President Barack Obama called for sweeping tax increases Monday in a budget proposal that dropped any quest for fiscal grand bargains with Congress, but also laid out narrower domestic priorities that may appeal to Republicans.His proposal for more than $1 trillion in new tax measures over the coming decade was immediately declared a nonstarter by Republicans, who also criticized the plan’s lack of new measures to curtail entitlement spending, the biggest contributor to federal deficits, his request for a 4.5% increase in military spending.WSJ

The Treasury Department estimates that the proposals would raise $210 billion over ten
years by increasing the top tax rate on longterm capital gains from 24.2 percent to 28 percent and taxing unrealized capital gains at death. A new financial fee would raise another $110 billion.Part of that revenue would finance a package of middleclass tax cuts ($175 billion) and retargeted education tax benefits would cost about $50 billion.In addition, some of the revenue would finance new spending initiatives for early childhood education and community college,
which are not considered here.