Tax proposals sketchy in State of the Union

While President Obama mentioned taxes a number of times in his State of the Union speech last night, the details were scant.

He addressed corporate tax reform by noting that the Tax Code is riddled with wasteful, complicated loopholes that punish businesses investing here and reward companies that keep profits abroad. “Let’s flip that equation. Let’s work together to close those loopholes, end those incentives to ship jobs overseas, and lower tax rates for businesses that create jobs right here at home,” he said (see Obama Calls for Wage Increases and Tax Reforms in State of the Union).