Obama's budget to target large financial institutions, wealthy
US president in State of the Union address will propose raising US$320 billion over next 10 years in new taxes
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UNITED States President Barack Obama plans to propose raising US$320 billion over the next 10 years in new taxes targeting wealthy individuals and big financial institutions to pay for new programmes designed to help lower- and middle-income families, senior administration officials said on Saturday.
In his State of the Union address on Tuesday night, Mr Obama will propose raising the capital gains and dividend tax rates to 28 per cent for high earners; imposing a fee on the liabilities of about 100 big financial institutions; and greatly broadening the amount of inherited money subject to taxes.
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