President Obama rolled out an ambitious new tax platform in his State of the Union address on Jan. 20. The new proposals would increase taxes on investment income and high-income earners to pay for new incentives for low-income taxpayers but widen the gap between the president and the Republican Congress.
The proposals stand little chance of enactment, with Republicans controlling Congress, and may establish taxation as a campaign issue for 2016 rather than an item of potential compromise. In the past, the president has cited business or corporate tax reform as an area in which he expected to be able to work with Republicans.
For more information, see this Tax Legislative Update.