President Barack Obama delineated his campaign message in last night's State of the Union address. Positioning himself as a populist alternative to Mitt Romney and the 1 percent, Obama spent the beginning of his speech laying out his economic plan for the year: "We need to change our tax code so that people like me, and an awful lot of Members of Congress, pay our fair share of taxes," he said. He recommended that the Buffett Rule—which would make it so millionaires can't pay less than 30 percent in taxes—be put in place.
Obama gave his 2012 State of the Union address last night, and all the eyes in the media and political world were tuned in. During the address, 766,681 SOTU-centric tweets were fired off, with 548 coming from inside the chamber. Despite the frenzy that takes over news rooms and congressional offices, the rest of the nation was more likely watching TheReal Housewives of Atlanta or Wizards of Waverly Place.
Mitt Romney released his tax returns today, revealing that he made a combined $42.6 million in 2010 and 2011, mostly through capital gains. Because the bulk of his wealth was made through investment, Romney only paid $6.2 million in taxes, which translates into a 13.9 percent tax rate in 2010 and an estimated 15.4 percent rate in 2011. Those rates place him in the same tax bracket as a couple making $70,000 a year.
Thousands of the world’s business and political leaders are all heading to Davos, Switzerland—the home of Thomas Mann's fictional sanatorium—for this year’s five-day World Economic Forum. The euro crisis will be a dominant theme of the conference and Angela Merkel will serve as the keynote speaker. The conference comes as public confidence in world leaders' ability to fix the economic crisis hits a new low.