Key points of president's State of the Union address

President Obama pushed for existing and new initiatives during his State of the Union address Tuesday night.

Story highlights

  • Jobs: Tax on firms that send jobs overseas, breaks for those that don't; vet job corps
  • Immigration: Beefed-up border protection; path to citizenship for undocumented students
  • Energy: More offshore drilling, gas exploration; greater push for clean technologies
  • Government: Ban on "insider trading" in Congress, streamlining of bureaucracy

Here are key initiatives from President Barack Obama's State of the Union address Tuesday night:

• Implementation of a minimum tax for multinational companies, which would fund additional tax breaks for companies that create jobs in or move them to the United States. Even bigger breaks for high-tech companies, and financing help for manufacturers locating in economically hard-hit areas.

• The creation of a China task force to monitor trade violations. Aggressive inspections to intercept "counterfeit or unsafe goods" from foreign countries.

• Support for partnerships between companies and community colleges to train workers for new careers, all coordinated through a single government program.

• Rewards for effective schools, coupled with encouragement to follow their own curricula and methods. State laws that require students to stay in school until graduation or age 18. Extend college tuition tax credit and double the number of work-study jobs over the next five years.

• Beefed-up border protection, combined with a law to create a path for undocumented immigrant students to become legal U.S. citizens.

• Tax relief for small businesses that are raising wages and creating good jobs. Regulation reform for small businesses.

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• Opening of offshore gas and oil fields to exploration and production. Support for domestic natural gas production, with regulations on chemicals used in the extraction process. Passage of clean energy tax credits and an end to subsidies for the fossil fuel industry. Development of enough clean energy on public land to power 3 million homes. Help for manufacturers to reduce energy waste in factories.

• Reduction of red tape that delays or halts infrastructure construction projects, funded by money no longer being spent on wars.

• Support for a mortgage refinancing program for all "responsible" homeowners, funded by "a small fee" on large financial institutions.

• Establishment of a financial crimes unit of investigators to crack down on large-scale fraud and protect investors, and a second unit to investigate abusive lending practices and institutional gambling on risky mortgages.

• Implementation of cost-saving reforms to Medicare, Medicaid and Social Security.

• Reform of the tax code that includes the so-called Buffett rule, a minimum 30% tax rate for individuals whose income exceeds $1 million. No tax increases for anyone earning less than $250,000.

• A ban on "insider training" by members of Congress, and limits on elected officials' investments in companies they regulate. Lobby reform. Simple majority vote within 90 days on judicial and public service nominations.

• A request for authority to streamline the federal executive branch.

• Continuing international pressure on Iran to scrap its nuclear weapons program.

• Maintainance of a strong military while cutting the budget by nearly $500 billion. Legislation to protect against cyber-terrorism.

• Passage of tax credits for companies that hire veterans. Creation of a Veterans Jobs Corps to help cities hire former military personnel.

      Election 2012

    • CHICAGO, IL - NOVEMBER 06:  U.S. President Barack Obama stands on stage with first lady Michelle Obama, U.S. Vice President Joe Biden and Dr. Jill Biden after his victory speech on election night at McCormick Place November 6, 2012 in Chicago, Illinois. Obama won reelection against Republican candidate, former Massachusetts Governor Mitt Romney.  (Photo by Chip Somodevilla/Getty Images)

      A black man is returning to the White House. Four years ago, it was a first, the breaking of a racial barrier. Tuesday night, it was history redux. And more.
    • CHICAGO, IL - NOVEMBER 06:  U.S. President Barack Obama stands on stage after his victory speech at McCormick Place November 6, 2012 in Chicago, Illinois. Obama won reelection against Republican candidate, former Massachusetts Governor Mitt Romney.  (Photo by Chip Somodevilla/Getty Images)

      The 2012 presidential election shattered spending records, further polarized a divided country and launched a thousand hashtags.
    • Even though voters indicated to pollsters that their financial situation is the same or worse than it was four years ago, they put their trust in the president.
    • US President Barack Obama addresses a crowd of supporters on stage on election night November 6, 2012 in Chicago, Illinois. President Barack Obama swept to re-election Tuesday, forging history again by transcending a slow economic recovery and the high unemployment which haunted his first term to beat Republican Mitt Romney. AFP PHOTO/Jewel Samad        (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

      The president faces a long and familiar set of challenges after riding a wave of support from moderates, women and minorities to victory.
    • Republicans kept a lock on the U.S. House of Representatives, a crucial victory after the party failed to wrest away the presidency from Barack Obama and the Senate from the Democrats.