MID-DAY UPDATE: Corporate tax cuts, world economic forum
President Barack Obama gave his State of the Union speech last night, and focused on ways the U.S. can remain globally competitive. He said there's a need to invest in education, but proposed cutting corporate taxes - an issue that already has analysts debating. Dan Shaviro, professor of taxation at NYU's law school, believes Obama's plan for cutting corporate taxes is vague, and that it would add to the federal deficit. But Mark Zandi of Moodys Analytics says narrowing the corporate tax loop holes will help shrink the deficit.
The World Economic Forum began in Davos, Switzerland, this morning, and world leaders will mingle with top business people and academics to discuss free markets and economic recovery. It's a hot ticket -- costing attendees at least $70,000 to get in the door.