Highlights of Obama plan

Tax propoals

• Eliminate a tax break on inheritances.
• Increase the total top capital gains rate on couples with incomes above $500,000 to 28 percent, what it was under President Ronald Reagan.
• Impose a fee on big financial firms, those with assets of more than $50 billion.

How to spend the money

• A new $500 "second earner" tax credit for families in which both spouses work.
• Expand the child-care tax credit to up to $3,000 per child under age 5.
• Consolidate six overlapping education tax breaks into two.
• Expand the Earned Income Tax Credit to workers without children and to noncustodial parents.
• Boost retirement savings by automatically enrolling in an Individual Retirement Account people who don't have access to a workplace retirement plan, and expand access to employer retirement plans for certain part-time workers.

-- Associated Press