake of high-profile hacking attacks against Target Corp and JPMorgan Chase and Co, Obama calls on Congress to pass legislation to “meet the evolving threat of cyber-attacks.”

INFRASTRUCTURE. Obama calls for increased investment in infrastructure to fix crumbling bridges and roads.

PAID LEAVE. Obama seeks passage of a bill to allow millions of working Americans to earn up to seven days a year of paid sick leave.

WALL STREET REFORM. Obama warns against efforts to scale back Dodd-Frank, the 2010 law designed to prevent another financial crisis. He also asks Congress to enact housing finance reforms, and pledges to take additional steps to help homeowners.

COMMUNITY COLLEGE. Obama proposes a $60 billion program to offer two years of free community college tuition to students.

MUNICIPAL BROADBAND. Obama calls for an end to state laws that hurt competition among broadband service providers.

JUSTICE SYSTEM REFORMS. Obama asks for legislation to reform sentencing standards for non-violent drug offenders, and discusses the steps he has taken following high-profile cases of police use of force in Ferguson, Missouri, and New York City.

Source: GMA News Online