In his State of the Union address Tuesday, President Obama will call for reshaping the tax code by raising rates and fees for high income-earners and big financial firms while cutting taxes for the middle class.
A central component of the plan would close the so-called "trust-fund loophole" that allows hundreds of billions of dollars in inheritances to go untaxed. The plan is projected to raise $320 billion over the coming decade, according to the administration, money that would then finance middle class tax cuts and Obama's recently announced free community college initiative.
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