"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better."
Obama also plans to raise tax for the higher earning groups while offering tax cuts for low- and middle-income Americans.
Obama will create a new 'Making Work Pay' tax credit of up to $500 per person, or $1,000 per working family. The 'Making Work Pay' tax credit will completely eliminate income taxes for 10 million Americans.
He plans to simplify tax filings in a manner that millions of Americans will be able to do their taxes in less than five minutes.
The administration will eliminate all capital gains taxes on startup and small businesses to encourage innovation and job creation. Tax sops will also be offered for businesses that create new jobs in the United States.
Image: A homeless man sleeps wrapped in a blanket under a movie poster on a footpath in Los Angeles.| Photograph: Jewel Samad/AFP/Getty Images
Also read: Highest paid PM takes a salary cut!
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