President Barack Obama’s budget proposal resurrects a series of tax increase.
Republicans, who now control the House, are signaling they will not be receptive.
The plan unveiled Monday includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations.
The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000. Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes.
Obama’s proposal would extend tax credits for college expenses and child care, as well as a more generous Earned Income Tax Credit for the working poor. The plan would enhance and make permanent a popular business tax credit for research and development, and would provide tax breaks for investing in advanced manufacturing and for making commercial buildings more energy efficient.
Many of the tax increases were in the president’s previous budget proposals, offered when Obama could expect a more friendly reception from Congress. Lawmakers from both political parties, however, have been wary of limiting the ability of high earners to deduct charitable contributions out of concern it will hurt non-profit organizations.