10 things you need to know today: January 18, 2015

(Image credit: Pool / Getty Images)

1. Obama to propose tax hikes for wealthy, cuts for middle class

In his State of the Union address Tuesday, President Obama will call for reshaping the tax code by raising rates for high income-earners and financial institutions while cutting taxes for the middle class. The plan would raise $320 billion over the coming decade, according to the administration. Republican lawmakers have so far resisted any tax increases under Obama, and it's unlikely they'll change course now that they control both chambers of Congress.

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Jon Terbush

Jon Terbush is an associate editor at TheWeek.com covering politics, sports, and other things he finds interesting. He has previously written for Talking Points Memo, Raw Story, and Business Insider.