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Obama Proposes Tax on Bonds, Carried Interest for Wealthy

President Barack Obama asked lawmakers to again consider increasing taxes for high earners, private equity managers and oil and gas companies to pay for his $447 billion job-creation package, running into Republican resistance along the way.

The bill Obama sent to Capitol Hill yesterday included previously proposed revenue-raising provisions, such as a cap on deductions for upper-income taxpayers, which have failed to advance in Congress in recent years. The administration also proposed new ideas that would change longstanding tax policy. Obama wants to curb the amount of interest from municipal bonds that top earners could exclude from their income and require those taxpayers to count some of their employer-provided health insurance as taxable income.