Skip to content
Subscriber Only

Obama Proposes Tax Hikes on Wealthy to Aid Middle Class

Updated on

President Barack Obama is proposing new taxes on the wealthiest Americans that would limit their profits from investments and make it harder for them to pass assets to heirs.

Obama, who will promote the plan during his Jan. 20 State of the Union Address, will use much of the proceeds -- $320 billion over 10 years -- to expand tax credits for higher education and child care and create a new break for two-earner couples. The White House released details of the plan Saturday.