Obama Will Propose Tax Hikes For The Rich And Tax Cuts For The Middle Class

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President Barack Obama will propose tax relief for middle class Americans and a series of tax hikes on upper earners and corporations in his State of the Union speech on Tuesday.

The cornerstone of Obama’s proposal will be a $500 “second earner” tax credit to boost the fortunes of families where both spouses work, a substantial expansion of the Child Tax Credit to $3,000 per child under five, the White House said on Saturday night ahead of his seventh annual address to the nation.

The president’s plan will also call for closing the trust fund loophole and raising the top capital gains tax rate to 28 percent.

Below is a fact sheet circulated by the White House to reporters on Saturday.

White House – SOTU Plan

ABOUT THE AUTHOR

Sahil Kapur is TPM's senior congressional reporter and Supreme Court correspondent. His articles have been published in the Huffington Post, The Guardian and The New Republic. Email him at sahil@talkingpointsmemo.com and follow him on Twitter at @sahilkapur.
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