Summary: Obama's State of Union speech

Date: Wednesday 25 Jan 2012

Several proposals were made by US President Barack Obama in yesterday's State of the Union Address:

- Tax rate of 30% for millionaires and elimination of deductions including for housing and healthcare.

- Less tax breaks for overseas profits and tax credits to lure jobs back to the United States.

- More measures that help families refinance and pay back mortgages.

- More foreign trade measures that support free trade.

- More financing for foreign trade.

- More tax breaks for high-tech manufacturing.

- More investment in infrastructure.

- More investment in clean energy.

"In reality, it is not politically viable to consider new measures. The approaching presidential election can only make both parties agree on extending the tax cuts that expire in February," said Citi strategist Jose Luis Martinez Campuzano.

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