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OBAMA'S TAX PROPOSALS
-Eliminate a tax break on inheritances. The White House says the tax break costs the government hundreds of billions of dollars in annual tax revenue.
-Increase the total top capital gains rate on couples with incomes above $500,000 to 28 percent, what it was under President Ronald Reagan. The top capital gains rate has already been raised from 15 percent to 23.8 percent during Obama's presidency.
-Impose a fee on big financial firms, those with assets of more than $50 billion. The White House said the idea is in line with a proposal that was in a comprehensive tax overhaul plan brought forward during the previous session of Congress by then-Rep. David Camp, R-Mich.
Raising the capital gains rate, ending the break on inheritances and imposing a fee on financial firms would generate $320 billion in revenue over a decade, according to administration estimates.
HOW OBAMA WOULD SPEND THE MONEY
-A new $500 "second earner" tax credit for families in which both spouses work. An estimated 24 million couples would benefit; the credit would apply to families with annual income up to $210,000.
-Expand the child care tax credit to as much as $3,000 per child under age 5. The administration says the proposal would help more than 5 million families pay for child care.
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