Obama seeks to raise taxes on wealthy, cut costs for middle class

President Barack Obama will use his State of the Union address to call on Congress to raise taxes and fees on the wealthiest taxpayers and the largest financial firms to finance an array of tax cuts for the middle class, pressing to reshape the tax code to help working families, administration officials said on Saturday.

The New York Times reports the proposal faces heavy opposition in the Republican-controlled Congress. Some GOP leaders have argued that raising taxes would hamper economic growth at a time when the U.S. can't afford it.

However, Obama's decision to present the plan again Tuesday could shape the president's legacy and the 2016 presidential campaign, according to the Times.

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